A top buyers agent reveals the two most often asked questions buyers and sellers of real estate have when they consider engaging her as their agent. The report includes simple answers about what exactly is a buyers agent and how they typically get paid.
A top Florida buyer’s agent in Skyfor’s Buyer Agent service, Debbie Deeb, reports that sales are still brisk in the Florida and condo and home market. People from the Northeast continue to seek warmer climates and affordable prices in the communities surrounding St. Petersburg, FL.
Deeb has been able to find good homes or condos for her clients under the $300,000 mark, which is increasingly difficult in many metropolitan areas of the United states.
More information on condos and homes for sale in Florda that can be accessed through a free MLS signup with the service’s agents can be found at https://buyeragentsearch.com/find-a-buyers-agent/
Deeb reports that many buyers and sellers want to know the answers to two questions: 1)What is a buyer’s agent? and and 2) How do agents get compensated? She answers these questions before even starting to look for homes or condos for sale in her area.
The report explains that a real estate buyer’s agent is simply a licensed professional who assists people to buy property, and that the best ones will put their client’s interests above their own. The property can be a house, vacant land, or commercial property. The agent is responsible for assisting the client during the entire purchase process. These are the ways a buyer’s agent helps their client: source the properties that match the client's needs and requirements, negotiate the best possible price and terms with the seller, and help the client complete the acquisition process. It is vital for an agent to have enough knowledge about the market value of properties, advertising and negotiation, and capability to evaluate all aspects of the property.
Most real estate agents are licensed salespersons who work under the umbrella of a broker/owner or manager. Most agents make money through commissions. In a survey of consumers who bought property in Florida, Skyfor's Buyer Agent Search service found that buyer's agents typically were compensated between 2% or 3% of the sales price of houses or condos, which is about half of the 6% that is generally built into the price of a property for sale. That percentage it may vary. The percent is usually recommended by the brokerage company, and agents within the company are often given allowance to offer flexible conditions under which that percentage may be reduced. Commonly, commissions on a home for sale are split among four people.
• Listing Agent - the agent who took the listing from the seller
• Listing Broker - the broker for whom the listing agent works
• Buyer's Agent - the agent who represents the buyer
• Buyer's Agent's Broker - the broker for whom the buyer's agent woks
To further demonstrate, let's say for example a consumer is selling a house for an asking price of $200,000 and the listing agent and the seller agree to list the property with a 6% commission that is built into the sales price. Once successful, the listing broker and the buyer's broker will each get half of the commission. Then the brokers will split the commissions with agents. The split may vary depending on what the agent and the broker agreed upon.
There are also instances wherein the commission are being shared among fewer parties. There are cases where the listing broker finds a buyer by himself, for instance, so he or she can keep the full commission. Sometimes the the listing commission total amount is reduced for the seller under this circumstance.
To sum it up, real estate agents make money through commissions that are paid out of the proceeds at closing. These commissions can be negotiated. Agents should be prepared to explain what added value they provide to justify their fees. This structure of real estate service payment has been consistent over many decades because consumers typically do not enjoy paying large retainers or hourly or flat fee compensations for the services provided by a real estate agent. This may be changing however, as more real estate tools such as virtual tours, comparative marketing analyses, and inspection services are being put into powerful and inexpensive applications. These applications allow buyers and sellers to harness many of the property evaluation data traditionally handled only by agents.
