Home > Real Estate > Having a Buyer’s Agent is Worth the Price

Having a Buyer’s Agent is Worth the Price

February 24, 2010 Leave a comment Go to comments
Some of our earlier posts have covered topics regarding buyers working with real estate agents and how to select them. But one of the major advantages is often overlooked.

We’ve been asked on several occasions “What would it cost for you to help me find a great deal?”. The answer is (almost always): Nothing…it’s free.

The way agency typically works in Illinois is that the seller pays a commission to the listing agent that they hire. Then that listing agent offers part of his commission to any buyer’s agent who can bring a buyer that closes on the property. The out of pocket cost to the buyer is $0.

Often, because people don’t know that they can be professionally represented at no cost to them, they will just let the seller’s agent represent them to try to save money. This is called “dual agency,” and it is something that should be entered into with caution. Basically, the natural conflict here is that seller’s agent is being paid by the seller, but negotiating for both the seller and the buyer. Wouldn’t you be better off having someone with only your best interest in mind? CNNMoney thinks so. And they mention RealEstate.com, so they must be smart.

Do you have any questions about agency or real estate in general? Let us know.

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