A real estate invoice ties every charge to a property address and transaction. Commission invoices bill the brokerage-agreed percentage — commonly 2.5–3% per side — at closing, usually settled through escrow. Other real estate billing includes referral fees (typically 25% of the receiving agent's commission), broker price opinions ($50–$300), and property management fees (8–12% of monthly rent).
Real Estate Invoice Template
Reviewed by the Agiled editorial teamUpdated June 2026
Real estate money almost always routes through someone else's paperwork — escrow statements, brokerage splits, management trust accounts — so the invoice's job is to match those systems line for line. This template anchors every charge to a property address and transaction reference, whether you're billing a commission at closing, a referral fee to another brokerage, or a month of management fees to an owner. Download it in PDF, Word, Excel, Google Docs, or Google Sheets, or generate a pre-filled version below.
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Your Company Name
123 Business St, City, State 12345
billing@yourcompany.com
INVOICE
INV-0001
Bill to
Client Company
Due
Net 30
| Description | Qty | Rate | Amount |
|---|---|---|---|
| Real estate commission | 1 | $7,500.00 | $7,500.00 |
| Marketing expenses | 1 | $500.00 | $500.00 |
| Administrative fee | 1 | $200.00 | $200.00 |
Download this invoice template
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Style
Format
Fixed layout for sending and printing
Word
Editable in Word or Google Docs
Excel
Live formulas for recurring invoices
Or create and send invoices online
Create online- Commission norm
- 2.5–3% per side, negotiated; paid at closing via escrow
- Referral fee
- 25% of the receiving agent's side is the common standard
- Property management
- 8–12% of collected monthly rent + leasing fees
- BPO / consulting
- $50 – $300 per broker price opinion
What to include on a real estate invoice
Property address on every line
The transaction is the unit of account in real estate. An invoice without the full property address can't be reconciled against escrow, MLS, or trust records.
Transaction or file reference
Escrow number, MLS number, or your brokerage file ID — whichever the payer's bookkeeping uses. Title companies pay faster when the invoice quotes their escrow number.
Commission basis shown as math
"Sale price $485,000 × 2.5% = $12,125" on one line. Showing the basis kills the recalculation email.
Split and payee details
Commissions are paid to brokerages, not agents. The invoice issuer must match the licensed entity in the listing/buyer agreement, with your license number included.
Closing date and due-on-closing terms
Commission invoices are contingent — 'due and payable upon closing, per listing agreement dated…' is the standard wording.
Itemized non-commission charges
BPOs, photography, staging coordination, admin fees — each as its own line with the property it belongs to. Flat 'services rendered' lines invite escrow delays.
W-9 readiness
Brokerages and title companies will 1099 you. Keep your legal name/EIN consistent between the invoice and your W-9 so payment isn't held for a mismatch.
Typical real estate fees (U.S., 2026)
| Service | Typical range | Notes |
|---|---|---|
| Listing or buyer-side commission | 2% – 3% of sale price | Fully negotiable; post-2024 rules require written buyer agreements |
| Referral fee between brokerages | 20% – 35% of the side | 25% is the convention |
| Broker price opinion (BPO) | $50 – $300 | Interior BPOs at the high end |
| Property management fee | 8% – 12% of monthly rent | Flat fees in some markets |
| Leasing / tenant placement | 50% – 100% of one month's rent | |
| Lease renewal fee | $150 – $500 or % of rent | |
| Transaction coordination | $300 – $600 per file | Billed to agents or brokerages |
All commission rates are negotiable by law; ranges reflect common U.S. practice. State license rules govern who may receive commission payments.
How real estate billing actually works
Commission at closing, through escrow
The brokerage issues a commission demand/invoice to the title or escrow company before closing, quoting the escrow number, sale price, the agreed percentage, and any credits. Funds disburse to the brokerage at closing, which then pays the agent per their split agreement. The invoice's accuracy — license names, file numbers, math — determines whether it disburses same-day or stalls the closing package.
