An overwhelming 94% of home sellers endorse proposed updates to the commission system where buyers would cover their own agent's fees, according to a new survey from Clever Real Estate, a St. Louis-based real estate company.

Although home sellers support changes to the commission structure, nearly half (49%) are unaware that sellers pay the buyer's agent commission under the current system.

More than three-quarters of home sellers (77%) say commission rates will influence their choice of a real estate agent. Notably, 60% of those who plan to sell without an agent say they're doing so because real estate commissions are too expensive.

However, there are significant misconceptions among sellers regarding commission fees. Approximately 49% actually overestimate the fees they'll pay. Only 35% expect to pay the typical fee between 5% and 6%.

Overall, 88% of sellers feel that a real estate agent is important in their home-selling process. Even more, 85% of home sellers believe an agent will secure a higher sales price, and 82% would pay a higher commission rate to a Realtor with a strong track record.

However, 76% feel that agents should be held to stricter ethical standards, and 73% believe agents tend to overinflate property values to secure a higher commission. Nearly two-thirds (67%) believe agents value profits over their clients' best interests.

Despite acknowledging the importance of agents, 77% of home sellers are unaware of agents' responsibilities during the sales process — 67% even believe artificial intelligence (AI) could outperform human agents.

Read the full report at: http://www.listwithclever.com/research/what-does-a-realtor-do-2024