Since many of my clients are first time home buyers, I like to provide as much education as possible about the whole buying experience. I think there are some misconceptions about how working with an agent works. Here's the skinny:
- Agents are independent contractors and essentially business owners. We are paid solely on commission and do not receive a salary from our brokerage (ex: Keller Williams).
- Agents are responsible for all marketing materials, signs, gas, business cards, food at open houses, etc.
- When an agent represents you in the purchase of the home, it is the seller who pays our commission.
- The buyer's (or leasing) agent has to write the contract in order to receive payment for their services.
- On occasion buyer's will have an agent help them to find the property, but then go to the listing agent (the agent representing the seller of the property you are interested in) to write the offer hoping for a better deal. If you do this, not only do you typically not get a better deal, but you've financially hurt the agent who spent the time finding the home for you. They will not be getting paid for their work and nobody likes to work for free!
The moral of the post is this - if you find an agent that has worked hard for you and dedicated time showing you property, be loyal to them! It's a win win situation for both parties involved!
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