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Archive for April, 2011

If You Work As My Buyer’s Agent, How Much Does That Cost Me?

how buyers agent gets paidAbsolutely nothing– in the majority of cases. First let me explain HOW I get paid before I get into the few times where I will ask the buyer to pay me or contribute towards my pay.

How most real estate agents in North Oakland and Lapeer County get paid:

The listing agent charges the seller a commission when they list their house. The listing broker then offers a cut of that commission to a buyer’s agent if they bring a buyer and the sale closes. There is no set amount that brokers or agents charge and there’s no rule on how much they have to offer a buyer’s agent. I personally charge my sellers 6% and offer 3% to the buyer’s agent. On vacant land I normally charge 10% and pay 5% to the buyer’s agent. On lower priced sales I have a dollar minimum. There have been times when I’ve increased my commission to either pay more to a buyer’s agent or for additional marketing or because the sale is just going to be a pain in the ass. But that is a good topic for a future post.

Long and the short- listing agent pays buyer’s agent most of the time.

Sometimes the listing agent pays less than what I find an acceptable fee and in those few cases I mayhow a buyers agent gets paid ask the buyer to negotiate the difference between what the buyer’s agent is offering and 3% – the same fee I charge sellers for the listing side of a sale. Or for the buyer to pay the difference. 

For example: If the listing agent is offering a “co-op” of 2% I will ask you to negotiate a 1% buyer agent fee to be paid by the seller or ask you to pay the 1% directly to my broker. That fee would show on the HUD (settlement statement at closing).

 

So in a nutshell: Most of the time I get paid by the listing agent. On rare occasion I will ask the buyer to contribute.

 

Why You Should Hire Jackie Hawley as Your Buyer’s Agent

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Search the MLS

Seller Concessions Explained

How to Calculate Your New Property Taxes

Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com

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