Commission rates are not standard, and while a 3% commission is common for seller's and buyer's agents in Hampton Roads, each broker and/or agent is free to charge any amount of commission they deem appropriate.
For the sake of all illustrations on this site, we will assume that the seller pays all commissions and is willing to pay a 3% commission to the buyer's agent. Commission rates are always negotiable, and no seller is obligated to offer the buyer's agent any set amount of commission. Examples are for illustration purposes only. Hampton Roads Group does not guarantee purchase or sales pricing, nor does it guarantee that a buyer or seller will experience or realize any amount of appreciation in the value of their real estate purchase.
All "Truths" are based on the experience of some sellers/buyers in the Hampton Roads market. As always, there may be exceptions.
The Hampton Roads Group makes no warranty or guarantee about the experience of individual sellers or buyers. Both sellers and buyers are responsible for which agent and/or broker they choose to list/buy with as well as the amount of commission paid.
The Hampton Roads Group is a team of REALTORS® working under the brokerage of James and Lee Realty. The discounted commission rates offered by the Hampton Roads Group do not apply to other REALTORS® within James and Lee Realty. As stated above, commission rates are not standard, and each broker and/or agent is free to charge any amount of commission they deem appropriate.