Average Real Estate Commission in New Mexico

By 

Bailey Peterson

Updated 

March 8th, 2021

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How commission works | Getting low rates | Low commission companies | Methodology

📊 The data: We polled local agents and found that the average real estate commission in New Mexico is 5.59%, which is higher than the national average of 5.45%.

For a house sold for $217,355, this rate translates to $12,150 in real estate agent commission costs.

Realtor commission is usually the largest cost that home sellers face, but the upside is that it also represents the biggest potential for savings.

» MORE: Learn how Clever can help you save on commission.

Below, we cover everything you need to know commission costs in New Mexico and also give you tips for getting low rates.

How real estate agent commission works in New Mexico

There are two real estate agents involved in a typical home sale:

  • The seller's agent (also called the listing agent), representing the home seller
  • The buyer's agent, who represents the person buying the home

The seller's and buyer's agent get paid a percentage of the home's final price when the sale is finalized. This payment is called real estate agent commission, and is baked into the sale price of a home and split between the two agents.

» LEARN: More about how real estate commissions work.

Based on our research, the average commission split in New Mexico has 49.45% of the commission going to the listing agent and 50.55% going to the buyer's agent.

Who pays for real estate commissions?

Home sellers are responsible for paying the real estate commission of both the agent representing them, as well as the agent representing whoever buys their home.

However, since the realtor commission is baked into the sales price you could say that the home buyer is paying — at least in-part — through a higher sales price.

» MORE: Who pays realtor commission.

How to save on real estate commission in New Mexico

💰Best ways to save

While there are a number of options for home sellers looking to save on commission, good options for most home sellers include:
  • Negotiating rates with a traditional realtor
  • Working with a low commission real estate company

» MORE: Options for saving on realtor commission

Realtors in New Mexico may be open to negotiating their commission when listing your house because the state is currently experiencing a seller’s market.

Houses in New Mexico are listed for an average of 36.5 days before selling — a steady pace that allows agents to close more deals than they could in a less competitive market.

Below we cover how you can negotiate lower rates, and list some of our recommendations of low commission real estate companies that you should consider.

With Clever you can save on commission without negotiating… AND work with top agents!

Clever has pre-negotiated low commission rates, with top local agents across the country.

The result is that you can save thousands of dollars when you sell your home, without having to haggle over commission rates!

With a Clever agent, you get full service and only pay a listing commission of $3,000 or 1%.

Tips for negotiating realtor commission in New Mexico

Successfully negotiating commission rates depends mainly on two factors: your situation and the housing market.

Factor
You may have an easier time negotiating low rates if...
Your situation
  • You're selling a high-value home
  • You have a personal relationship with a realtor
  • You can offer a realtor repeat business
The New Mexico housing market
  • Homes are selling quickly
  • There are relatively few homes listed for sale
  • Home values are rising

» LEARN: How you can negotiate lower commission rates.

While the personal factors that affect your ability to negotiate commission rates are unique to you, the local real estate market conditions will affect all home sellers in New Mexico.

In a seller's market — where home sellers have more leverage than buyers — a listing agent's job is easier and they may be more inclined to offer lower commission rates. The opposite is true in a buyer's market.

📖Definitions

Months of inventory, is measured by dividing the homes listed for sale in the most recent month by the number of homes actually sold in that month. It is a key indicator of how much supply and demand there is for houses in a market.

Sale-to-list is calculated by dividing the median sale price by the median listing price in a given area. If homes in your area are generally selling for more than their listing price, that is a good indication that you are in a seller's market.

Home values rising in your area indicate that demand is growing. Whereas if this figure is falling, then it's more likely that homes in your area are becoming less desirable.

To judge the current state of the real estate market, you can look at three factors: months of inventory, sale to list price, and home value trends. Below, we've included a current breakdown of these factors in New Mexico.

Stats and facts: The current state of the New Mexico real estate market

Factor
Trends
Indication
Months of inventory
There's 1.2 months of housing inventory on the market
Seller's market
Sale-to-list price
Homes are selling for 97.90% of their listing price
Seller's market
Home value
Home values have risen/fallen 7.09% year over year
Seller's market

Low commission real estate companies in New Mexico

Home sellers looking to save money when selling their home should consider a low commission real estate company. To help you out, Clever has picked some of the top discount and flat-fee MLS services across the state:

Discount real estate brokers in New Mexico

Discount real estate brokers are companies that will list your home for a reduced commission percentage or flat rate. The catch is that the service might not be on-par with what you'd get from a top local agent.

