Real estate agents wear many hats. From expectations manager to sales negotiator, respected realtors are nimble and flexible. They are committed to doing whatever is needed to get your home sold or put in you in a new one.
While they are among the nicest people in the world, realize that they are not doing these things for free. At the end of the day, they have their eye on the prize of getting paid. And they don’t get paid until the home sale or purchase goes through.
When you buy or sell your home, you typically don’t evaluate the details of your realtor’s role in the transaction. But it is important to know the various roles an agent can play in a transaction.
Generally there are three roles:
The Dual Agent wears two hats by representing both the buyer and the seller in the same transaction. They get the entire commission of the sale.
The Buyer’s Agent represents the homebuyers. They typically receive three percent of the sale of the home. But the listing agreement generally specifies how much the agents’ commission will be upon closing.
The Listing or Selling Agent helps homeowners sell their home by listing it on the MLS and negotiating the terms of the sale. Just like the buyer’s agent, the listing agent typically receives three percent of the sale of the home.
Real estate agents get paid through commission. Their commission impacts your bottom line. In a standard real estate transaction the real estate agent could potentially earn six percent of the sale price of the home you are buying or selling. The commission, as defined in the listing agreement, is split between the buying and selling agent.
For example, a six percent commission on a $300,000 home is $18,000. It may seem like a lot of money but when you deduct all the things the realtor has done to help you, the money in their pocket quickly dwindles.
Think about all the time and money they spent preparing your home for sale, marketing and advertising it, bringing in potential buyers and negotiating the deal. Most likely they have a real estate broker to pay, too. Their out of pocket expenses can add up quickly. The more time it takes to sell your property the less money they actually make.
The good news for military veterans and their family members is Because You Served helps you save three percent of the closing costs for free. There is no catch. The company was designed as a way to give back to those who have valiantly served our nation fighting for our freedom.
So the next time you have to move and need to buy or sell your house, reach out to Because You Served. They will connect you with an approved sponsor realtor who will work with you to list your home for free and eliminate three percent of your closing costs.