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6 things real estate agents wish you knew

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Agents aren't rich
Agents aren't rich © Monkey Business Images/Shutterstock.com

Agents aren't rich

Chances are the agent you hire to sell your house -- or find a new one -- isn't getting as big a cut of the deal as you might think, says Graham Stiles, owner of The Stiles Mund Group and HighRises.com at Re/Max.

"6% isn't anywhere near what we're taking home," he says. In fact, it's more like "1% to 1.5%," on average, he adds.

While the 2 sides will split that commission, those agents, in turn, each split their share with their broker, Stiles says.

What the agent wishes you knew: Unless your agent is handling both sides of the transaction, figure he or she is getting roughly one-quarter of the commission, Stiles says.

And that 6% is by no means a given these days, Phipps says. "There's always a range of fees in the marketplace. Each broker sets his or her own fees independently."

"I spend a lot of time on the topic of commissions," Stiles says. And still, the idea that agents are getting all or even half the commission, he says, "is still one of the biggest misconceptions."

RATE SEARCH: When you're ready to sell your house and buy another, let Bankrate help you find the best mortgage deal.

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