How commission works | Commission calculator | Best ways to save | Methodology
📊 The data:
Our December 2023 survey of local agents found that the average real estate commission in Virginia Beach is 5.33%, which is less than the national average of 5.49%. Calculate your estimated commission in Virginia.
The average total real estate agent commission rate in Virginia Beach is 5.33% of the final sale price. Based on the latest median home sale price in Virginia Beach ($338,749), that translates to a total cost of roughly $18,055.
Home sellers typically cover the total commission fee from their sale proceeds, which is split between the listing and buyer’s agents who handle the sale. In Virginia Beach, the average listing agent fee is 2.67%, while the average buyer’s agent fee is 2.67%.
Real estate agent commissions make up a significant portion of the closing costs for Virginia Beach home sellers. But you don't have to pay the full 5.33% to a traditional agent. If you're selling a home in Virginia Beach, you can use a discount broker to save on realtor fees. In fact, depending on your situation and the agents you work with, you could save 33% on realtor fees, or about $6,011 on average.
⚡ Find top agents and save: Answer these five simple questions to get matched with the best local agents offering reduced commission rates. Compare agents from top brokerages like Keller Williams and RE/MAX, and get a discounted rate through Clever’s partner network.
How real estate commission works in Virginia Beach
| Average listing commission | 2.67% |
| Average buyer's agent commission | 2.67% |
| Total average commission | 5.33% |
There are usually two real estate agents involved in the real estate transactions of a home sale:
- The seller's agent (also called the listing agent), who represents the home seller
- The buyer's agent, who represents the person buying the home
Based on our research, the average real estate commission paid in Virginia Beach for listing agents is 2.67% of the final home price and 2.67% for buyer's agents, for a total of 5.33%.
» LEARN: How do real estate broker commissions work?
Real estate commission calculator for Virginia Beach
Use this commission calculator to estimate how much you'll pay in realtor fees when you sell your home in Virginia Beach. Enter an estimate of your home's sale price, and see how much you'll pay at different commission rates.
Want to keep more money in your pocket from the sale? Clever steps in to connect you with a leading local listing agent who charges a reduced commission rate of just 1.5%. This smart strategy can significantly increase the amount you pocket from your home's sale.
» SAVE: Sell with Clever for 1.5% listing fees and save thousands in commission!
Who pays realtor fees in Virginia Beach?
When you list your home in Virginia Beach, expect to pay an average realtor commission that compensates both your listing agent and the buyer's agent, deducted from your home's final selling price. As a seller, rest easy knowing you won't have to pay these fees upfront.
Your listing agent justifies their commission by delivering a detailed market analysis, marketing your home with finesse, and steering the closing process to a smooth end. Meanwhile, the buyer's agent earns their keep by sourcing a qualified buyer who meets the purchase conditions and finalizes the sale.
Keep in mind, you as the seller won't directly pay these commissions; they're simply subtracted from the sale proceeds once the deal wraps up.
Why do sellers pay the buyer's real estate agent commission?
In Virginia Beach, when you sell your home, the commission fees for the buyer's and seller's real estate agents come directly from the final sale price. There's no need to worry about paying these fees upfront.
The seller's agent justifies their commission through services such as conducting market analysis and managing the closing process. Meanwhile, the buyer's agent earns their share by sourcing a qualified buyer who adheres to the contract terms and completes the purchase on schedule.
Rest assured, these commissions won't require any out-of-pocket expenses. Similar to closing costs the real estate agent commissions are subtracted from the proceeds of the sale once the transaction finalizes.
Looking to trim down your realtor commission fees? Clever can link you up with a leading listing agent in your region who offers a competitive rate of just 1.5%. By choosing this route, you stand to retain a greater portion of your home's selling price.
Will the NAR lawsuit change how real estate commission works?
On March 15, 2024, the National Association of Realtors agreed to pay $418 million in damages to settle a real estate commission lawsuit the industry group lost in November 2023.
While the full impact of the settlement is yet to be determined, experts believe that the change will eventually lead to lower buyer's agent commissions and give buyers the ability to negotiate those commissions based on the services they need.
The terms of the settlement are scheduled to take effect in mid-July 2024. But, the settlement hasn't been officially approved yet, and it could be delayed or changed by objections. We'll continue to monitor the status of the settlement and the effects it has on the real estate industry.
