I’m a Realtor®. Commission is never set, nor are we allowed to say anything to the effect that a certain percentage is an “industry standard.” In fact, it’s illegal in most states.
My brokerage disclosure states up front that commissions are negotiable. Now, the listing agent does a lot of work up front and a good agent will get your house sold quicker and for more money. Plus, you won’t get the headache of setting up the closing process, contacting the insurance companies, dealing with last minute issues, etc.
Now, if you’re an experienced real estate investor/purchaser/seller, then you probably don’t need an agent and you can save that money.
I have a fiduciary responsibility to my principle (buyer/seller). I cannot refuse to show someone a house even if I don’t receive any commission. The ethics of a Realtor® dictate that I get my client the best house that fits their desires at the best possible price no matter the commission.
If I’m representing the seller, I’m supposed to get them the most money possible based on fair market value regardless of how much they pay. If the seller accepts a lower offer, I cannot advise they refuse it.
The buyer and seller are in charge. Agents do need to be paid for their expertise and work, just as any other profession.
People often disregard the value of a good salesperson—and good ones are not as common as bad ones, however there is a reason good ones in most every industry make more than doctors—they will earn every penny most of the time