Home Selling in 11731>Question Details

sm20754@gmai…, Both Buyer and Seller in 57747

I won't pay someone else after I do all the work. Do I have to pay a buyers agent for this?

Asked by sm20754@gmail.com, 57747 Mon Jul 30, 2012

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Short answer is yes - the flat fee companies are fairly clear about a co-broke needing to be offered for them to place the listing in the MLS.

And the reason is the MLS rules - the whole purpose of the MLS is for agents to advertise properties to each other with an attached offer of compensation. No co-broke offer, no MLS listing.

If you're looking to list your home without having to pay any agent at any point, your best bet would be a free service such as craigslist or Zillow. Realtor.com only is open to broker-listed homes, be it a full service company or flat-rate service.
Web Reference: http://expiredtosoldaz.com
0 votes Thank Flag Link Thu Aug 1, 2013
Hi Sherry,

Just curious - why inquire about "flat fee" services and whether or not you'd have to pay commission to a buyers agent.........when, as evidenced in your last reply, you have already essentially "sold" your home?

Best of luck - and congrats on your sale!
0 votes Thank Flag Link Mon Jul 30, 2012
Hi Sherry, your location comes up as South Dakota, but your question appears in East Northport NY. I can't advise you on South Dakota, but on Long Island over 80% of FSBO's eventually list with an agent. Agents can generally sell the home quicker and for more money, bringing value to the owner. Agents also know where and how to market, have potential buyers prequalified, conduct open houses, negotiate for top dollar, price the home correctly, and perform many other services to take the stress out of what can become a very arduous task. Generally lawyers perform the closings on Long Island, but are not involved in the listing or marketing of homes. If your FSBO works out for you that would be great, but the fact is here you would be the exception, not the rule. Good luck.
Tom Brady SFR, e-Pro, SRES, GREEN
Licensed Real Estate Salesperson
Notary Public, Ret. NYPD Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Plaza - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Jul 30, 2012
If you list your home and agree to pay out a commission to an agent that brings you a buyer - then "yes" you will owe that agent a commission. If you sell your home without any involvement of an agent to support you and do not cooperate with buyers with agents, then you will not.

It sounds to me as though you have succeeded in selling your home on your own - good for you, congrats if that is the case.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Mon Jul 30, 2012
additionally, I have hired my realestate lawyer to do all the paperwork involved. His fee is SOOOOOO much cheaper for the same work. As my parents always have told me, sell it yourself, and get a GREAT LAWYER!! End of story.
0 votes Thank Flag Link Mon Jul 30, 2012
Generally the seller pays commission at closing out of the proceeds of the sale; if two agents are involved that fee is shared, unless you have a separate agreement with your agent to pay above what the seller is already offering....therefore not sure why you would choose not to have an agent of your own; many buyers do choose the properties they wish to see. Keep in mind that in addition to showings, much unseen work is necessary in order for you to arrive at the closing table once an offer has been accepted....
0 votes Thank Flag Link Mon Jul 30, 2012
Buyers go to Realtors, because they want someone to represent them and their interests. They do not want to have to do all the work searching for a property, verifying all facts, arranging inspections, walk-thrus and the like. If you want to sell your home, you need to be willing to pay a buyer's agent if they do indeed bring you the buyer. If you do not want to, then you need to remove a large group of people from your prospective buyers, as many buyers use agents.
0 votes Thank Flag Link Mon Jul 30, 2012
@Simone: Isn't it true that the majority of buyers on Long Island work with realtors who are representing the seller, and even provide a paper form that the prospective buyer is expected to sign to confirm such buyer understands that the realtor represents the seller and seller's interest even when they bring such buyer to another realtor who has listed the property. It is not common on Long Island that a buyer higher a true buyer's agent to help them buy a property, by means of that agent being paid by the buyer directly.
Flag Fri Mar 22, 2013
Yes, typically the Seller Pays the Commission. In about 99.99% of all cases, the seller pays part, if not all of the Buyers Commission.

As I always tell my client's: "if the other party has representation, you should get some too!" If you are paying for the representation of the other party, who will try to negotiate the lowest price, and terms that are favorable to the buyer, it would actually be cheaper to pay an agent who would represent you in the transaction, then not.

I hope this answered your question. Should you have any further questions concerning this matter, or any other Real Estate matter, please feel free to contact me by the ways below.

