If You Work As My Buyer's Agent, How Much Does That Cost Me?

If You Work As My Buyer's Agent, How Much Does That Cost Me?

Absolutely nothing- in the majority of cases. First let me explain HOW I get paid before I get into the few times where I will ask the buyer to pay me or contribute towards my pay.

How most real estate agents in North Oakland and Lapeer County get paid:

The listing agent charges the seller a commission when they list their house. The listing broker then offers a cut of that commission to a buyer's agent if they bring a buyer and the sale closes. There is no set amount that brokers or agents charge and there's no rule on how much they have to offer a buyer's agent. I personally charge my sellers 6% and offer 3% to the buyer's agent. On vacant land I normally charge 10% and pay 5% to the buyer's agent. On lower priced sales I have a dollar minimum. There have been times when I've increased my commission to either pay more to a buyer's agent or for additional marketing or because the sale is just going to be a pain in the ass. But that is a good topic for a future post.

Long and the short- listing agent pays buyer's agent most of the time.

Sometimes the listing agent pays less than what I find an acceptable fee and in those few cases I may ask the buyer to negotiate the difference between what the buyer's agent is offering and 3% - the same fee I charge sellers for the listing side of a sale. Or for the buyer to pay the difference. 

For example: If the listing agent is offering a "co-op" of 2% I will ask you to negotiate a 1% buyer agent fee to be paid by the seller or ask you to pay the 1% directly to my broker. That fee would show on the HUD (settlement statement at closing).

So in a nutshell: Most of the time I get paid by the listing agent. On rare occasion I will ask the buyer to contribute.

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Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com
http://SoutheastMichiganRealEstate.Wordpress.com