Listing Fee

1% (minimum $3,000)

Clever Cash Back

0.5% on homes over $150,000

Avg. Customer Rating

4.8/5 (386 reviews)

Description
Locations
Pros & Cons
Reviews
  • Clever Real Estate is a nationwide, online concierge and agent matching service for sellers and buyers — learn more
  • Buyers and sellers are matched with multiple highly rated agents from major brands, such as Keller Williams, Century 21, Compass, RE/MAX, and more
  • Sellers choose a full-service agent and pay a flat, $3,000 fee — or just 1% for homes more than $350,000
  • Buyers may be eligible for 0.5% back after closing (in qualifying locations)

Clever has pre-negotiated lower commission rates with top agents in all 50 states, D.C., and Puerto Rico

Pros
  • Listing fee of $3,000 (or 1% on homes >$350K) for a full-service agent
  • Sellers only pay once their home is sold
  • Partner Agents are top, local realtors with at least 5 years experience
  • Agent matches are customized and based on your specific situation
  • Eligible buyers receive 0.5% in Clever Cash Back
Cons
  • Sellers may not be matched with an agent from their preferred brokerage
  • While homes are listed on the MLS, there's no independent Clever listing site.







As of May 20, 2020, Clever's average customer rating is 4.8/5 based on 386 reviews on Trustpilot.

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Redfin

Redfin

Listing Fee

1-1.5% (min. fees apply)

Buyer Rebate

Avg. $1,500 (where availabe)

Avg. Customer Rating

3.2/5 (243 reviews)

Description
Locations
Pros & Cons
Reviews
  • Redfin is an online listing portal and multi-state real estate brokerage operating in 80+ markets across the United States
  • Sellers get full service and support from a Redfin agent for a reduced listing fee (rates and minimums vary by location)
  • Redfin agents are salaried. Since they do not work on commission, there is no incentive to get sellers the highest sale price — learn more
  • RedfinNow — Redfin's iBuyer program — makes all-cash offers on qualifying homes in 10 markets for a 7% service fee (but no additional commission)
  • Buyers in select markets might be eligible for a home buyer rebate — learn more
AshevilleHouston*
Orlando
AlbanyIndianapolis
Palm Beach
AtlantaInland Empire*
Palm Springs
Austin*Jacksonville
Philadelphia
Birmingham^Kansas City^
Phoenix
BoiseKnoxville^
Pittsburgh
Boston
Lake Tahoe
Portland, OR^
BuffaloLas Vegas*Raleigh
CharlotteLittle Rock^Rhode Island
ChicagoLos Angeles*Richmond
CincinnatiLouisiana^Sacramento
Cleveland^Louisville^Salt Lake City
ColumbusMarylandSan Antonio*^
ConnecticutMemphis^San Diego*
Dallas*MiamiSan Francisco
DelawareMinneapolisSavannah
Denver*Nashville^Seattle
Des Moines^Nebraska^South Carolina
DetroitNew JerseySouth Texas^
El Paso^New MexicoSpokane
FlagstaffNew York CitySt. Louis^
Fort MyersNortheast VirginiaTampa
Grand RapidsNorthern New EnglandTucson^
Hampton RoadsOklahoma^Washington, D.C.
HawaiiOrange County, CA*Wisconsin^

*Also a RedfinNow location

^No home buyer rebate available

Pros
  • Sellers get full service and support for a discounted rate of 1.5%
  • Rate drops to 1% when you sell and buy with Redfin
  • Access to a variety of online tools and services, including virtual showings, paperwork, closing, and more
  • Commission rebate offered to eligible buyers in select markets
Cons
  • Only available in ~80 U.S. markets
  • Minimum listing fees can result in paying more than advertised 1-1.5% rate
  • Choice of agents is limited to Redfin's in-house team or local partners
  • Local partners don't necessarily adhere to Redfin's discount pricing model

As of May 20, 2020, Redfin's average customer rating is 3.2/5 based on 235 reviews across Yelp, Google, and Consumer Affairs.

*These reviews are for Redfin's Seattle, WA office. Reviews may vary by location.

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» MORE: About discount real estate brokers.

Flat-fee MLS listing services New Mexico

Flat-fee MLS listing services offer to post your home on your local MLS for a low rate often around $100-300. The trade-off is that you'll have to handle almost the entire home-selling process yourself. If you're a real estate novice, this might not be a good option for you.

