How does the buyer agent's compensation work?

N Davis
Home Buyer
Ridgewood, NJ

How does the buyer agent's compensation work? Is it a common practice to engage more than one buyer's agent at once for two different areas?

Answers (5)
First to answer: Peggy
Allan Erps,ABR
Agent
Nanuet, NY

Hello Neena, Just letting you know again that the Buyers Agent is compensated by the Seller and does not effect your side financially. Having lived in Nanuet for well over 20 years you really should feel comfortable with one Agent and use them exclusively. Also an Agent having an ABR(Accredited Buyers Representative) title should give you the exclusive one on one dedicated service that you demand or require. By the way, it is possible to live in Nanuet and possibly be part of (4) different School Systems so do make sure of what you are looking for! Good luck with your Home Searching

Thu Apr 2 2009, 14:22
Mike Gorham
Agent
Pearl River, NY

Hi Neena- You have some great answers to browse through here, I am so glad to see so many of my peers helping you out. I feel that if you are looking in Rockland county you would only require 1 agent, it costs you nothing (unless they make you sign a contract) and the work of a buyers agent is priceless. I would only enlist the help of another agent if you are looking in another county. I would be up front with the agent as well and let them know where they stand. Happy hunting

Sat Jan 24 2009, 16:55
Michelle Quagli...
Agent
Short Hills, NJ

No it's not the greatest idea to work with more then one agent- if you work exclusively with one agent that agent will work for you- if you use several agents you have no one really working for you nor do they want to find you the best deal (there's no loyalty if you use more then one agent). If you're unhappy with your buyers agent then yes find another but don't have 2 or 3 agents running around for you-it's just not right!

Thu Jan 22 2009, 09:17
Marty Remo
Agent
10950

Buyers agents are compensated at the closing. Most of the time, the listing agency offers a co-broke to the buyer's agent. Meaning they are offering portion of the total commision that is paid by the seller.

Occassionally, buyers will choose to sign a exclusive buyers agreement. In this case the buyer may be responsible for all or a portion of the buyer's agent commission. In this market, most realtors are competing for buyers...this should not be necessary.

http://www.RemoRealty.com

Thu Jan 22 2009, 08:39
Peggy
Agent
10965
FIRST ANSWER

Hi Neena, The buyer's agent is paid when a sale closes. Each individual listing has its own commission that is offered by the seller. In some cases the buyer may also compensate the buyer's agent if it agreed upon beforehand with a written contract. Usually agents work in the whole county and sometimes in the adjoining counties as well. It's best to stick with one agent and to even sign an exclusive buyer's agency contract. This ensures that the agent is working for you and for your best interests. My buyers that are working exclusively with me get the new listings the minute they hit the market. Buyers that are working with more than one agent won't get that kind of service.

Sun Jan 18 2009, 11:09

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