Seller brokers, buyer’s agents, dual agents, exclusive seller agents, discount agents – real estate agents come in many different forms. The articles, columns, radio shows, blog posts and videos here help you navigate the new and complex world of hiring a real estate agent.
Buyer’s Real Estate Agent
A home buyer wonders whether to hire a buyer's real estate agent. Some buyers think they can pay less without a buyer's real estate agent. Sellers pay buyer's real estate agents so there's little downside for a buyer.
Real Estate Agent Can Collect Real Estate Commission If Inactive?
Is a real estate agent with an inactive license able to collect on a real estate commission? The real estate agent's boss agreed to pay her the commission and then backed out of the deal. Ilyce and Sam explain to the real estate agent whether she can collect a real estate commission even though she was inactive.
Gloria Matlin, Coldwell Banker Agent
Top-selling real estate agent Gloria Matlin talks about how she works with buyers and sellers and why she loves to sell real estate.
Realtors’ Commissions In A Changing Market
While the average commission for a real estate agent used to be 6 percent, or 3 percent per side of a transaction, the average commission rate has dropped significantly over the past few years. One reason is that the cost of doing business as a real estate agent has increased along with competition. Even in a buyer's market, real estate agents earn their commissions because it takes a long time to sell property.
Contract Importance: Rebate Part Of Buyer’s Agent Commission Was Oral Agreement
What happens if you make an oral agreement, instead of a written contract, where the agent would rebate part of the commission in the purchase of a condominium? If the agent does paying the rebate, then you don't have a written contract to back up your claim. Ilyce explains that oral agreements often don't hold up in real estate law, unlike written contracts, and suggests using a real estate service such as BuySide Realty.
Broker Gets Commission At Closing
Real estate agents are often active real estate investors because they're in a position to see a great piece of property almost before anyone else. Agents will get their share of the commission at the closing, which is akin to a slight discount for the agent.
Real Estate Agents And Lockbox Use
When a real estate agent uses a lockbox on a property - is the seller receiving subpar service? Many real estate agents use lockboxes on properties so that the seller or agent does not have to be present when a home buyer wants to tour a house. But others believe agents should try harder to attend the showings or send a representative to show how much value they're adding to their commissions.
Understanding The Buyer’s Agent’s Role
Understanding who represents your interests in a real estate deal is essential but often confusing. States have tried to get around the representation issue by coming up with laws that require buyers and sellers to sign documents acknowledging who represents who in the deal. Agency disclosure agreements require the buyer to sign off on a document in which the agent states that he or she represents the buyer because he or she is a buyer's agent.
Real Estate Agent Is Not Tax Advisor
When you sell a rental property you'll owe capital gains tax on the sale, even if you buy a primary residence in the same year. One alternative to reduce your tax burden is to do a 1031 tax free exchange, but that means you have to buy a second rental property. A 1031 exchange may not be used for a primary residence. You might expect your real estate agent to make you aware of these tax implications but agents help buy and sell homes, they are not tax advisors.
Real Estate Agents: Home Buyers’ Interests Most Important
Potential home buyers should make sure the real estate agent they are working with has their best interests at heart. Home buyers must be careful when looking at a home that their real estate agent isn't also the seller's agent. Otherwise the home buyers' interests will not be most important to the real estate agent, who will make a commission on the sale of that particular home.