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Average Maine realtor fees | NAR lawsuit changes | How to save on commission in Maine | Negotiating realtor fees | Research methodology
Home sellers pay an average of 5.25% in real estate commission when selling a home in Maine. This includes a 2.68% listing agent commission and a 2.57% buyer’s agent commission.
To put those costs into context, you’d pay around $15,750 in realtor commissions on a $300,000 home; $32,025 on a $610,000 home; or $53,025 on a $1,010,000 home. No matter your home price, that’s a lot to pay in realtor fees!
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Who pays real estate commission in Maine?
In Maine, sellers are responsible for paying their listing agents directly. Traditionally, sellers pay the listing agent and set the fee they’re willing to pay a buyer’s agent. But as of August 2024, buyer’s agents must negotiate rates directly with the buyers they represent, following a lawsuit against the National Association of Realtors (NAR).
Most buyers will still ask sellers to pay this fee as a concession from their sale proceeds so that the buyer doesn’t have to bring more cash to closing. While you might find a buyer willing to pay for their own agent, it’s wise to budget for the buyer’s agent fees ahead of time.
Our guide explains what you can expect to pay in commission when selling a home in Maine. Plus, you’ll learn why Maine commission rates cost what they do and how you can save on them when selling.
Current Maine real estate commission in 2024
Your exact commission depends on your final selling price, the home’s condition, and the brokerage you choose. Commissions also vary by region.
Here’s an estimate of what you can expect to pay in listing agent and buyer’s agent commission based on the typical Maine home price of $405,170.
Average rate | Cost | |
---|---|---|
Listing agent commission | 2.68% | $10,859 |
Buyer’s agent commission | 2.57% | $10,413 |
Total realtor fees | 5.25% | $21,271 |
If these numbers seem high, you can always negotiate commissions with your realtor, or you can use our free service that negotiates a lower rate for you.
How the 2024 NAR lawsuit affects Maine home sellers and buyers1
A recent ruling has forced the National Association of Realtors to change how real estate professionals do business. Starting in August 2024:
- Buyer's real estate agents must present an "agency agreement" that includes a description of the agent’s services to a potential home buyer.
- Buyer's agents must negotiate their fee directly with the buyer ahead of signing the contract.
- Listings cannot include buyer's agent commission.
Before the settlement, a real estate agent would split commissions: a listing agent would collect a 6% fee from the seller and give half of it to the buyer's agent. The home buyer typically wouldn't pay any agent commissions.
Sellers traditionally advertised the buyer's agent cut on the home listing to entice buyer agents to show the home. This practice also made it clear who would pay for the buyer's agent — usually the listing agent — before a prospective buyer even toured the home.
Will the NAR lawsuit change who pays real estate commission in Maine?
Buyers are more likely to see the immediate effects of the NAR ruling than sellers and should budget for their agent's 2–3% commission, even if the seller ends up covering that fee.
Many sellers may offer concessions to cover the buyer's agent's fees, but only after an offer is made and negotiations begin. In a competitive seller's market, however, a seller with all of the leverage might not offer anything to the buyer's agent.
Until buyers know for sure, they should count on being on the hook for their agent's 2–3% commission.
How much is real estate commission in Maine?
On average, sellers pay 5.25% in total realtor fees in Maine, compared with the national average of 5.32%.
We contacted agents in Maine to learn more about the average commission in the state.
Most real estate agents we spoke to said that their commission is always negotiable. Not every sale is the same, and listing agents are used to adjusting their fees based on the home and the seller's situation.Commission fees can also fluctuate depending on the location. For instance, a realtor might charge a different rate to sell a single-family home in a suburban community than a condo in a trendy neighborhood.
Another factor affecting commission rates is market trends.
Sellers can leverage a hot market (where homes are going off-market quickly) to convince real estate agents to work for a lower rate since they'll have an easy time selling the home.To figure out if your local area is a seller’s market or buyer’s market, look at these three statistics:
- Months of inventory — how long it would take for all current listings on the market to sell if no new properties were added
- Sale-to-list price ratio — how much homes sell for versus how much they list for
- Home value trends — whether home values rise or fall year over year
If these factors suggest you’re in a seller’s market, you might have an easier time negotiating real estate commission with your listing agent. If the market conditions give buyers more leverage, your agent will need to work harder and may be less likely to cut their rate.
Here’s what the Maine real estate market looks like right now:
Factor | Trends (averages) | Indication |
---|---|---|
Months of inventory | There’s 4.08 months of housing inventory on the market | Seller's market |
Sale-to-list ratio | Homes are selling for 98.50% of their listing price | Seller's market |
Home values | Home values have risen 20.76% year over year | Seller's market |
To secure the best commission rate, research and compare agents. Even within your local area, agents may offer varying fees based on the services they provide.
Remember: Realtor fees aren’t the only costs of selling a home. You also need to factor in the cost of repairs, your mortgage payoff amount, and closing costs.
Learn what expenses to budget for and estimate how much it’ll cost to sell your house in Maine.How Maine real estate agents and brokers set commission rates
Real estate agents typically have some degree of flexibility when it comes to setting their commission fees. While most commission fees fall somewhere near the average, there is no set rate.
