Many, many years ago when I traveled in the summer to visit my Dad, I would call airlines individually to compare rates. I mentioned this to my Dad who asked why I didn't just call a travel agent to do the work for me. I assumed that a travel agent charged for that service, so I did the leg work myself. Wrong. Travel agents were compensated by the airlines, resorts and others in the travel industry. They could have provided me with the most convenient and inexpensive flight and made all reservations, taken care of all details, if I had just enlisted their service.
Same is true with Realtors. Many homebuyers assume that Realtors charge to represent them. So, my mantra is "Buyer Representation - it's key and it's free."
When the Seller lists his property for sale, he agrees to pay a commission to the Listing Realtor and the Selling Realtor - in Tulsa, Oklahoma, that's typically 3% on each side - sometimes more and sometimes less. Regardless, the Seller is responsible for paying the commission, so my representation to a buyer is free.
My representation to a buyer is "key," because I am looking out for your interests. I will connect you with a Lender who, for example, has state bond money available for down-payment assistance. I will set up a custom search for your dream home - much simpler than you searching on various web sites or realtor.com. I will walk you through the entire buying process, coach you through negotiations and be by your side at the closing table.
If you are driving around and call the Listing Realtor on the sign to get more information about a property, that Realtor will be representing BOTH the Seller and the Buyer. It's not impossible to do this ethically and fairly, but wouldn't you prefer your own representation?
A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. The buyer's representative works for the property buyer and has the buyer's best interests in mind throughout the entire real estate process.
If you see a home you're interested in while out house shopping, call me to show you the home and represent you in the transaction, I will represent you as a single-party broker and look out for your best interests. Remember, the Seller pays the commission, so my representation is free to you. If you are considering purchasing property, you will want your own representation in negotiating the terms of the contract. Key and free - please call me!
For more about this, read, http://www.loricain.com/main/buyer_representation.php
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Lori is a residential Realtor with Chinowth & Cohen Realtors serving the greater Tulsa area and specializing in downtown Tulsa and midtown Tulsa real estate.
Lori - I have had buyers ask me more than once how much they will be charged for my services. They seem to not be able to comprehend that the seller (not the buyer) pays for my representation. I think that is one of the many reasons I enjoy working with buyers.
Lori,
I always point this out to buyers but also have the tough FSBO chat. The one where I explain that a FSBO seller may not agree to pay any commission and that I cannot work without compensation...
Learned the hard way to get that on the table right at the start!
Thank you both. Yes, I do have the FSBO discussion. To date (knock on wood), I have only had one FSBO refuse to pay my commission.