The average total real estate commission in New Mexico is 5.59%. This includes a 2.76% listing agent commission and a 2.83% buyer’s agent commission. In New Mexico, sellers typically cover the real estate commission fees for both agents out of their sale proceeds at closing.
New Mexico sellers pay an average of $15,639 in realtor fees, based on the average New Mexico home price of $279,763.
Realtor commission rates vary considerably by region, city, or even neighborhood. The agent and brokerage you choose, as well as the specifics of your sale — like your home’s value, location, and condition — are also factors.
This guide breaks down how much commission sellers can expect to pay in New Mexico. We’ll also explain why New Mexico commissions are what they are (and offer up some tips that could help you save).
New Mexico real estate commission: How much will you pay?
Here’s what you can expect to pay in realtor commission based on the average home price of $279,763.
|Listing agent commission||2.76%||$7,721|
|Buyer’s agent commission||2.83%||$7,917|
|Total realtor fees||5.59%||$15,639|
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How much are realtor fees in New Mexico?
Selling a house in New Mexico will typically cost you 5.59% in total realtor fees, compared to the national average of 5.37%.
The exact real estate commission percentage you pay depends on where in New Mexico you’re selling. If you have a home in a desirable Albuquerque neighborhood, the property might sell easily for a high price, making it more likely your agent will work for a lower rate.
But if you’re selling a home in a rural area that appeals to a smaller pool of buyers, your agent is probably going to put more time and effort into selling the house, making it less likely they’ll reduce their fee.
Another factor affecting realtor fees is the state of the local market. In New Mexico, home prices are up 5% compared to one year ago. However, the number of homes sold has dropped by 33.4%. So while real estate agents are making a little more money on each sale, they’re not selling as many homes overall.
These trends could mean your agent will be hesitant to reduce their commission too much since they need to make the most from each sale.
How real New Mexico agents and brokers set commission rates
Realtors usually charge the same commission as their local competitors, but the agents we spoke to said they always expect some negotiations.
Agents will consider how challenging the property is going to be to sell before agreeing to adjust their rates.
Even when agents are paid, they don’t keep all of their commission. Commission is typically split four ways: half to the listing agent and half to the buyer’s agent, with each of those agents splitting their take with their brokers. This means on a 6% commission, each agent takes home only 1.5%.
Agents also have a lot of overhead expenses they need to pay even before collecting their fees. These expenses include:
- Taxes: Real estate agents must pay a self-employment tax of 15.3% on all commission earned
- Association dues: About $700 annually
- Multiple Listing Service (MLS) fees: $486 annually
- State license fees: $270 every 3 years
- Administrative staff: Assistants can help with bookkeeping, scheduling, and other day-to-day operations
- Marketing costs: Professional photos, advertising, open houses, and staging
How can I save on realtor fees in New Mexico?
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
You can always negotiate with a realtor, but your success depends on if your agent thinks it will be difficult to sell your home.
If you can convince your agent that your home will sell quickly for a good price, they might reduce their fee a bit.
Negotiating can be awkward and uncomfortable. If you’d rather avoid it, you can find an agent through Clever Real Estate. They’ve already pre-negotiated a 1.5% listing fee with experienced agents in New Mexico, so you don’t have to. Find a New Mexico agent for less.
Work with a discount real estate broker
Some brokerages offer discounted realtor fees up front. These companies can help you save money, but some come with risks or worse-than-average customer service. Do your research to understand what you’ll get for the discounted fee. See how we ranked discount real estate brokers in your area based on savings, customer reviews, and our experience mystery shopping with each company.
To save an average of $7,000 on your listing fee without sacrificing service, Clever Real Estate is your best option.
Sell without a realtor
The ultimate way to save on realtor fees is to sell without a realtor — though we don’t recommend this to most New Mexico sellers.
You’ll avoid paying a listing commission, but you’ll have to do all of the work of a listing agent on your own. Plus, you’ll still want to pay a full buyer’s agent commission to incentivize other agents to show your home to their buyers.
Other FAQs about New Mexico real estate commissions
How do real estate agents get paid in New Mexico?
Real estate agents aren't paid until the house sells. Their commission comes out of the proceeds from the sale at closing. After they're paid, each agent splits their commission with their broker. Learn more about what realtor fees cost in New Mexico.
Can you negotiate realtor fees in New Mexico?
Yes, you can always negotiate realtor commissions. How successful you are at getting your agent to lower their rate depends on how difficult your home is going to be to sell. Find out more about ways to negotiate realtor fees in New Mexico.
We regularly survey our pool of 14,000 partner agents nationwide on the commission rates they use for buying and selling. These data points are averages based on responses we’ve received from seven agents across New Mexico.