A real estate commission is a fee paid to a real estate agent or broker for their services in facilitating a property transaction. This commission is typically a percentage of the property's sale price and is agreed upon in the listing agreement between the seller and the agent. The commission is usually split between the seller's agent and the buyer's agent, incentivizing both parties to work towards a successful sale. While the standard commission rate can vary, it often ranges from 5% to 6% of the sale price, depending on local market practices and negotiations.