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I plan to sell our current house and buy another house within the same area (10 mile radius max.) I worked with an agent when I bought this current house and I trust them.
Friends and neighbors have been telling me that I should not use the same agent to sell our house and buy a new house. I am not very knowledgeable about real estate law and I'm not sure how knowledgeable these friends and neighbors are either but they seem to agree you shouldn't use the same agent for both transactions.
Can anyone enlighten me as to the pros and cons of using the same agent for both transactions? We live in Florida. Thank you.
I wouldn’t see any reason why you wouldn’t use the same agent for both. Perhaps they’re confused that you’d be using one agent for both sides of the same transaction.
1. ONE point of contact for both transactions for efficiency and clarity.
2. Negotiable commissions for bringing two transactions.
3. If you are selling and buying at the same time, two agents with different styles can be quite confusing.
IF you trust the agent on both sides of the table, use them.
1. ONE point of contact for both transactions for efficiency and clarity.
2. Negotiable commissions for bringing two transactions.
3. If you are selling and buying at the same time, two agents with different styles can be quite confusing.
IF you trust the agent on both sides of the table, use them.
They’re also a known entity, OP has a positive experience in the past, which is huge. If it was an unknown possible bungling idiot, I could see some apprehension. In this case, I’d ask for a 1/3 deal (1% on sale, 3% on purchase) to maximize my cash on hand from the sale. Obviously, that’s dependent upon the commission norms in the area, but you get the gist. Upsizing or downsizing matters here too, but the negotiable commission aspect is huge.
The one point of contact is very key. Buying and selling stressful enough. You don’t need to have 4 hands in the pot if you can get it down to 3. Hell, if you can get it to 2 and your agent has a listing that matches your needs that’s a win right there for all parties.
^^^I completely agree with the above posts but thought I was missing something when neighbors told me I should have a seller's agent for the sale of our house and a buyer's agent for the purchase of our new house.
Is the 6% standard a thing of the past? We interviewed several agents when we sold our last house in another state a couple of years ago. None of them asked for 6%. There were a few Open Houses this past Sunday in an area I'm interested in. On the day of the Open Houses, most of the listings showed as Pending. It made me think that there were already offers/contracts but they were still seeing if there would be higher offers.
The home we're selling should sell for over 1 million and most home sales where we live are done through word of mouth - no advertising or Open Houses. How does that factor into the commission? I would never attempt to sell it on my own.
^^^I completely agree with the above posts but thought I was missing something when neighbors told me I should have a seller's agent for the sale of our house and a buyer's agent for the purchase of our new house.
Is the 6% standard a thing of the past? We interviewed several agents when we sold our last house in another state a couple of years ago. None of them asked for 6%. There were a few Open Houses this past Sunday in an area I'm interested in. On the day of the Open Houses, most of the listings showed as Pending. It made me think that there were already offers/contracts but they were still seeing if there would be higher offers.
The home we're selling should sell for over 1 million and most home sales where we live are done through word of mouth - no advertising or Open Houses. How does that factor into the commission? I would never attempt to sell it on my own.
Commissions vary wildly across markets. I’ve bought and sold anywhere from 3% to 8% as the total commission. High dollar/hot market tends to go lower, low dollar/slow market higher.
As an example, when I looked into selling the farm/ranch I inherited, the going rate was about 8-10%, as most of it is not able to be developed (flood zone).
^^^I completely agree with the above posts but thought I was missing something when neighbors told me I should have a seller's agent for the sale of our house and a buyer's agent for the purchase of our new house.
Is the 6% standard a thing of the past? We interviewed several agents when we sold our last house in another state a couple of years ago. None of them asked for 6%. There were a few Open Houses this past Sunday in an area I'm interested in. On the day of the Open Houses, most of the listings showed as Pending. It made me think that there were already offers/contracts but they were still seeing if there would be higher offers.
The home we're selling should sell for over 1 million and most home sales where we live are done through word of mouth - no advertising or Open Houses. How does that factor into the commission? I would never attempt to sell it on my own.
6% is generally top end commission.
You should have options.
6% is generally top end commission.
You should have options.
Got a TX license? I’d gladly take 6% for the farm!
It’s a trust sale with a nonconforming property in a rural area. Really, the only value is as a hunting lease/rental which has its own challenges. Trust nets about $5K/yr after expenses and I need to do some work to the house now.
I've used the same local agent for three RE transactions over the past few years. We seemed to work well together. I think she appreciated the repeat business and saved me from a few pitfalls in return. That familiarity made communication, expectations, timing in both processes and paperwork go more smoothly. Its complicated enough...not needing to wrangle more pairs of hands or getting to know how a new person works was nice. Obviously, trust is key.
No reason NOT to use the same agent you like for both. And if there are important deadline dates or contingencies between the two, it can be a LOT easier to have just one agent who can plan the timelines and who understands how a change on one will affect the other.
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