Buyer FAQ
Here are some questions most often asked by buyers.
Is it expensive to use a buyer’s broker (agent)?
The compensation that a buyer’s broker (also called the “selling agent”) receives typically comes from the seller’s proceeds and is a percentage of the total commission charged by the listing company. We have access to that information through the Multiple Listing Service (MLS). In most cases, there is no cost for a buyer to be represented by an broker.
If a buyer is interested in purchasing a property not listed in an MLS, it is possible that the seller will not compensate the buyer’s broker. In this case, a buyer agency agreement would detail the buyer’s obligation to compensate their broker. Typically, even with unlisted properties, the seller compensates the buyer’s agent.
What type of information will you need from me?
To do the best job for you, we want to get to know you and your goals. This would include such things as:
preferred price range
number of bedrooms / bathrooms
style of home (single-story, two-story, etc.)
size of yard
preferred school districts
geographical areas / neighborhoods of interest
special needs / special interests which your home needs to accommodate
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How can I find out about new properties?
We can work with you to determine how often you want to receive updates on available homes, and by what method (telephone, email, snail mail). Clients using email can receive automatic updates from most MLS systems as soon as new listings are entered.
Can you provide information on properties listed with other companies?
Yes, because we are members of the MLS where the property is listed. Some communities have more than one MLS, so it’s important to find out which MLS(s) your agent subscribes to.
What if I find a property on my own?
Buyers can search the internet for (and often find) properties of interest while working with a broker (agent). As your broker, we have access to show you any properties you find. If you find a property of interest, contact us with the address or the MLS number of the property. We will happy to set up a showing and meet you there.
Can I go to open houses without my broker (agent)?
Yes. However, when meeting the agent hosting the open house it’s best if you immediately identify yourself as working with another broker. This helps set expectations and informs them that you have representation.
Can I work with more than one broker?
Sometimes buyers think that having more than one broker “working for them” means they’ll have more sets of eyes looking out for the perfect home. The reality is that broker all have access to the same database of homes on the market—the MLS. Working with just one broker also allows that broker to spend enough time with you to really get to know you and your wants & needs. They’ll be able to ask questions as they show you homes, helping you refine your parameters as you go. Having one broker also saves you time, as once your broker knows you well, they will not show you homes they know will not work for you.
Summary
The purchase of real estate represents a large financial commitment on your part. It’s important for you to have representation during the process.
When working with a buyer’s agent, remember:
Typically there is no compensation required from you to have representation
Your agent can get you information / show you any listed property
You can search for properties on your own, but you should involve your broker once you’ve found a property of interest
You can attend open houses without your broker, but be sure to quickly identify your representation to the broker at the open house
