In the wake of the ongoing legal controversy involving real estate agent commissions and the National Association of Realtors (NAR), a new survey by Clever Real Estate found many Americans were unaware of how agents get paid.
In a nationwide poll of 1,000 adults, Clever found that 66% of non-homeowners and 42% of home sellers were unaware that they were expected to pay the buyer’s agent commission. The survey also found 55% of sellers complaining that they should not be obligated to pay the buyer’s agent’s commission.
Also, the survey found fewer than half of sellers (46%) knew how much they’ll end up paying in commissions, and 34% overestimated the cost of commissions. Nearly all of the homeowners in the survey (91%) considered avoiding high realtor commission rates an important priority when selling, with 28% of sellers choosing to forgo an agent to save on fees. But on the flip side, 72% of sellers who worked with an agent believed a good agent was worth every penny of their commission.
“Clever has negotiated more commissions with realtors than any other person or organization in the U.S.,” Clever Co-Founder and CEO Luke Babich said. “With recent headlines following the decision in the lawsuit against the NAR, Clever remains committed to helping buyers and sellers receive the best service with the lowest rates and continuing to position ourselves as a thought leader on the topic of commissions.”