When it comes to buying or selling a home in Maineunderstanding real estate commissions is essential to smart financial planning and successful negotiation. The latest update in 2024 has been launched new rules which promote transparency in how these commissions are transferred nationally.
Whether you are new buying a home or you’re a seasoned seller, this guide from Redfin will walk you through Maine real estate commissions and what to expect in today’s market.
The current state of the Maine housing market
Before we examine the housing commissions in Maine, let’s take a look at the current state of Maine housing market:
| Median Home Sales Price | $414,700 |
| Provision of Housing | 7,312 (+34.1% YOY) |
| Homes Selling Above List Price | 35.7% (-10.5 pts YoY) |
Understanding real estate commissions in Maine
What are real estate commissions?
Housing commissions is a fee paid to agents for their role in facilitating property transactions for buyers or sellers. Usually calculated as a percentage of the sales price, these fees are paid to to close of sale.
Who pays the commission?
Historically, sellers have covered both their agent’s and the buyer’s costs agent commissions with the proceeds of the sale. However, as of August 17, 2024, you can’t buy now what is needed to agree in writing the amount of their agent’s commission before starting the domestic tour.
While buyers can still negotiate for the seller to pay their agent’s commission as part of the offer, the new law provides more flexibility. The amount the seller may pay the buyer’s agent is negotiable and may vary based on the agreement.
Real estate commission rates in Maine
Commission rates in Maine can vary widely based on a variety of factors, including transaction details and group agreements. Although standard rates are available, these fees are negotiable.
Factors such as geographic location, current market conditions, and services provided by the agent influence the final commission amount. Here’s a look at an example of commission rates based on average home values major cities in Maine:
| The city | Median Home Sales Price | 1.5% Property Commission | 3% Real Estate Commission | 5% Real Estate Commission |
| Portland | $596,000 | $8,940 | $17,880 | $29,800 |
| Lewiston | $318,000 | $4,770 | $9,540 | $15,900 |
| Bangor | $270,000 | $4,050 | $8,100 | $13,500 |
At Redfin, our goal is to deliver outstanding value to our clients. For sellers, we offer attractive listing fees start at just 1%.* For buyers, our fees vary by location to increase the attractiveness of your offer and improve your chances of closing on a home.
Can you negotiate real estate commissions in Maine?
Absolutely! Since there are no federal regulations on commission rates, agents are generally open to negotiating their fees based on the details of the transaction, the services required, and the agent-client relationship.
Consider the following when negotiating:
- The level of service provided by the agent
- Their marketing method
- Their knowledge of the local market
Sellers may have greater leverage if their goods are in high demand or expected to sell quickly. Furthermore, if the same agent represents both parties (dual agency), there may be more opportunities to reduce commission fees.
Tips for a successful conversation
- Compare different agents and their commission structures before choosing.
- Explore performance-based incentives, such as a higher commission to earn faster sales or a better final price.
- Emphasize the location of your property if it is in a desirable area, which may encourage agents to accept a lower commission.
Maine housing commission FAQ
What are the changes to the real estate commission? Recent updates have changed the way commissions are handled: Buyers must now agree to their agent’s fees in writing before home visits, and buyer’s agent compensation is no longer listed on the MLS in most markets. Read more about Housing commission changes here.
How do the changes affect consumers in Maine? Buyers must now sign an agreement with their agent specifying the amount of the commission before starting a home tour. However, you can still ask the seller to pay your agent’s fee as part of your offer.
How do the changes affect Maine retailers? Sellers will continue to negotiate with their listing agent regarding the compensation offered to the buyer’s agent, if any. Any requests or changes to these terms will be considered during negotiations.
How to find a real estate agent in Maine? If you’re looking to buy or sell a home in Maine, Redfin is here to help. Contact a Redfin agent to start the process.
How can you avoid fees? Selling a home on your own (For Sale By Owner, or FSBO) can eliminate commission costs, but it requires a lot of effort, including handling marketing, showings, and paperwork on your own.
*Listing fees are subject to change, minimum applicable. Any buyer’s agent fees the seller chooses to cover are not included. The listing fee is increased by 1% of the purchase price if the buyer is not represented. Sell at 1% listing rate only if you shop with Redfin within 365 days of closing your Redfin listing. We’ll charge a 1.5% listing fee, and send you a check for the 0.5% difference after you buy your next home with us. Read more here.
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