One common question I get asked by home sellers, particularly in the sellers’ market we’re seeing here in the Front Range, is whether or not sellers need to pay real estate agents if the sellers found their own buyers.
The short answer is “yes.”
Can sellers then pay their real estate agents less if the sellers found their own buyers?
The answer is a not-so-straightforward “it depends…”.
Bear in mind that finding buyers is not the only thing your agent does:
Besides finding you a buyer, real estate agents do a lot to earn their keep. In fact, finding a buyer is only one of many responsibilities an agent has… This means placing newspaper ads, hiring a photographer and home stagers, and paying for premium placement on listing sites. In other words, making your home look its best.
After you accept the buyer’s bid, the agent is doing all the paperwork, including liaising with the buyer’s agent or legal representatives. Don’t underestimate the amount of detail that goes into a sale and the amount of expertise you need to navigate a sale smoothly. All of that effort takes time.
If you’re not convinced that your agent should be paid, just know that you can negotiate lower commission in the event that you find your own buyer:
Before signing an agreement with an agent, you have the opportunity to discuss the services that he or she will provide for you and how much you will pay for that help. If you’re set on paying a lower commission fee, make sure it’s outlined in your listing agreement, but keep in mind, if you’re planning on paying less, your agent may only be able to help you with a limited number of things.
Read more about it at Realtor.com.
Questions about rates today, or about your specific situation regarding mortgage approval? Contact me today!