Today we want to talk to you about whether or not your real estate agent will take a lower commission if you find your own buyer. It’s a common misconception that landing your own buyer means you’re off the hook for paying your agent’s commission.
Of course, the goal of selling a home is finding someone to buy it. However, the work isn’t over once a buyer is located. A lot goes into finalizing the sale, most of which is facilitated by the agent. If you’ve signed a contract with an agent that outlines the terms of the payment, there’s a good chance that you will be held to the amount, even if you’re the one who finds the buyer. You can ask your agent to reduce the commission, but they aren’t obligated to do so.
Real estate agents do a lot to earn their keep from home sellers. Finding a buyer is only one of their many responsibilities. After an offer is accepted, the agent has a lot of work to do behind the scenes, including working with the buyer’s agent and/or lawyer. All of this effort takes time.
Before signing an agreement with an agent, you do have the opportunity to discuss the finer points of the agreement with them. If you’re set on paying a lower commission if you find your own buyer, make sure it’s outlined in your listing agreement.
As with everything in life, you get what you pay for. A typical real estate commission is 5% to 6% of the home’s sale price, with about 3% of that going to your agent.
If you have any questions about commissions or about real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.