What is the Real Estate Commission in Connecticut?
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The average real estate commission in Connecticut is 5.38%, based on a poll of FastExpert agents. The average commission rate can vary depending on the agent, the type of property, and the location. But, Connecticut’s average rate is pretty close to the national average of 5.57%.
If you’re thinking about selling your home, it’s important to understand how real estate commissions work. The commission is typically a percentage of the final sale price of the home. For example, if your home sells for $200,000 and the commission rate is 5%, the total commission would be $10,000.
The commission is usually split between the buyer’s agent and the seller’s agent. So, in the example above, each agent would get $5,000. The seller typically pays the commission, but this can be negotiable.
Calculating the Commission on a Connecticut Home
The median sales price of a home in Connecticut is $360,000. Therefore, with a commission rate of 5.38%, the total commission paid would be $19,368.
The total commission, often referred to as realtor fees, is split between the selling agent and the buying agent. It is further split between each agent and the associated brokerage.
Typically, the total commission is split equally and sent to the brokerage. The remainder is given to the agent. In this case, is divided in half $19,368. The seller’s brokerage and the buyer’s brokerage receive $9,684. The brokerage typically keeps half, and, consequently, each agent receives $4,842.
However, the amount that the brokerage keeps can vary based on the agency and the experience of the agent.
It’s best to discuss the commission rate before deciding to work with an agent. Understand the entire cost that you will incur along with what service you will receive.
Now that you know the basics of real estate agent commission rates in Connecticut, let’s go over what that commission earns you.
Real Estate Agents Can Help You Get the Best Price
The real estate market can be complicated and difficult to navigate. Having an experienced real estate agent will help guide you through the process and give you confidence and ease as you move forward.
A listing agent will help sellers price their home correctly from the start. A top listing agent, otherwise known as a seller’s agent, will guide you in staging the home, potential improvements, and keys to a quick and seamless sale. A seller’s agent will also help you negotiate with buyers and get the best possible price for your home.
A buyer’s agent will work diligently to understand the wants and needs of the buyer and find homes that best fit them. Additionally, buyer’s agents will highlight important aspects of the property, point out any potential issues, and advocate for them to get the best transaction.
Lastly, a good real estate agent will take care of all the paperwork and details involved in selling a home. This can save you a lot of time, money, and stress.
What are the Typical Services Offered by a Real Estate Agent?
The type of services offered by a real estate agent will vary depending on the agent and the company they work for. But, in general, you can expect your agent to:
- Help you price your home correctly
- Promote your home through various marketing channels
- Show your home to potential buyers
- Negotiate with buyers on your behalf
- Handle all the paperwork and details involved in selling a home
As you can see, there are many benefits to working with a real estate agent. And, when you choose a FastExpert agent, you can be confident that you’re getting the best service possible. We only work with experienced agents who are experts in their local markets.
The Duties and Responsibilities of an Agent
In Connecticut, a licensed real estate salesperson who is helping you list your home for sale is considered your agent. This means that they have a fiduciary responsibility to you, which is a legal relationship of trust.
This means that your agent must:
- Put your interests first
- Disclose all material information about the transaction (e.g., problems with the property that they are aware of)
- Keep your information confidential
- Account for all money that changes hands during the transaction
- Obey your lawful instructions
- Give you honest and competent advice
Real estate agents in Connecticut are also required to adhere to a code of ethics. This code of ethics sets out the principles of honesty, integrity, and fair dealing that agents must uphold.
Always remember that you have the final word on any decision related to the sale of your home. If you ever feel like your agent is not meeting their duties or responsibilities, or if you have any other concerns, you have the power to renegotiate your agreement or even fire your agent.
Average Income of a Connecticut Real Estate Agent
Real estate agents in Connecticut make an average annual salary of $87,384, according to Indeed. This is 7% below the national average for agents; yet, it is higher than the median income for all people in the nation. Agents with 1-2 years of experience earn about $79K, and agents with 10+ years of experience earn $103K annually.
The income of a local agent depends on the price of the home, location, and quantity of home sales. As we’ve all seen on TV, top real estate agents can earn phenomenal sums of money. Conversely, agents that struggle to make a sale, will see the impact of that in their income.
Connecticut Real Estate Agent Salary by City
These are the highest-paying cities for real estate agents in Connecticut
- Stamford – $107,217
- Fairfield – $93,338
- New Haven – $92,031
- New London – $91,315
- Hartford – $89,349
- Trumbull – $86,987
- Norwich – $84,742
- West Hartford – $82,570
- Milford – $79,797
What’s the Next Step?
Now that you know the basics of real estate commissions in Connecticut, it’s time to start searching for an experienced agent. FastExpert can help you find the perfect agent for your needs.
We only work with experienced licensed real estate agents who are experts in their local Connecticut markets. And, our service is completely free.
So, what are you waiting for? Get started today!