» READ MORE:
How to save on realtor fees in Virginia Beach
Commission rates are not set in stone. In fact, we found that while 2.67% is the average listing commission in Virginia Beach, rates typically fall between 1.50% and 4.00%. You can save money by negotiating a lower rate with your listing agent or by working with a discount real estate brokerage.
| Listing commission range | 1.50%– 4.00% |
| Buyer's agent commission | 2.00%– 4.00% |
| Total commission range | 3.50%– 8.00% |
» LEARN: What's the commission on a $1 million home?
Can I negotiate realtor commission in Virginia Beach?
Real estate commission is always negotiable. In Virginia, the 39 agents we surveyed said these were their most common reasons for agreeing to lower their commission.
| Would you lower your commission for…? | Agents who answered yes |
|---|---|
| Homeowners who also plan to buy with you | 77% |
| Homeowners with more than one property to sell | 74% |
| Homeowners who are repeat clients | 72% |
| Seller’s situation (e.g. divorce or death in the family) | 62% |
| Higher property values | 49% |
| High competition for clients | 46% |
| Homes expected to sell quickly | 36% |
| Houses in excellent condition | 28% |
| Periods of low housing inventory | 26% |
| High buyer demand in the area | 23% |
| Highly experienced home sellers | 8% |
Negotiating realtor fees in Virginia Beach depends on two main factors: your situation and the housing market.
| Factor | You may have an easier time negotiating low rates if... |
|---|---|
| Your situation |
|
| The Virginia Beach housing market |
|
Your unique circumstances will differ, but the real estate climate in Virginia Beach affects every home seller in your region.
Typically, when you're in a seller's market with more power than buyers, listing agents find their roles less challenging and might show more flexibility in reducing their commission rates. Conversely, in a buyer's market, agents often hold firm on their fees.
Not comfortable negotiating with a realtor? Avoid the awkward conversation and let Clever pre-negotiate a lower rate with a top agent for you.
To understand the dynamics of your local housing market, consider these key indicators:
- Months of inventory
- Sale to list price ratio
- Trends in home values
Should these signs point to Virginia being a seller's market, you stand a better chance to talk down the commission rate with your agent. However, if the market presents a mixed outlook or leans towards buyers, convincing your realtor to settle for a lower commission might prove more challenging.
The current state of the Virginia Beach real estate market
| Factor | Trends | Indication |
|---|---|---|
| Months of inventory | There's 5.71 months of housing inventory on the market | Neutral market |
| Sale-to-list ratio | Homes are selling for 90.00% of their listing price | Buyer's market |
| Home values | Home values have risen 12.12% year over year | Seller's market |
» LEARN: See state-by-state average commission rates. How does your state compare?
Low commission real estate companies in Virginia Beach
Negotiating a lower rate with a professional negotiator can be hard! In many cases, home sellers can save just as much (or more!) by selling with a low commission real estate company.
Discount real estate brokers typically offer full-service support for a reduced commission percentage or flat rate. How they create those discounts will depend on the company's model, with some creating more risks and trade-offs than others.
Listing Fee
Customer Rating
Availability
Overview
Pricing
Reviews
Contact
Overview: Clever stands out as the premier choice for homeowners in Virginia Beach, VA, who are intent on reducing realtor commission costs while still receiving full-service support.
✅ Benefits and features: Clever secures you substantial savings with rates that are up to half off compared to traditional realtors. Their acclaimed matching service is also complimentary, with zero commitment required.
🏠 How it works: Clever pairs you with leading local real estate agents from well-known brokerages, including RE/MAX and Compass. You'll have the opportunity to evaluate different agents to ensure an ideal match, all while benefiting from a competitive 1.5% listing fee (on par with Redfin), regardless of the agent you select.
Pros
- Partner with a full-service agent from a reputable brokerage (this is not a discount agent service)
- Agents offer services at up to a 50% reduction in their standard fees
- Extensive selection of Virginia Beach's finest realtors to choose from
Cons
- No certainty of partnering with a particular agent or brokerage you may prefer
- Extra services such as professional staging, aerial drone imagery, and virtual 3D tours might incur additional fees (agents will outline what's included during the listing presentation)
Listing Fee
Customer Rating
Availability
Overview
Pricing
Reviews
Contact
Overview: For those in the Virginia Beach vicinity aiming to navigate both the buying and selling process, CapCenter, an affiliate of eXp Realty, emerges as a standout choice.
