Realtor® Fees Calculator for Calgary - Chamberlain Real Estate Group
We've compiled this commission and fee guide for you. When you are working with a REALTOR®, there could be fees and commissions involved. We want to help bring clarity to what you could expect selling your home could cost so take a look at the REALTOR® Fee Calculator below.
One of the biggest questions we have as agents is “How much are REALTOR® fees when selling your home?” As much as we would like to give you a simple answer, there just isn’t one. What we mean by that is not all agents are made equal in what they charge and what they provide for the fees they are charging. There is no set fee for the services provided.
For example, if you were to look at two cups of coffee that were in the same colour and style of a mug, you would think from this first glance that they would be the same. However, one of them is $2 cheaper than the other, so without further inspection, you may just purchase or drink from the less expensive one. But if you looked at the cups closer, took a smell and even asked for a sample, you can see there is a vast difference between these two. One is rich in flavour complexities and the other tastes burnt.
Now don’t confuse this example in comparing one agent to the other and saying that one is better than the other, here’s why. Some people LOVE the lesser costing coffee as it appeals to them and their taste. They may rather save on the cost of a cup of coffee and not care about the taste unlike someone else. We all have our own unique talents and way of doing things and there is no way that one REALTOR®s way of doing their business is going to work for everyone. It won’t. So you need to dig into what you are getting for the fees that the REALTOR® you are interviewing is charging.
We do want to note that there is no set commission structure in Calgary or Alberta and the REALTOR® fee calculator below is locked to 7% on the first $100,000 and 3% on the remaining balance of the sale price for demonstration purposes only.
Average REALTOR® Fees
There is no average or set fees for a REALTOR® in Calgary. Commissions do range based typically on what the agent is providing as a service to the client and is negotiable. A general rule of thumb is more work you as the homeowner are doing the less you should potentially pay. This is something that you should discuss upfront prior to signing any paperwork with your agent just so the duties and roles of everyone involved are outlined and clear.
Calgary REALTOR® Fees Explained
The fee structure that you will most likely be presented in Alberta can be a bit confusing when compared to other provinces in Canada. In many cases, you will see a split fee structure on the sale price versus a single flat fee percentage on the final sale price.
Let’s unpack how this works. For example, let us say that your home sells for $550,000. If you are working off of the split fee structure that you would most likely be presented in Calgary, you could see a certain percentage of the first $100,000 and then a certain percentage on the remainder of the balance of the sale price.
So how the REALTOR® Fee would be calculated is as follows:
$100,000 x __% = _____
$450,000 x __% = _____
In this example, we will use the same percentages as our REALTOR® Fee Calculator is using to keep things simple for you. This would an example of 7% on the first $100,000 and 3% on the remaining balance of the sale price.
Here’s how it would look:
$100,000 x 7% = $7,000
$450,000 x 3% = $13,500
Total Fees would be $20,500 +GST
How is the REALTOR® Fee Paid Out?
When selling your home in Calgary, typically your REALTOR® will offer part of this total fee as a commission to the REALTOR® that is representing the buyer in the transaction. Again, there is no set standard or normal, but what we see happening in many cases is they are offering 50% of this commission to the agent helping the buyer.
Here is how that would play out:
If the total fee from the example above is $20,500 +GST
The Selling Fee = $10,250 +GST
& the Buying Fee = $10,250 +GST
So there you have it... We hope that this was explained well and you have some knowledge in how REALTOR® Fees are calculated in Calgary. Go ahead and use the slider below and set it to what you believe your sale price will be and you should see the potential fees could be.
When selling your home in Calgary, figuring out what the REALTOR® Fees are is not a simple thing, and not all agent’s offerings are the same either. Because this is a large investment if you choose to work with an agent to sell your home, it really pays to make sure you know what you are getting for the fees that you are paying. Shop around, get a feel for the REALTOR® and what they are providing and make sure the way they market your home is what you believe is truly the best approach.