Source: LifeHacker —
With the real estate market superheated right now, some homes are selling within days, with cash offers well over the asking price. What that means, though—if you’re looking to sell and you think your house will sell quickly—is that you have a better chance negotiating a lower commission with your real estate agent. Some agents might refuse to lower their commission, but it can’t hurt to ask—especially when it’s a seller’s market working in your favor. Here’s what you need to know.
How do commissions work?
In a typical home sale, it’s the seller who pays commission to both the buyer and the seller’s agent, using the proceeds from the sale. The average overall cut used to be 6% of the sale price, although in recent years it has dropped to just under 5%, according to Real Trends, a real estate research and consulting firm.