More than three-quarters of people who plan to sell a home in the next 12 months (77%) say commission rates will factor into their upcoming decision to hire a real estate agent.
ST. LOUIS, April 16, 2024 /PRNewswire/ — An overwhelming 94% of home sellers endorse proposed updates to the commission system where buyers would cover their own agent’s fees, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.
Although home sellers support changes to the commission structure, nearly half (49%) are unaware that sellers pay the buyer’s agent commission under the current system.
More than three-quarters of home sellers (77%) say commission rates will influence their choice of a real estate agent. Notably, 60% of those who plan to sell without an agent say they’re doing so because real estate commissions are too expensive.
However, there are significant misconceptions among sellers regarding commission fees. Approximately 49% actually overestimate the fees they’ll pay. Only 35% expect to pay the typical fee between 5% and 6%.
Overall, 88% of sellers feel that a real estate agent is important in their home-selling process. Even more, 85% of home sellers believe an agent will secure a higher sales price, and 82% would pay a higher commission rate to a Realtor with a strong track record.
However, 76% feel that agents should be held to stricter ethical standards, and 73% believe agents tend to overinflate property values to secure a higher commission. Nearly two-thirds (67%) believe agents value profits over their clients’ best interests.
Despite acknowledging the importance of agents, 77% of home sellers are unaware of agents’ responsibilities during the sales process — 67% even believe artificial intelligence (AI) could outperform human agents.
Read the full report at: http://www.listwithclever.com/research/what-does-a-realtor-do-2024
About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached $8.5 billion in real estate sold, matched 100,000+ customers with realtors, and saved consumers over $160 million on commission fees. Clever’s network spans 19,000 agents across all 50 states.
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CONTACT:
Alyssa Evans
Clever Real Estate
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315-690-1518
SOURCE Clever Real Estate
