In addition to the above, if the Buyer obtains the services of a "Buyer's Broker", he employs and grants that Broker and it's Agent exclusivity in locating property and negotiating terms and conditions acceptable to Buyer for a purchase. It is a committment on the Buyer's part to work exclusively with his Agent. It is also a firm committment on the Agent to diligently work to locate the property for the Buyer. This document sets the tone for a solid working relationship between the parties.
A highly skilled and trained Agent will offer the Buyer's Brokerage services. A Buyer Brokerage Agreement would be signed at the initial consultation, prior to viewing properties.
In either situation, the commission is typically paid by the Seller, through his Broker's offer of compensation as stated in the MLS.
Consider the services of an ABR, Accredited Buyer Representative.
The commissions are negotiable. Usually, the seller pays for the commission of both the listing agent and the buyer's agent. Again this is negotiable and can be changed should both parties agree.
Sometimes there is also a fee charged by the buyer's brokerage as well. this can be called a transaction fee, brokerage fee, etc. You see this more commonly on the lower end deals as the commissions are very low and sometimes agents add this fee on to help supplement the low commission amount to make it worth their time. Again this is also negotiable.
The Adams Team at
Rothwell Gornt Companies
I've attached a link below to a much more detailed explanation as to what a buyer broker does and why buyers are well advised to use one. I hope this helps.
I also disagree with the statement that you cant list the property and sell it too. In the last 17 years in this business I have done many dual agency contracts and keeping both parties best interest at heart.,all it takes is a very honest agent, and I put my clients together at a table and we start negotiating and I basically am the referee . As far as who pays , it is always on the seller. So if you plan on interviewing some agents, I would love to interview you too.. In order for me to work for someone, I need loyalty,honesty and a lot of communication. If I fill I cant get that from my client I will pass on the work, so this is why I also interview. while I'm being interviewed. . Good luck to you a
Wardley Real Estate
There are some agents that market themselves as "buyer's agents," "exclusive buyer's agents," buyer's representatives," and so on. Mostly it is just marketing. At the same time, part of it is because they want to accentuate the reasons a buyer should not go directly to the listing agent when they purchase real estate. This has to do with agency.
See, if a buyer goes directly to the listing agent, they are dealing with an agent that has conflicting responsibilities. Their job is to get a good price for the seller and they may not zealously represent the interests of the buyer. Those who market themselves as "Buyer's Agents" indicate they are only working for the buyer in a real estate transaction.
The commission is still paid by the seller, no matter what they say in their marketing .