To sell a typical New Mexico home worth $263,700, you’ll pay about $15,000 in realtor fees.
Realtor commission is generally the most expensive cost when selling your property — but you don’t have to pay the full 5.70 percent.
Digital age agent can negotiate 1% listing fees with full-service New Mexico realtors.
You’ll pay less for New Mexico real estate brokerage services, so you can keep more of your money.
The New Mexico Real Estate Commission requires that all New Mexico realtors be licensed by the state to do business.
To qualify for a New Mexico license, applicants must successfully pass an examination administered by Pearson VUE, the official provider of New Mexico real estate license exams, and must also meet New Mexico’s pre-licensure requirements.
New Mexico does not require New Mexico realtors to be associated with a specific brokerage firm to do business in New Mexico, so you can work with any one of our New Mexico realtor partners.
New Mexico requires all New Mexico Realtors to carry New Mexico Real Estate Errors and Omissions (E&O) insurance.
New Mexico also requires New Mexico realtors to provide proof of New Mexico E&O coverage before they can get their New Mexico licenses.
New Mexico enforces its standards for New Mexico Realtor commissions through the New Mexico Real Estate Commission, which is responsible for New Mexico realtor licensing and New Mexico real estate law.
What is a realtor’s commission in New Mexico?
There are usually two real estate agents involved in a home sale:
The real estate agent for the seller (also known as the listing agent), who is on your side.
The buyer’s agent, who is usually a real estate broker, represents the client.
When the sale closes, both real estate agents get a cut of the home’s final price.
This payment is known as a real estate agent commission and is included in the asking price when you sell your property.
According to our study, the average commission split in New Mexico is 49.1 percent for the listing agent and 50.9 percent for the buyer’s agent.
Why is realtor commission so expensive, exactly?
There are a few reasons:
- The real estate agent gets a cut of the commission – The listing agent typically just keeps a fraction of the realtor fees.
- Real estate is a risky business.
- Realtors pay upfront for marketing services (such as professional photographs, advertising, staging, etc.) and are only compensated when your property sells.
- Finding clients might be tough and costly – Real estate brokers spend time and money developing new business, which is frequently passed onto home sellers.
Some companies aim to make agents’ jobs easier so that they’re able to accept lower-than-average commission rates.
By matching home sellers directly with realtors, Digital age agents are able to reduce the cost of acquiring clients and negotiate lower realtor fees.
Do you need a Mexico Real Estate License?
Yes, New Mexico realtors are required to have New Mexico Real Estate licenses in order to do business.
New Mexico requires New Mexico real estate agents to pass a New Mexico real estate exam in order to get their New Mexico license.
New Mexico does not require New Mexico realtors to be associated with a specific brokerage firm in New Mexico, so you can work with any one of our New Mexico realtor partners.
How to Reduce Your Real Estate Commission in New Mexico
Even though the standard real estate commission in New Mexico is 6.21%, that doesn’t mean there aren’t ways to sell for less.
The following options are all ways sellers in New Mexico can save on real estate commission:
- Using the new digital age real estate agents, which includes built-in savings.
- You may save money by negotiating your own rates.
- Listing for sale by owner (FSBO)
Our TIPS For Saving on Commission
We believe that New Mexico home sellers may be able to negotiate a reduced commission for themselves.
However, an FSBO transaction might need some perseverance.
In New Mexico, houses are selling at a slower rate than the national average, with listing prices increasing more than 7% when compared to the same time last year.
The state’s housing inventory is also very limited, making it a seller’s market.
That said, sellers should consider using a low-commission real estate service like those of the flat listing services to save time and money on commissions.
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How do I renew my New Mexico real estate license?
You must renew your real estate license in New Mexico by submitting it online, not in person. The NMREC uses a third-party online portal to manage all real estate license renewals. The NMREC is not in charge of any aspect of your license renewal process. It is your duty to notify the NMREC if you change your email address!
How do you become a qualifying broker in New Mexico?
Have completed 60 hours of needed education (Or, if currently licensed in another state, contact the New Mexico Real Estate Commission for a potential waiver letter) Have attended at least one meeting, hearing, or disciplinary hearing with the New Mexico Real Estate Commission.