For Sale by Owner New Mexico

For Sale By Owner New Mexico

Price Range

$395-995

Number of Photos

30-99

Listing Term

12 months

Description
Pricing
Pros & Cons
Reviews
  • For Sale By Owner New Mexico is a licensed, New Mexico real estate brokerage that specializes in flat-fee MLS listing services
  • Provides yard sign and necessary real estate forms (downloads)
  • Open house postings on the MLS
  • Recommendations for home inspectors, home stagers, mortgage companies, and more available on website
  • Comparative market analysis (CMA) included with mid- and premium-tier packages
  • Listing fee is refundable if you opt to list with a referred, full-service brokerage
$395 - I’ve Done This Before package
  • 12-month listing on the MLS
  • 30 photos
  • Yard sign to rent
  • Real estate forms (downloads)
  • Listing syndicated on Realtor.com, Zillow, and more
  • Open house postings
$995 - Give Me The Works! package
  • Same as the I’d Like Professional Guidance package, plus:
  • 99 photos
  • Electronic document signing
  • Net sheet
$795 - I’d Like Professional Guidance package
  • Same as the I’ve Done This Before package, plus:
  • Broker guidance
  • 50 photos
  • Professional CMA
  • Printable property flyer
  • Lockbox
  • Online appointment service
  • Email and phone support though transaction


Pros

  • 30 photos and 12-month listing term with basic package
  • Listing fee is refundable if you opt to list with a referred, full-service brokerage
  • Lots of helpful services and support included with mid- and top-tier packages

Cons

  • No built-in support with basic package
  • No home valuation or CMA included with basic package

As of August 11, 2020, For Sale By Owner New Mexico has an average rating of 4.3/5 based on 7 reviews across Realtor.com and Yelp.

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Hardy & Co. Real Estate

Hardy and Company, LLC

Price Range

$395-695+

Number of Photos

Unlimited

Listing Term

12 months

Description
Pricing
Pros & Cons
Reviews
  • Hardy & Company, LLC is a licensed, New Mexico real estate brokerage that specializes in flat-fee MLS listing services
  • Listing is live within 24 hours of receiving photos and listing information
  • Set your own buyer’s commission (Hardy & Co. recommends 2-3%)
  • Broker assistance available through sales process
  • Make unlimited changes to listing
  • Cancel anytime for free
$395 - Flat Fee Listing package
  • 12-month listing on the MLS
  • Max photos on MLS (up to 99 on the Santa Fe MLS and Albuquerque MLS; up to 20 on the New Mexico MLS)
  • Listing syndicated to Realtor.com, Zillow, Trulia, and more
  • Broker assistance through sales process
  • Unlimited changes to listing
  • Buyer inquiries forwarded to you
  • Open house postings on MLS, Realtor.com, and Zillow
  • Yard sign with your contact info
  • Cancel of pause listing anytime for free

$395 + 1% - Listing + Contract & Closing Support package
  • Same as Flat Fee Listing package, plus:
  • Pay 1% of sale price at closing (minimum of $3,000)
  • Negotiate all offers, counteroffers, and contingencies for you
  • Handle all paperwork on approved Real Estate Association of New Mexico forms
  • Work with the title company, buyer’s lender and buyer’s broker to see you through the closing process
$695 + 1.5% - Full Service Listing package
  • Same as Listing + Contract & Closing Support package, plus:
  • Pay 1.5% of sale price at closing (minimum of $4,000)
  • Comparative market analysis (CMA)
  • Pricing guidance and advice
  • Professional photography
  • Professionally designed e-flyer
  • 50 hard copies of color flyer
  • Yard sign with Hardy & Co.’s contact info
  • Flyer box attached to sign























Pros

  • Buyer inquiries are forwarded to you
  • Broker assistance available through sales process
  • Unlimited changes to listing
  • Cancel anytime for free

Cons

  • No built-in CMA or home valuation with first two packages
  • Hardy & Co. doesn’t handle showings or open houses with Full-Service Listing package

As of August 7, 2020, Hardy & Co. Real Estate and its broker, Stever Hardy, have an average rating of 5/5 based on 10 reviews across Google and Zillow.

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» MORE: About flat-fee MLS services.

Methodology

Data on commission rates is based on a survey of 554 of our partner agents, in which we asked them to indicate the typical rates for both buyer's and seller's agents in their area. Due to data limitations, New Mexico commission figures were inferred from regional averages.

Additionally, we utilized the following data from Zillow and Realtor.com:

  • Home values, list prices, and sale prices: Based on Zillow data as of September, 2020
  • Sale prices and sale-to-list ratios: Based on Redfin data as of September, 2020 (unless specified otherwise)
  • Months of inventory: Based on Realtor.com data as of September, 2020

Additional resources for New Mexico home sellers