How Your Ohio Real Estate Agent Gets Paid
If you don't buy or sell a home very often, how a real estate agent gets paid might seem like a mystery.
It all starts with a contract.
When a seller agrees to list their home with an agent there's a specific written agreement as to how much of the sales price will be offered as compensation to the listing brokerage for selling the home. That compensation is typically split between the listing brokerage and the brokerage that brings the buyer, sometimes evenly, sometimes with more to one side than the other.
But regardless, agents typically work for "free" until we're successful.
A listing agent is betting that teaming up with the seller and marketing the home at the right price for the home's condition and location will result in a buyer loving the home enough to purchase it. As listing agents we INVEST in the tools and services needed to successfully market your home and we're masters of delayed gratification. It's ONLY through the successful sale of your home and the transfer of ownership that as your listing agent we get paid.
And when we act as your buyer's agent, again, we're betting on success. That we can match you with the just right home at the just right price. We're betting our market expertise and understanding your needs will bring about that match and that we will be able to take you through the door, write the offer, negotiate successfully, navigate inspections, financing contingencies and any other bumps in the path that lead to you having the home's keys in YOUR hands! While we may enjoy your company, we don't get paid for SHOWING homes, but paid for SELLING homes.
Note that chain of events in both cases. Start to finish and only the agent that completes the process successfully gets paid.
A home may go through several listing agents before a home is sold. It's critical that we're on the same page regarding pricing and how to market the home.
And why as buyer's agents right at the start we ask if there's another agent you'd ask to write the offer if you love a home. If there is, THAT agent needs to be the one showing you the home because they're the only agent that would get paid for helping you.
While we may enjoy helping you buy or sell a home, please understand we are a small business. Making the right decisions as to how we work and with whom we work are the keys to making sure we're still around next week to assist other home buyers and sellers. Makes sense, right?
Any questions? Just ask! Call 513-520-5305 or email Liz@LizSpear.com.
Serving the Warren County area home buyers,
Liz and Bill aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct: 513-265-3004
Bill direct: 513-520-5305
Our Website: www.LizTour.com
OUR SERVICE AREA:
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