Many people ask us how much they should pay in buyers agent commission. Each city and state are different but for the most part, the industry average hovers around 3%.
When you fill out the MLS survey, the percent most common in your area will populate. You are free to lower this if you like but please keep in mind that this can lead to a negative effect on the sale price and days on market of the home.
In many cases, the loss in price reductions to your home can outpace the amount that you would have paid in a buyer agent commission. In some cases, this amount can become very significant totaling tens of thousands more.
Usually if you drop the commission down between .1% and .4%, you will not see an adverse effect. We always recommend you pay the suggested market rate for the best outcome.