Laramie, Wyoming Real Estate: How Are Commission Rates Determined And Who Pays Them?
By Brenda Whitman, Live in Laramie Real Estate, Broker/Co-Owner, Laramie, Wyoming
(Live in Laramie Real Estate, Laramie, Wyoming)
Recently I received an e-mail from a buyer starting the search for a home. He and his girlfriend were trying to choose a realtor and get an understanding of the process by asking a few basic, but very good questions: How are commission rates determined?The most important thing to remember about commissions is that they are not allowed (by law) to be set at a certain rate between brokerages. However, brokers responsible for their own brokerage are allowed to independently set their own rates and to have their own internal guidelines regarding what those rates may be.The commission rate may also be influenced by the type and condition of the property for sale. Some properties, such as land, rural or commercial properties, require more time, attention and expertise than other types of p...
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