Real estate agents in this area (brokers, houses, buyers)

[GMMP]

I've been reading a few of the threads here and one thing that is sticking out at me as this most marvelous thing is the concept of a "buyer's agent." Admittedly, it's been a while since I purchased a home and that was in FL. But when I purchased my home in FL, a buyer's agent was someone special, not something that you automatically got when you signed up with an agent. The agents in FL were agents of the transaction. There was only one agent who I saw advertised herself as a buyer's agent. I confirmed that this was the case with a friend's father who had been in real estate for years.

After my experience with the FL agents, I swore I would avoid them like the plague and would do all my househunting alone. lol But I like the buyer's agent concept much better than the agent of the transaction.

Is that the norm here? The agent works for the buyer?

[Bilirubin]

Sellers have an agent. This agent gets paid a commission to sell the home, typically 6%.
Buyers have an agent. They get paid by the sellers agent - they split the commission (each get 3%).

Sellers agent works in the sellers best interest in order to sell the home.
Buyers agent works in your best interest in order to find a home for you to buy.

There is obviously an incentive for your agent to have you buy a house, because that is how they get paid, but they most really do work hard to ensure that you are happy and prepared for your purchase because real estate seems to be a heavy "word of mouth" trade.

[MikeJaquish]

Bilirubin explains it well.

Transaction coordination in Florida most closely resembles Dual Agency as explained in the brochure in the link below.

http://www.ncrec.state.nc.us/pdf/brochures/WorkingwAgents-8.5x14.pdf

[rwally]

"Sellers have an agent. This agent gets paid a commission to sell the home, typically 6%.
Buyers have an agent. They get paid by the sellers agent - they split the commission (each get 3%)."

There isn't a typical listing commission. Rates vary depending on the firm, the services provided, the broker-in-charge guidelines, etc.

Brokers/Agents don't each get 1/2 of the listing commission...the agency/firm they work for takes receipt of the split and then disburses a portion of it, depending on the "plan", to the agent.

[VickiR]

Originally Posted by Bilirubin

Sellers have an agent. This agent gets paid a commission to sell the home, typically 6%.
Buyers have an agent. They get paid by the sellers agent - they split the commission (each get 3%).

Sellers agent works in the sellers best interest in order to sell the home.
Buyers agent works in your best interest in order to find a home for you to buy.

There is obviously an incentive for your agent to have you buy a house, because that is how they get paid, but they most really do work hard to ensure that you are happy and prepared for your purchase because real estate seems to be a heavy "word of mouth" trade.

Wow. I'm impressed. Thank you for your comments, which are both accurate and nicely stated in favor of Realtors. Every now and again, it is nice to hear someone (other than my clients ) say such nice things!!!

Vicki

[VickiR]

Originally Posted by GMMP

I've been reading a few of the threads here and one thing that is sticking out at me as this most marvelous thing is the concept of a "buyer's agent." Admittedly, it's been a while since I purchased a home and that was in FL. But when I purchased my home in FL, a buyer's agent was someone special, not something that you automatically got when you signed up with an agent. The agents in FL were agents of the transaction. There was only one agent who I saw advertised herself as a buyer's agent. I confirmed that this was the case with a friend's father who had been in real estate for years.

After my experience with the FL agents, I swore I would avoid them like the plague and would do all my househunting alone. lol But I like the buyer's agent concept much better than the agent of the transaction.

Is that the norm here? The agent works for the buyer?

When I first became a Realtor, All agents worked for the seller.

Even if you were taking out a buyer and showing them property, you LEGALLY worked for the seller.

Many buyers didn't know this. They thought that this agent who spent time with them, driving them around, showing them houses, doing the paperwork for them, worked FOR THEM. This was not the case back in the '80s and early '90s.

Buyers complained, there were lawsuits against Agents because the consumers didn't understand who worked for whom so viola! Buyer's Agents became the norm!

Sometimes good comes out of a bad situation.

Vicki

[GMMP]

Thanks everyone! I tried to give MikeJaquish some rep that I gave everyone else who responded but it wouldn't let me. I like this arrangement well. Because I was confused - didn't know it was a transactional thing until something the agent said. She was nice and everything but it left a bad taste in my mouth about it. Although in actuality, since the seller is paying the agent, why in the world SHOULD I expect to get a buyer's agent. I'll take my freebie (although I know it's reflected in the selling price, it's the thought).

[MikeJaquish]

Originally Posted by GMMP

Thanks everyone! I tried to give MikeJaquish some rep that I gave everyone else who responded but it wouldn't let me. I like this arrangement well. Because I was confused - didn't know it was a transactional thing until something the agent said. She was nice and everything but it left a bad taste in my mouth about it. Although in actuality, since the seller is paying the agent, why in the world SHOULD I expect to get a buyer's agent. I'll take my freebie (although I know it's reflected in the selling price, it's the thought).

Why thank you! It's the thought that counts!

Hey! Get more than a "freebie." Put that agent to work, nose to the grindstone! You just may experience a pleasant surprise regarding the value that a good Buyers' Agent can bring to you.