Referral fees between brokerages
Referral fees (commonly 25% of the receiving side) are invoiced brokerage-to-brokerage after the referred deal closes, referencing the written referral agreement and the closed property. License laws in every state require these payments to flow between brokers, never directly between agents — the invoice must be issued by and payable to the licensed entities.
Property management: monthly owner statements
Managers invoice owners (or net fees from collected rent) monthly: management fee as a percentage of collected rent, plus itemized maintenance with markups disclosed, leasing fees, and renewal fees. Each line ties to the property and tenancy. Trust-accounting rules in most states require these charges to be documented before funds move from the trust account.
BPOs, photography, and per-service work
Agents doing BPOs for lenders and asset managers bill per assignment ($50–$300) on Net 30, quoting the assignment number from the BPO platform. Side services — photography, staging coordination, transaction coordination — bill per file with the property address on every line.
Invoicing mistakes that cost real estate professionals money
Invoicing as the agent instead of the brokerage
Commissions are legally payable to the broker of record. An invoice issued under your personal name (unless you're the broker) will be rejected by the title company and can create license exposure. Match the invoice entity to the listing agreement.
Missing the escrow/file number
Title companies process dozens of closings a week. A commission demand without their escrow number gets parked in a someone-will-match-this-later pile — often after your closing date.
Percentage with no basis
'Commission — $12,125' forces the payer to reverse-engineer your math. Show price × rate, plus any agreed credits or concessions, so the number audits itself.
Undocumented referral arrangements
A handshake referral is uncollectable when the deal closes 14 months later. Put the referral agreement in writing when you make it, and invoice against it with the agreement date referenced.
Mixing trust and operating money in management billing
Charging owner invoices straight out of tenant security deposits, or netting fees without an itemized statement, is the fastest route to a trust-accounting violation. Every fee on the statement, every month.
How to use this template
- 01
Download the template in your preferred format, or generate a pre-filled version with the download studio above.
- 02
Set the issuing entity to the licensed brokerage with license number, and add the payer (title company, brokerage, or owner).
- 03
Reference the transaction: property address plus escrow, MLS, or file number.
- 04
Show commission math (price × rate) or itemize per-service charges with their property.
- 05
State terms: due on closing for commissions, Net 15–30 for BPOs and management billing.
- 06
Confirm your W-9 details match, then deliver to the party that actually disburses funds.
Skip this template if…
- Landlords billing tenants rent — that's a rent statement/receipt governed by the lease, not a service invoice.
- Appraisers — licensed appraisal billing has its own engagement and independence requirements (AMC payment terms).
FAQs
Who pays a real estate commission invoice?
The escrow or title company disburses commissions at closing from the transaction proceeds, paying the brokerages named in the agreements. The brokerage then pays the agent according to their split. Invoices should therefore be issued by the brokerage to the escrow holder, quoting the escrow number.
How are real estate referral fees invoiced?
Brokerage to brokerage, after the referred transaction closes, referencing the written referral agreement. The convention is 25% of the receiving agent's commission side, though 20–35% appears in practice. State license law prohibits paying referral fees directly between agents.
What should a property management invoice include?
The property address and period, the management fee with its basis (e.g. 10% of $2,400 collected rent), itemized maintenance and repairs with any markup disclosed, leasing or renewal fees, and the net amount due or withheld from owner proceeds — consistent with the monthly owner statement.
Can a real estate agent invoice a client directly?
Only for non-brokerage services (like consulting or BPOs, where state rules allow). Anything that is compensation for licensed brokerage activity must run through the broker of record. When in doubt, issue through the brokerage.
Are real estate commissions negotiable?
Yes — by law there is no 'standard' rate, and since the 2024 NAR settlement, buyer-side compensation must be agreed in a written buyer representation agreement rather than assumed from the MLS. Whatever is negotiated, the invoice should show the agreed basis explicitly.
How do BPO invoices work?
Lenders and asset managers order broker price opinions through platforms that assign a reference number. Invoice per completed assignment ($50–$300 typical, interior BPOs higher), quote the assignment number, and expect Net 30 payment through the platform or AP department.
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