64% of Homebuyers/Sellers Have Successfully Negotiated Real Estate Agent Fees [New LendingTree Report]

Written by Posted On Thursday, 29 February 2024 08:32

Lending Tree's latest survey found that nearly two-thirds of homebuyers or sellers who asked their real estate agent for a lower commission fee were successful. Here's what else they found.

  • While just 31% of homebuyers or sellers have attempted to negotiate real estate agent commission fees when buying or selling, 64% of those who asked successfully reduced theirs. Additionally, 36% say they weren’t aware negotiating was an option but would have tried if they were. Overall, 84% of Americans believe real estate agents should be flexible with their commission.
  • Among homebuyers or sellers, 48% admit they don’t know what percent commission their agent received in their last transaction. 44% of those who do know say their agent received between 3.00% to 4.99% in their last transaction, while 30% say it was 5.00% or higher. 
  • 64% of Americans believe a real estate agent is at least somewhat necessary when buying or selling. However, 44% say they would attempt a real estate transaction without an agent. When asked if they think online tools and services have made agents less necessary in transactions, 64% agreed.
  • 11% of Americans said the buyer should be responsible for the entire commission, and 20% said the seller. Over a third (35%) of homebuyers or sellers say they’ve been asked to pay the other party’s real estate agent fees in a transaction — more commonly the buyer than the seller.

You can check out our full report here: https://www.lendingtree.com/home/mortgage/real-estate-survey/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say. 

"Remember, real estate agent fees aren’t necessarily set in stone. While most home buyers and sellers don’t attempt to negotiate fees, a majority of those who do have gotten their fees lowered. This goes to show how important it is to advocate for yourself during all stages of the homebuying/selling process. If you don’t ask for a better deal, you’re unlikely to get one."

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LendingTree

LendingTree is an online lending marketplace headquartered in the United States. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc.

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