✅ Benefits and features: CapCenter shines for Virginia residents engaged in the dual process of buying and selling, offering a cost-effective approach to real estate transactions. Even for those solely selling, the 1.5% listing fee (with a minimum of $3,000) remains competitive, aligning with the likes of Redfin and Clever. Customer feedback consistently praises CapCenter for its commendable service quality, which appears to meet the expectations of the majority of its clientele.
🚩 Potential red flags: CapCenter's more modest scale means it doesn't boast the extensive agent network seen with larger, national brands such as Clever. It's advisable to thoroughly vet your prospective agent to ensure they possess the requisite experience for your specific needs.
Pros
- Enjoy considerable cost savings when you both purchase and list your property with CapCenter.
- Strong customer satisfaction is reflected in the high volume of positive reviews.
- Attractive listing fee that remains competitive, irrespective of whether you're also in the market to buy.
Cons
- The most significant financial benefits are realized only when you engage CapCenter for both buying and selling.
- A narrower selection of agents when compared to the broader networks of larger discount real estate firms.
Listing Fee
Customer Rating
Availability
Overview
Pricing
Reviews
Contact
Overview: For those looking to sell in Virginia Beach, Redfin presents a noteworthy option, particularly for those who are both selling and purchasing within the same year. However, it's important to be cognizant of Redfin's minimum commission, which is on the higher end relative to other local services.
✅ Benefits and features: Redfin distinguishes itself with its appealing 1.5% listing fee, which is notably competitive. Clients who entrust Redfin with both their selling and buying needs within a one-year span are eligible for an additional 0.5% discount on the listing fee. With a robust network of discount agents, Redfin's reputation and reach surpass that of many other discount brokerages in the Virginia Beach area.
🚩 Potential red flags: Redfin's model is heavily reliant on technology and utilizes a team-based approach, which might not align with every seller's expectations. The selling process is predominantly managed online by a Lead Agent in conjunction with a support team. Sellers should also be aware that Redfin has a minimum commission fee of $5,500 in Virginia Beach. So, if your home's value is less than $367,000, you’ll pay more than the advertised 1.5% rate.
Pros
- Notable savings on listing fees
- Strong brand with dependable agents
- A tech-forward model that may appeal to certain sellers
Cons
- Less suitable for those desiring a personalized, direct agent relationship
- Minimum fee of $5,500 is steeper compared to other local options
- Limited selection of agents in comparison to Clever
» LEARN: How do discount real estate brokers offer lower fees?
Next steps
Thinking of selling your home but don't know where to start? Here are some next steps.
Start interviewing local agents
Set up some listing appointments, where an agent visits your home to discuss its estimated value, lay out their marketing strategy, and provide a quote for their fee.
Here's why it's smart to sit down with a few agents before signing with one:
It's completely free to meet with agents: There's no obligation or risk on your end. Just keep in mind that the agent is meeting with you to win your business, and will try to sell you on their service.
You can compare pricing and features: Shopping around helps you find the best fit for your specific needs – in terms of fees, experience, and services provided.
Learn more about your market from an expert: Realtors can provide local data, like how much nearby homes are selling for, how fast they sell, and other current market trends.
Learn about the home sales process: An agent can walk you through the sales process from start to finish, and provide tailored advice for marketing your property to home buyers.
To get started, check out our guide on the best ways to find real estate agents — or you can sign up for Clever’s free agent matching service below to connect with top realtors in your area right now (and save on commission).
Clever has pre-negotiated low commission rates of only 1.5%, with Virginia Beach's top agents. Contact Clever today to find out how much you can save on commission!
Clever can connect you with top local agents sell your house for a pre-negotiated low rate: just a 1.5% listing fee when your home sells (half the typical rate!).
You can interview your Clever agent matches, get free pricing estimates, and compare marketing plans — all with no strings attached.
Ready to learn more? Click below to take our simple quiz and see your agent matches!
Methodology
We gathered our commission rate data from a survey of 630 of our partner agents. The survey asked about standard local rates for both listing and buying agents. We also asked agents about when and why they're willing to negotiate real estate commissions.
Additionally, we utilized the following data from Zillow and Realtor.com:
- Home values, list prices, and sale prices: Based on Zillow data as of February 2024
- Sale-to-list ratios: Based on Zillow data as of February 2024 (unless specified otherwise)
- Months of inventory: Based on Realtor.com data as of March 2024
