Four Facts About Real Estate Agents



When buying or selling a property, you may believe some myths about using a real estate agent. You saw their geographic farming postcards and are not sure whether you should use them or not. Here are a few truths about using a real estate agent.

Advocacy

Using a separate agent than the home seller is beneficial for you as the buyer. The agent for the seller puts the seller’s needs above yours. You also want someone familiar with the market you are buying in especially if this is a new area to you or you are buying your first home. The agent can help you locate a good inspector and negotiate with the seller on your behalf.

Payment

The majority of real estate agents receive no compensation until the home sells or you buy a property. You may think that the 6% commission goes solely to your agent, but in most cases, the buyer’s and seller’s agents split the commission. If the agent is part of a brokerage, the broker may also get part of the commission to cover costs such as advertising.

FSBO

You found the perfect house, but it’s for sale by owner. The homeowner may wish to avoid paying the commission by selling it themselves, but that doesn’t mean you cannot buy the home with an agent. Many sellers are willing to pay a 3% buyer’s commission to compensate your agent for the sale.

Contracts

Not all real estate agents require you sign a contract to use them. While some agents do require a contract, that contract only lasts a specific amount of time. A contract can make you feel stuck if things aren’t going well, but always read the fine print. Researching ahead of time can make you feel more comfortable with an agent and their representation.

Real estate agents spend valuable energy working on your behalf to help you purchase a home. Look at those geographic farming postcards to find one that works for you.

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