Average Real Estate Commission in Maine, Stockton Springs | UpNest (2024)

FAQs

What is the commission for a real estate agent in Maine? ›

Real estate agent commissions in Maine are a steep 5% to 6% of the home sale price. To maximize savings, consider negotiating with your agent. You can also opt for Flat Fee MLS Listing services like Houzeo. Your home can be on the MLS within 24 to 48 hours.

What percent commission do most real estate agents charge? The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.

Real Estate Agent Salaries in Maine

The estimated total pay for a Real Estate Agent is $252,147 per year in the Maine area, with an average salary of $149,766 per year.

Listing agents tend to receive commissions ranging from 1% to 4%, with an average of 2.83%, according to Clever. Buyers' agents earn a slightly lower average commission rate of 2.66%. The five states with the highest commissions are West Virginia, Mississippi, Wyoming, Alaska and Kentucky.

When you are considering the purchase of Midcoast Maine real estate, it is prudent to have a professional real estate team working on your behalf. A buyer's agent: Acts strictly for you in a real estate transaction. Organizes all the details up to and including your purchase.

Some agents will charge a commission for their services, which is a percentage of the final agreed sale price. It is wholly dependent on the price of the property for sale so costs can really vary. This fee typically covers: a realistic property valuation based on local market research, trends and past sales data.

What is the 80/20 Rule exactly? It's the idea that 80% of outcomes are driven from 20% of the input or effort in any given situation. What does this mean for a real estate professional? Making more money in real estate is directly tied to focusing your personal energy on the most high value areas of your business.

In 2020, the median pay for real estate agents in the U.S. was roughly $49,000. The lowest 10% of earners made less than $25,000, while the highest 10% of earners made more than $112,000.

Final Thoughts on a Real Estate Commission Works

Since agents work on commission, there is no limit to how much they can make in the industry. Agents set their own hours, work at their own pace, and ultimately control their own commission rates.

Which states offer the highest average income for real estate agents in 2024? In 2024, New York stands out with Long Beach, NY offering some of the highest average incomes for real estate agents, accentuating the state's lucrative market for professionals in the industry.

Is Maine a good real estate market? ›

Despite these challenges for buyers, however, the current housing market Maine maintains is a promising one for homeowners and investors in the future. Appreciation, home prices, and property values in Maine are rising.

The highest-paying states for real estate brokers

According to GlassDoor, the top five states with the highest real estate broker salaries are New York, California, Nevada, Iowa, and Arizona.

The difficulty of the real estate exam varies by state, but the California real estate exam is known to be one of the most difficult. In fact, the pass rate for the California real estate exam in the last two years was under 50%, which means it's incredibly competitive and difficult to pass.

Half of the 10 most expensive places to buy a home in the U.S. in 2024 are in California, according to a recent study by SmartAsset. San Jose, which sits in the middle of Silicon Valley, topped the list with a median home sale price exceeding $1.5 million in 2024 — and prices in the area went up by 12% from last year.

The number of real estate agents in Maine has grown by double-digit percentages since the start of the pandemic. In February 2019, there were 6,513 licensed agents in the state, according to the Maine Department of Professional and Financial Regulation. By February 2023, that number had increased 14% to 7,436.

As the governing body responsible for enforcing the Maine Real Estate Brokerage License Act, the Maine Real Estate Commission has a number of disciplinary powers to make sure the state's licensees always obey the law. The commission also has the authority to investigate allegations of misconduct by a licensee.

The Real Estate Commission, established by Title 5, section 12004‑A, subsection 37, consists of 4 industry members and 2 public members as defined in Title 5, section 12004‑A.

The Maine Real Estate Commission does not offer formal licensing reciprocity. However, if you're a real estate agent licensed in another state and wish also have a real estate license in Maine, you won't need to take additional Pre-Licensing courses.