Will I save money going directly to the listing agent?
Posted by Maria Kaps on
Monday, July 11th, 2011 at 3:03am.
If I had a nickel for every time I heard that!
MYTH. Think again if you think you will save thousands of dollars dealing with
the listing agent directly. This misconception comes from the buyer not understanding
the facts regarding Real Estate commissions and how agents are compensated.
When a listing agent or seller’s agent lists a property, the seller signs an agreement to pay a commission when the property is sold. This compensation can range usually anywhere between 5% – 10% and typically there is no where in the agreement stating that if the listing agent brings the buyer that they would have to give up part of the commission.
When an offer comes in a listing agent’s duty is to get the highest and best offer for the property regardless. If the listing agent is working as a transaction agent for both the buyer and the seller, he or she will still try to get the best price for the seller. The listing agent will be happy to take both sides of the sale and probably thank you for doubling their commission!
Why should I use a buyer’s agent and not just go to open houses or drive around and look at property myself?
Most people believe that a buyer’s agent only opens doors and fills out a few forms and that by eliminating them they will save tons of money. That couldn’t be further from the truth!
We, as Realtors, understand that the internet provides consumers with more information than ever these days. It is our job to go through that information and seek the best properties suited for your best interest. Many properties are already under contract or sold by the time they reach major consumer websites. By using a buyer’s agent you can obtain up to the minute current information on listings, most times the minute they hit the market!
We also have the ability to access the latest foreclosure or short sale deals and the knowledge about the local community you are interested in purchasing in. We have already done our research on schools, jobs and local demographics to help you.
When purchasing for most folks the largest investment of your lifetime it is in your best interest to have an agent represent you and your best interests in the transaction. It’s a good idea to interview at least 2-3 agents and get a “feel” who you will work with best. Don’t be shy to ask for references either, a great agent will be happy to provide them for you!
Buyer’s agent are skilled negotiatiors and when it comes time to write up an offer our job is to get you the lowest price and best possible terms. We have the expertise and ability to search comparables and recently listed/sold properties to make wise purchasing decisions so that you don’t overpay for a property. We walk you through every step of the way and best of all you won’t owe us a penny!
Maria Kaps is a Realtor® at National Realty of Brevard Inc. Melbourne Office.
"Don't settle for less than your dreams"
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Very nice post by author on I save money going directly to the listing agent.
Posted on Saturday, July 23rd, 2011 at 1:36am.