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All All. Menu Menu. Recommended Vendors. Real Estate Books. Featured Book. Get the Magazine. Search Nova. In other words, how they're paid can vary based on whether they were the buyer's agent or the seller's agent.
Generally, buyer's and seller's agents split the commission at the end of the sale. The fee is taken out of the sale price and then transferred to the agents accordingly. Dual agency is when one agent represents both the buyer and seller. Laws about whether and how listing agents can sell the properties they're representing to buyers vary by state.
If working with a buyer's agent, "you have to sign a buyer's agency agreement," explains Tim Noland, a buyer's agent with Great Mountain Properties in Murphy, North Carolina.
They protect the buyer's investment, as opposed to the listing agent, who's actually working for the seller. Probably the biggest benefit to working with a Realtor is access to the MLS, the database Realtors use to see and list properties for sale.
Homeowners selling their own properties will have to pay individually to get it listed on the MLS. Beyond that, a Realtor's fee covers their time researching properties for you if you're buying, or marketing your home if you're selling.
For buyer's agents, it also compensates them for showing you properties, and for seller's agents, for coordinating open houses or prospective buyer visits. Throughout your real estate transaction, you're likely to interact a lot with your Realtor.
Their professional license gives them the flexibility to work for either side of the transaction, and will be paid whether they represent the seller or the buyer. Dual agency is a situation to describe when a real estate agent works with both the buyer and the seller. Dual agents, also known as transaction brokers, work for both the buyer and the seller, combining both roles into one.
Dual agency can also mean that the buyer and seller have separate agents at the same real estate firm, which most often happens with large brokerages with lots of listings. As a buyer, keep in mind that your dual agent has a fiduciary obligation to the seller that is just as important as their protection of your own interests.
There are some pros to having a dual agent — for instance, it can certainly streamline the home-buying process. As a result, dual agents may be more open than usual to lowering that commission a bit. However, bear in mind that staying truly neutral can be difficult. For instance: A listing agent might know his clients are desperate to sell.
A dual agent, on the other hand, might be compelled to keep quiet about personal matters. Generally not, but check your contract regarding any fees for items like advertising that may be due even if there is not a sale. There may also be a clause that covers the listing agent for a specific period of time if a buyer that was introduced to the property during their listing period buys the home within a 30 to day window after your listing agreement expires.
Each state has different regulations, so read your contract and ask a real estate attorney if you have questions. Keep in mind that it takes a lot of effort, time and money to properly market any home to sell. Your listing agent is aware of all of this prior to taking a listing. There are other things to keep in mind when your contract expires, such as:. Some frustrated home sellers may not realize how long the process takes and fail to plan accordingly.
Another important factor: Different markets and prices move at different speeds , which is something that a savvy real estate agent should make you aware of when negotiating the terms of your listing. I loved the flexibility of being able to study at my own pace. The classes also made understanding the material manageable and user friendly. I found the format very helpful. How real estate agents get paid Most often real estate agents get paid real estate commissions based upon the sale price of a property.
How real estate brokers get paid As a real estate broker, the commissions come even easier to you. Learn more about real estate agent income and real estate broker income Whether you are an agent or a broker, there is enormous potential for income generation that is only limited by your willingness to work at it.
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