How much does the Buyer's agent get paid?

I know the Realtor that sells the house gets whatever was agreed upon (3-8% of the selling price), but what about the buyer's agent? How much does the seller need to pay him/her?

TIA!

Re: How much does the Buyer's agent get paid?

It depends. It is a portion of what the selling agent gets.

Re: How much does the Buyer's agent get paid?

it varies by listing

but on a regular sale- it's normally 2% and 2%

and no one is getting 8% in NY-

the average is 4-6%

the listing agent only keeps the whole comission is they bring the buyer as well

Message edited 3/14/2012 4:26:44 PM.

Re: How much does the Buyer's agent get paid?

The seller doesn't pay the agent who brings the buyer a separate service fee from the listing agent.

Basically, when the listing agent takes a listing, he or she will negotiate the fee with the seller. Then, assuming the listing is on MLS, the listing agent will offer a portion of that commission to a cooperating agent who brings the buyer to the transaction. For example, if the listing agent negotiated a 5% fee, he or she may offer out 2% to the buyer's agent. Then, when the house sells, the seller pays 5% of the sale price in realtor fees, and the listing agent gets 3% and the buyer's agent gets 2%. So essentially, the seller pays what they agreed to pay at the outset, and the listing agent and buyer's agent split that fee.

Re: How much does the Buyer's agent get paid?

ohhhh, it finally makes sense now! I couldn't understand how to afford that 5% TWICE

Thank you all so much for explaining it!

Re: How much does the Buyer's agent get paid?

I always show my sellers a printed MLS listing so they can see how the buy gets paid

I do this when I go over why I don't pay a sellers agent- only a broker or a buyer agent

it's important to understand the different types of agency