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Who Decides the Commission for Columbus Area Homes? Columbus Realtors?
January 13th, 2010 categories: Real Estate News
Columbus Homeowners decide Columbus Realtor commissions.
No. YOU decide the commission. Only You, Mr and Mrs Columbus Area Home Seller.
What is the average Commission for Columbus Realtors?
Conventional Wisdom around these parts says most Realtors will list your Central Ohio home for 6%. That’s a commission of $6,000 for every $100,000 worth of home sold. Some will list for less, some will list for more, some will have crazy commission structures in place that vary for each Columbus home for sale.
The key here is that Real Estate Companies can’t control what they charge thanks to regulatory anti-trust laws. That leaves room for all kinds of commission models for all kinds of companies running all kinds of business models. What is much more universal than how much the Listing Agent receives is how much compensation the Buyer’s Agent receives. In Columbus, that number is nearly always 3% – leaving the rest for the Listing Agent and his Broker.
Of the 12,737 residential listings in the Columbus Board of Realtors MLS this morning, about 93.7% of them offer the Buyer’s agent a commission of 3% or more. (11,930)
Recently the CBR had this reminder for its members regarding compensation….
“Under the long-established policy of the Columbus Board of REALTORS®, the Ohio Association of REALTORS®, and the NATIONAL ASSOCIATION OF REALTORS®:
1. The broker’s compensation for services rendered in respect to any listing is solely a matter of negotiation between the broker and his or her client, and is not fixed, controlled, recommended, or maintained by any persons not a party to the listing agreement.
2. The compensation paid by a listing broker to a cooperating broker in respect to any listing is established by the listing broker and is not fixed, controlled, recommended, or maintained by any persons other than the listing broker.”
