Real estate commissions for homebuyers in New Westminster and Metro Vancouver are frequently paid by the homeseller. As a buyer, you’ll often receive the guidance of your REALTOR® without an upfront fee. It’s common for a seller to list their home on the MLS® system; their agent will split the commission with the buyer’s agent. Nevertheless, having an honest conversation with your agent regarding compensation is important before starting your home buying journey.
Real estate agents don’t have government-set rates, as you might see among other professional service groups like dentists or chiropractors. If you’re interviewing several agents to assist with your home search, ask about their real estate commissions for homebuyers.
However, there are some situations where you could hire and pay your REALTOR® outside of the MLS® system. In a for-sale-by-owner scenario, the seller doesn’t have a REALTOR® and their property is not listed on the MLS® system. An owner selling privately would likely assume buyers would either negotiate with them directly or hire their own agent privately. In addition, a “mere posting,” the seller has a REALTOR® listing the property only to gain access to the MLS® system. In both these cases, the seller would be representing themselves in the sale of their home.
