In the previous article, the perceived required 3% commissions on the buyer and seller side of the transaction were described as one of the largest real estate scams that affect the consumer when buying or selling a property. What are the things the consumer can do to deal with these “scams”? This article will discuss how do buyer agents get paid and real estate agent fees.
“No big changes happen in societies unless it’s demanded on the grassroots level,” said Kathleen Chiras, the manager of the BuyerAgentSearch Network. She added, “One of the things we do about the real estate agent fees is empowering consumers to go ahead and ask questions.”
- How do you get paid? This is the most common question agents get. And this is the first part to understanding how to handle the conversation with the broker. Once the consumer can understand the reality of how agents get paid, then they’re in a much stronger position to ask the next questions.
- What value you have going to provide for me? As per understanding how the commission works, the consumer will then be more confident in having the agents point out what they’re willing to do for the money they’re going to make on the transaction.
- Are the fees flexible? All real estate agent fees and commissions are negotiable. But this question is important as it would also determine how much work is needed to be done in the transaction.
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On the other hand, brokers who are working on commission are sort of in a vulnerable position because they are working a lot upfront, without getting paid. Chiras shared that last year, a consumer contacted them and pretended to be a real buyer. Since she knew that commissions are charged at closing, she took advantage of it, attended tours and viewed houses at no cost. After all the work done by numerous agents specializing in luxury properties, she cut contacts with them. Because of situations like this, brokers take protective steps like asking for the consumer’s pre-qualification letter or proof of funds, and economizing on their time by reviewing things over the phone, and providing virtual tours. In this way, brokers can economize on their time while still serving the consumer.
“It’s all about negotiating and being reasonable between two parties that need each other. The buyer needs a good agent and a good agent needs a good buyer.” Chiras added.
In about 80% of the inquiries the Buyer Agent Search Service gets from the consumers, there is a discussion on how buyers and sellers of real estate can approach the real estate agent fees question, so clients will be empowered and educated. Chiras finds it a good thing because it shows that the consumers are seeking the top agents in her network who are willing to discuss it. That’s where the buyers and sellers themselves are slowly implementing changes to the real estate industry.
Finding the Best Agents
The BuyerAgentSearch Network has been helping consumers achieve successful and hassle-free real estate transactions by providing highly-qualified agents anywhere in the United States, Costa Rica and Canada. The agents in this network are all ¬top-rated and serve only the best interests of the consumers. Go to this page in the Buyer Agent site to start browsing the best agents based on consumers wants and needs.
Main Services Provided by the Buyer Agents
- Negotiation – May potentially save their clients thousands of dollars. They will provide home assessments based on factual comparable information.
- Consultation – Getting details about the buyer’s wants and needs and matching that with homes that meet the client’s criteria.
- Tours – Showing properties to the clients and pointing out the positive and negative aspects of the homes. They are also familiar with neighborhoods and can provide resources for clients to access on crime data, commutes to work, and pricing trends in particular areas.