Georgia Real Estate Commission
The Georgia Real Estate Commission is made up of six members who are appointed by the Governor and confirmed by the State Senate. Appointments made while the Senate is not in session will remain in effect until the Senate acts. Five of the members must be licensed real estate professionals, and the sixth must have a recognized interest in consumer protection or consumer affairs.
Homebuyers don’t pay real estate agents
Many Georgia homebuyers believe that they don’t have to pay real estate agents when purchasing a home. However, it’s important to note that real estate agents charge a commission on a sale, so the buyer does not pay them directly. The real estate agent’s commission is paid out of the final sale proceeds.
Listing brokers share commission with brokerages
Listing agents typically receive a portion of the commission earned on the sale of a home. These agents share the commission with the buyer’s agent and are not paid directly by the seller. However, the seller can offer a lower commission rate to the buyer’s agent to encourage them to showcase their home to potential buyers. In addition, listing agents can negotiate a lower commission rate by working with a brokerage that offers a discounted commission model.
Discount real estate companies offer full-service support
Discount real estate companies are a great option for Georgia home sellers, and they are able to offer you a low commission rate on your listing fees. The commission rate charged by real estate agents is usually 5%, but you can get your Georgia real estate agent to work for you for as low as 1%. Discount real estate companies offer full-service support to their customers and often even offer their customers lower commission rates.
Dual agency is a conflict of interest
A real estate agent who works for both the seller and the buyer is called a dual agent, and it can be a major conflict of interest for the commission. A dual agent can also pose a danger to the home owner because they are not required to hold open houses. A dual agent also has the potential to get a larger commission, since the owner will not get an open house to sell the property.
Negotiating a lower commission
Real estate commissions in Georgia are not standardized. That means you can negotiate a lower rate. According to a survey conducted in 2021, the average Georgia real estate commission is 5.80%, which is slightly higher than the national average. Moreover, a home selling in Georgia will typically fetch around $365,158. While this may seem high, you can always negotiate a lower rate by working with a brokerage that offers a discounted commission model.
