There is really no fixed rate on the agent's or broker's fee, but the standard industry practice is 5% of the selling price (and there has been a court ruling determining this figure - a certain broker filed against a seller who did not pay him) [Note: do not confuse this with the commission rate given out by developers, which may go up to 7-8% due to additional incentives, etc.]. The rule of thumb is before you engage with any agent/broker, there must be an agreement (Authority to Sell or Lease) between the two of you (and note also that this is one of the things that your agent/broker doesn't tell you immediately - commission rates are negotiable). [Also, a kind reminder to not engage with unlicensed salespersons (I have nothing against them) but there is a law regulating the real estate profession. Engage or transact with licensed professionals only]. Thanks!
