There have been some changes in the way real estate commissions work. So, we went to our go-to trusted realtor and expert, Ellen Kelly to find out what buyers and sellers need to know.
Sellers are no longer responsible for paying the buyer’s agent, so how will commissions work?
Every seller wants their house to appeal to everyone and part of that appeal is paying the buyer’s agent when an acceptable offer is agreed upon.
If the listing is not offering cooperation compensation for the buyer’s agents, the buyer will pay their agent according to their buyer’s agency agreement.
Ellen shares “Offers of compensation increase homeownership opportunities for historically underserved groups, including first-time homebuyers, and benefit sellers by expanding the potential buyer pool.”
Ellen is yet to run into a situation where the seller is not compensating the buyer agent.
Most importantly, Ellen reminds us that there will always be an agent who will work for less, but what services are you not getting?
According to Ellen, here’s what you need to ask…
Does Your Agent:
- Have the market knowledge to price your home to sell at top dollar?
- Know how to prepare your home to look its very best when it’s time to list? (Ellen has a list of people who do a great job, i.e. handyman, painter, plumber, landscaper, the list goes on.) Plus see her tips here on the value of staging.
- Have the marketing capabilities to reach agents everywhere?
- Have YOUR best interests in mind?
- The skills to negotiate on your behalf?
- Be available after the sale?
Ellen reminds us:
There is nothing like having a realtor working on your behalf.
“I meet with new clients right away to make sure we are a good fit. Each home selling/buying experience can last for months and I like to be on the same page with my clients, anticipating our relationship will last for years” says Ellen.
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