Agents usually base the fee on what their competitors in the region are charging, as well as the amount of time and effort they expect to invest in the sale.
For example, an agent who plans on extensive social media marketing and professional drone photography will likely charge a higher fee than another agent who applies only the basics, such as listing the property on the MLS.Typically, each agent shares a portion of their commission with their brokerage. The listing agent and the buyer’s agent receive their agreed-upon fees, and then each of them split the commission with their broker.
Maine real estate agent fees can be expensive because agents have lots of overhead costs, including:Taxes: 15.3% of income Most real estate brokers and agents are considered self-employed2, which means their transaction earnings are subject to federal self-employment tax, which is about twice the rate a regular employee would pay. |
Brokerage fees: Up to 50% of commission Agents must split their commission with their sponsoring brokerage. This means if their commission is 3%, their take-home pay is really just 1.5%. |
Multiple listing service (MLS) fees: $240–600 per year3 The MLS is a database of homes for sale, updated regularly by realtors. |
Association dues: $201 per year4 Realtors must be dues-paying members of local associations and boards to get access to the MLS. |
Administrative staff: $350–5005 Realtors often have assistants who help with real estate transactions, bookkeeping, scheduling, and paperwork. |
State license fees: $60–615 per year6 Agents must maintain a state-issued license to work in the state. Yearly fees average about $150, but some states are more expensive than others. |
Marketing costs: Varies Most agents working for commission pay expenses like professional photos, drone videos, advertising, open houses, and staging out of pocket. |
How can I save on realtor fees in Maine?
While it may take some outside-the-box thinking, there are a few ways you can save on realtor fees:
- Negotiate with a traditional real estate agent or broker
- Work with a discount real estate broker
- Sell without a realtor
Negotiate with a traditional realtor
Most sellers will negotiate commissions — agents are used to that. But it’s important that you recognize the true value of having an agent’s help.
If you’re considering negotiating with a real estate agent, ask yourself how difficult your home is going to be to sell. If it’s situated in a rapidly growing neighborhood with a high demand for homes, you can make the case that selling it will require minimal effort and time.
On the other hand, if your home is located in a rural area that appeals to a specific niche market, your agent will likely need to put in more work and can justify a higher commission.
The key to successfully negotiating commission is having an honest conversation with your agent about what you need and what the agent can deliver. Finding a good match will set you and your agent up for a successful sale.
Ways to negotiate lower realtor fees
- Be a repeat customer. Sales volume is one of the biggest determiners of a realtor’s success. Offering to sell your home and buy your next one with the same agent might convince them to give you a better rate.
- Get your house in order. It’s much easier to sell an updated house with great curb appeal than a dilapidated house with dated fixtures. Giving your house a makeover and even staging it yourself are great ways to lessen your agent’s burden.
- Shop around. Talking to multiple realtors will help you determine who offers the best service for the lowest rate. Knowing you’re talking to other realtors will encourage agents to give you their best rate.
While it’s technically possible to negotiate your real estate commission, not all agents will be willing to lower their fees. They may have a set minimum imposed by their brokerage, or they may not change their rate for an individual seller.
A simpler way to pay less is by working with a real estate brokerage that already offers lower rates.
Work with a real estate brokerage that offers built-in savings
For most Maine sellers, the best way to save on real estate commissions is by working with a low-commission real estate brokerage. Realtors like the ones we partner with provide the same level of service and support you’d get from a traditional realtor — but they charge less.
Our free service matches you with top agents from reputable brokerages in your area. You can compare and interview agents, or walk away anytime. If you find an agent through our service, you’ll pay a low 1.5% listing fee — half the rate most realtors charge. Check out your agent matches today.
Sell without a real estate agent
The surest way to not pay any listing commission is to sell the home without a realtor. However, we don’t recommend this option for most Maine sellers.
You won’t pay a listing commission, but you’ll have to do all of the work of the agent yourself, which can take up a lot of your time and energy. Also, you’ll still need to offer a competitive buyer’s agent commission to entice other agents to bring their clients to see your home.
Learn more about how to sell a house without a realtor in Maine.Research methodology
We regularly survey our 19,000+ partner agents nationwide on their commission rates for buying and selling. To ensure an adequate amount of agent data, these data points are averages based on responses we've received from 121 agents in the Northeast region.
We also contacted agents in Maine to learn about average real estate agent commission and negotiation in the state.
Sources
- National Association of Realtors. Handbook on Multiple Listing Policy. “No Compensation Offers in MLS, Section 1: No Offers of Compensation in MLS (Policy Statement 8.11).” Accessed on 9/9/2024. ↩︎
- Internal Revenue Service. “Self-Employment Tax.” Accessed on 9/9/2024. ↩︎
- Realtyna. “How Much Does It Cost to Get Access to the MLS?” Accessed on 9/9/2024. ↩︎
- National Association of Realtors. “Realtors Membership Dues Information.” Accessed on 9/9/2024. ↩︎
- Transactly. “What is the Typical Transaction Coordination Fee?” Accessed on 9/9/2024. ↩︎
- VanEd. “How Much Does It Cost to Get a Real Estate License in Each State?” Accessed on 9/9/2024. ↩︎
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