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Wanting to Buy A Home? Start by getting the Representation You Need.

By Mark Horan

Real Estate Broker/Owner with Resident Team Realty, LLC & Toni's Property Management LLC BK3055881

January 18, 2008 04:28 AM

So your looking for a new home. You get into the car and start to drive. Along the way you are writing down phone numbers off the for sale signs. Some you call from the car, others you wait until you return home. Some of the phone numbers you get answers, some you don't.

The Real Estate industry here in the state of Florida is a co-brokerage industry. That means all licensed agents can sell any property in the state of Florida. The Resident Team

Here is how it works, The Listing agent is contracted by the seller to sell their home. Part of the contract is the commission paid by the sellers. This commission is the same whether there are one or two agents involved with the sale. Many home buyers have the idea if they deal directly with the Selling Agent they will be saving the seller money from having to pay two agents. Wrong! The Listing Agent then gets to keep all of the commission. In effect, getting paid double. Granted, The Listing Agent is doing twice the work. Remember, they are the Seller's Agent. They were hired by the Seller.

A Buyer's agent is paid by the commission earned by the Sellers Agent for selling the home. As a buyer, why wouldn't you want to choose your own agent to legally represent you and at no cost to you? This only makes sense that a buyer has their own legal representation in a home purchase contract. Here in Kissimmee/Saint Cloud Florida, the percentages are consistent with the national percentages, Selling Agents sell their own listings only 2% of the time!

So, before you set out to buy your new home, contact a Buyers Agent and have the legal representation you deserve.

Call The Resident Team Today! We will be happy to represent you in your home purchase. 407-301-0312

The Resident Mark

www.ResidentTeam.com

The Resident Team

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Linda Futral

Newnan, GA

Mark this is well said and very good for the buyers to know. Thanks for sharing.

Jan 18, 2008 04:48 AM

Mark Horan

Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL

"The Resident Chef" - Resident Team Realty LLC &

Linda- I appreciate your comments.

Jan 18, 2008 04:50 AM

Karen Rice Keller Williams Real Est

Keller Williams Real Estate - Hawley, PA

Northeast PA & Lake Wallenpaupack Home Sales

"In effect, getting paid double.."

Now, Mark...that is kind of misleading.

The listing agent who sells his own listing is not getting paid double, but full price. When another agent brings the buyer, the listing agent gets paid half.

Getting paid full price for doing all of the work on behalf of both parties is only fair.

I do not understand why there is often an implication that a buyer who uses a listing agent to purchase a property is not being "fairly" represented.

I suppose if the listing agent happens to be a snake in the grass that could happen...but really, it is in the agent's best interest to be fair to all parties involved in the transaction.

Jan 18, 2008 04:51 AM

Karen-

Key word here Effect def .something designed to produce a distinctive or desired impression

"The Listing Agent then gets to keep all of the commission. In effect, getting paid double."

The rebuttal:"The Listing Agent is doing twice the work."

Part 2

"When another agent brings the buyer, the listing agent gets paid half." Karen these are your words. If the listing agent gets paid half, isn't full commission a double payment, two halves?

And last, I did not implicate anything about fair representation. I just implied that the buyers might feel more comfortable with an agent helping them of their choice.

Jan 18, 2008 05:12 AM

It's all a matter of semantics and the "effect" of certain word choices.

To some people the thought of someone being paid "double" could sound like they are getting more than their fair share.

Your words "the legal representation you deserve" seem to spin it in such a way that being represented in dual agency, therefore, is "less" than they "deserve."

Like I said, it's just a matter of semantics, and when I'm not harping about melting polar caps, I need something to entertain me.

Jan 18, 2008 05:28 AM

Karen- It is semantics to a degree, but this blog is in no way meant to bash Listing Agents. I am one! But in a buyers market, buyers need to hook up with one agent. They will be more successful and enjoy the experience more. That was the point of my blog. Will it lose me calls off of my signs, I doubt it. But if it keeps the unrepresented John Q public from just driving around and not acting, I hope so.

Jan 18, 2008 07:21 AM

I apologize for making it seem like you were "bashing" listing agents - I didn't mean to imply that either.

I do agree that buyers need to hook up with one agent and stick with them. A lot of buyers do not realize that they don't HAVE to contact the listing agent to find out about a certain property.

I guess I just bristled at the impression I was getting - that when dual agency occurs, the listing agent gets "double" pay (do you agree that it sounds like much more than "full" pay?) and that buyers may not be fairly represented in a dual agency situation.

Sorry for being prickly, but I think we do need to be careful about how we speak about our profession...especially when so many people see us as greedy and slimy anyway.

Jan 18, 2008 07:49 AM

Latonia Parks

Top Bragg Realty, Fayetteville NC, Home of the 82d ABN DIV - Fayetteville, NC

Certified Military Relocation Expert

I have actually experienced the buyer being unaware he doesn't have to contaqct the listing agent. I don't mind being on both sides of the transaction but it is alot of work. The paperwork alone is almost deathly.

Jan 18, 2008 08:30 AM

Karen-I figured that my content might raise a question from a listing agent. I don't take offense to being questioned. But I did write the content carefully.You are not picky, you just needed clarity. Thanks for the comments.

Jan 18, 2008 10:13 AM

Latonia- I would rather be in control of both sides. That way I am on top of the transaction. This was just an informative piece so buyers will find someone to represent them.

Jan 18, 2008 10:16 AM

Wanting to Buy A Home? Start by getting the Representation You Need.

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