I want to quickly tell you about the advantages of Buyer Agency in the State of Wisconsin. The first thing to point out, is about 90% of sellers sign a listing contract with a Realtor. So nearly all Sellers have their own Realtor (the Listing Agent) that is working for them and looking out for their best interest.
One of the great things about having a Buyer’s Agent, is that you should not have to pay anything. You might be asking How does this work? Well, when the seller hires a Listing Agent, they agree to pay the Listing Broker a certain commission. And that Listing Broker will typically share the commission with any Buyer’s Agent who finds a buyer for that particular house.
So essentially the Seller is paying the commission for both Realtor’s involved with the transaction. One important thing to note is that the amount of commission typically does not change, whether or not there is a Buyer’s Agent involved. Either the Listing Broker gets the entire commission, or he shares it with the Buyer’s Agent.
I should note that you want to be working with a Buyer’s Agent at the beginning of your home search. First of all, the Buyer’s Agent only gets to share the commission if they are the one bringing you to the house. So it is important that you only contact your Buyer’s Agent. For example, if you drive by a house you are interested in, DO NOT call the Realtor who has his name and number on the For Sale sign. That is the Listing Agent, and they are working for the seller. When you are interested in a house, you want to contact your Buyer’s Agent, and he can setup a showing or get more information for you.
Here are the bullet points of what a Buyer’s Agent will do for you:
I say “should” be FREE, because there are certain instances when the Listing Agent would not need to share the commission. And there is that 10% of sellers that don’t have a Listing Agent. In those situations, there is a chance you would have to pay your Buyer’s Agent.
When I sign a Buyer Agency agreement, I guarantee that my buyer will not have to pay a dime.
So, if you are looking to move to or within the Madison area, please call or email me and I would be happy to discuss further with you about Buyer Agency and your house search. You have nothing to lose, and your new house to gain!