By Kathleen Chiras, on May 11th, 2010
How do buyer agents get paid? This is a question we often get, but the answer is not always a simple one. The most generic answer that is true in most cases, is that they get paid out of the transaction at closing. This is usually a commission based on the final sales price of the home.
However, with this sort of system it is understandable that some good quality buyer agents may be reluctant to work on homes valued at less than $100,000.
One of our brokers says he sets his price minimum at $3,000. Then if he is able to negotiate a $100,000 property down to a better price of say, $90,000 and save his buyers $10,000, then his agreement with them is that he gets paid $3000 instead of only $2,700. He says, “The buyers have just saved thousands of dollars due to my negotiating a great price for them, so they never mind adding back in the other $300 or so.”
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(211 words, 1 image, estimated 51 secs reading time)
By Kathleen Chiras, on January 26th, 2010
One of our Boston, Massachusetts buyer agents spoke today about a recent experience with a buyer looking for agents over last week’s three-day weekend. Monica called us on a Thursday afternoon and had already purchased plane tickets to fly in to Boston on Friday. She wanted to find a buyers agent to begin showing her property that Friday and continue with her through the weekend. We referred her to 8 association Realtors who were buyer agents, in the hopes that one might be able to help her on such short notice. One in fact did spend all day Friday with her, but on Saturday he asked her to sign a written buyer agency agreement to work with him and she has not communicated with him since. She seemed offended by the request for a written buyer agency agreement and the fact that he couldn’t seem to get access to all of the properties she was interested in on that Saturday. He let her know that he could not even get in to some houses she wanted to look at because the MLS required a 24-hour notice.
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(329 words, 1 image, estimated 1:19 mins reading time)