Belt Auction

How do real estate agents work?

How much do they cost.... What if I have a very broad area in which I would like to look at homes in.... What if I don't end up finding a home for a while.... How do I find the right agent..... Any information on real estate agents would be appreciated, but emphasis on the specific questions above.

Public Comments

1. realtors know the surrounding counties pretty well. you dont usually pay them unless they help you get a home. as for the right agent, the right ones will let you pick the house you want, not the house they want to sell you.
2. Every real estate agent I know is an "independent contractor". That means they could set their own pay schedule. It is very common that a buyer's agent is paid out of commission that the home seller has agreed to pay, rather than money from the buyer. Most agents specialize in a particular area and you may have to work with two or three if you want to look at some in Upstate New York and others closer to NYC, or some in Houston and others in Dallas. Most do not require any hourly fee or guarantee. But they will work much harder for you if they think there is a good chance they will get paid. The best way to find a Realtor, or a lender, or a home inspector is to ask friends and relatives that have bought a home recently who they used and if they were happy with the service.
3. Generally you won’t pay for their services. The buyer’s agent’s commission comes from a portion of the listing agent’s commission. You might not find a house. The agent expects to get paid if they actually get a sale closed for you. They do understand that sometimes circumstances or wants change and you won’t be buying right. As long as you were happy with their services, they just hope you’ll come back to them when you are ready to buy and/or that you’ll recommend them to your family & friends when they want to buy. Reccomendations from people you know & trust are huge.