Like the video says – real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction.
When one agent represents the sellers and another represents the buyers the commission is typically split between them.
In the US, real estate commissions are commonly 6% of the transaction usually 3%/3% when split.
No government or industry body sets commission rates. Legally, commission rates ARE negotiable. However, remember that agents only earn their commission on successful sales.