Wishing you the best of luck,


De Vonte Williamson
Licensed Real Estate Salesperson
Serving Long Island & Queens
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
Fax:(631)236-1478
cbmoves.com/DeVonte.Williamson
"I Stand Behind Getting You Results!
Your Trusted Real Estate Professional for Life!"
0 votes Thank Flag Link Mon Jul 30, 2012
Hi Sherry,

The answer is - yes you would - provided the "flat fee" company you listed your home with put you on a Multiple Listing Service. Keep in mind, there is no "requirement" to offer 2-3% to a buyers agent - however they also don't have any obligation to bring a potential buyer to your property if they know they aren't going to be paid anything, or less than the standard, for their work.

If you aren't offering anything to entice a broker to bring you a performing buyer, then you are wasting your time and money advertising on a Multiple Listing Service that is exclusively used by real estate agents. So, a flat fee companie will most likely charge you the "flat fee" only on the "listing" side.......but you'll still generally have to offer the 2-3% out to the buyers agent. Keep in mind also, you pay the flat fee upfront, whether your home sells or not. I've seen plenty of people who, by the time they've tried FSBO, flat fee, etc, spend more money and time than they would have.......had they simply hired the broker to list it to begin with.

At the end of the day, I understand that people want to save money - however you most often get what you pay for when it comes to real estate services. Hope this helps!
0 votes Thank Flag Link Mon Jul 30, 2012
actually it doesn't. I would not mind paying a "working agent", but I've already had the mis-opportunity of having to do ALL the work myself, just to find out also my MLS was only listed in another county, NOT the METRO listing area. Among all kinds of other problems. ALSo, there is a HUGE difference of spending $ 1000.00 for advertising, and a $ 1500.00 lawyers fee, than paying out $ 30,000.00 for some lazy realtor to do nothing. HAve a nice day.
Flag Mon Jul 30, 2012
Ok, Let me reaarrange this question. 1. I never said anything about a "brokers agent". I AM THE SELLER, FSBO. Selling the property myself, doing all the advertising, paying for all the advertising, running the open houses, ie: doing all the work myself. 2. IF I were to pay to list my home on "realtor.com", would I be obligated to pay the buyers agent, IF an agent were to bring me a buyer? Some websites not only charge an insertion fee, ie: $ 299, $ 399, $ 499., but then say you must pay the " buyers agent" a commission between 2 & 3 % at closing. That is, IF a realtor brings you a buyer, they are the buyers agent.
SO, ALL THAT HAVING BEEN SAID, my question once again, IF I WERE TO PAY THE FLAT FEE OF $ 149.00 - $ 499.00 listed (depending on which plan I choose), would I be obligated to pay a realtor who brings a buyer : ie: a buyers agent, A FEE ON TOP OF MY FLAT FEE? IS THAT PART OF THIS CONTRACTUAL AGREEMENT?????
0 votes Thank Flag Link Mon Jul 30, 2012
Before we agree with you, what work didn't the Buyer's Agent do?
You got the house, right?
0 votes Thank Flag Link Mon Jul 30, 2012
duhhhh...
Flag Mon Jul 30, 2012
I have never heard of a Broker's agent before, must be a NY thing. Most of the time you have a sellers agent and a buyers agent. Like Thomas said, the buyers agent is usually paid from the commission the seller pays his agents company which shares with the buyers agents company. Agents are not paid buy seller or buyers, their companies are paid and the company then pays the agents whatever they agree to pay them for a transaction. So basically your buyers agent is FREE to you and you don't pay them a dime. Hope that makes you feel better.
0 votes Thank Flag Link Mon Jul 30, 2012
A buyer's agent usually gets paid from the commission the seller pays his agent. It's divided up, say the listing agent is getting 5%, he then offers out a percentage to buyer's and or broker's agents of let's say 2% (most listings don't offer seller's agents anything due to vicarious liability) leaving the listing agent 3%. If you have a broker's agent they will pretty much just submit your offer for you and hunt up some properties. A buyer's agent works for the buyer and has a much greater obligation and responsibility to the buyers than a brokers agent. The only caveat I would add is that some buyer's agents want to be guaranteed a certain percentage, let's say 3% and they want the buyer to make up the difference between what the seller is offering and what they want to get paid. While there is nothing unethical or illegal about this I would steer away from these agents and get one that is willing to take whatever is offered by the seller as their full compensation.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Mon Jul 30, 2012
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