I know I have had posts like this before, but I still believe it is relevant and important to know.
Throughout my career as a Realtor, I have noticed that there are a lot of people that do not understand how Realtors work, what’s the importance of using a Realtor, and most common… How do we get paid!!
This particular post is aimed more at home buyers rather than sellers, but important for all none-the-less.
As far as what is the importance of using a Realtor and what we do for you, I am sharing from an earlier post from Business Insider’s Website. But to address how we as Realtors get paid, generally we get paid through the commissions paid by the seller of the home when the transaction between buyer and seller is successfully closed. There is a co-op compensation between brokerages that dictates the type of split we are entitled to when a home is closed. For a listed property, the buyer is not responsible for paying their Realtor. The only time that a commission would ever be paid by the buyer, would be if there were an instance (mostly a home sold for sale by owner, or FSBO) when the seller of the home does not agree to pay the buyer side of the commission, or only agrees to pay a portion of the buyer side commission. This does occur, but is not common. For more information, please contact me or your Realtor of choice, and we’d be happy to explain and help.
Buying a home for the first time can be overwhelming. While it may be tempting to avoid Realtor fees and handle things on your own, having a professional by your side can make the process go more smoothly and provide valuable insight into what’s likely one of the biggest purchases of your life.
“Don’t try to buy a house with out working with a Realtor Okay, that’s it,” real estate expert and host of NBC’s “Extra’s Mansions & Millionaires!” writes in his book Before You Buy! The Homebuyer’s Handbook to Today’s Market.
Corbett breaks down 12 reasons it pays to hire a realtor. He writes:
- Access to every home that’s on the market via MLS (Multiple Listing Service) and all other sources, including ones that may not be listed publicly.
- Inside track to the deals before they event hit the market.
- The ability to combine your Dream House Checklist with your price range.
- Knowledge of recent comps (comparables) — what similar properties have sold recently and for how much.
- Knowledge of neighborhoods.
- Ability to negotiate with the sellers on your behalf.
- The inside scoop from the sellers’ agents.
- Expertise to negotiate and close the deal.
- Experience to manage the legalities of foreclosures or other distressed properties.
- Muscle to get a deal through the escrow or “under contract” period.
- A litany of referrals for inspectors, mortgage brokers, and even tradesman for renovations.
- Objective professional advice when you have your buyer’s remorse meltdown.
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