by SHERYLWILLIS
COMPENSATION
I thought working with a buyer's agent was free!
A:
My services as a buyer's agent are not free. Typically, my commission is offset by an offer of cooperative compensation provided by the seller's broker. That means that the cost of my services may be included in the fees the seller pays to the broker that is handling the sale of the property.
If the seller's broker's offer does not fully cover my fee, we have several options: you can pay the difference, we can ask the seller to cover it, or we can work out a combined approach.
Effective August 1st, 2024 (in Arizona), the MLS no longer displays the amount of cooperative compensation offered by the seller. To ensure full transparency, we will contact the listing agent before showing any property to determine the compensation details.
We will provide you with the compensation information for all properties that meet your criteria. If the seller does not cover my fee, you will be informed so you can factor this into your decision-making process.
How much do you charge? is your commission negotiable?
A:
Yes, buyer's agent commissions are always negotiable. I charge 3% (three percent) with the ability to renegotiate this amount if needed. Per the NAR settlement effective 08/17/2024, we can adjust to a lower compensation, we just can't increase it.
My commission rate is competitive and reflects the quality and breadth of services I provide. If we decide to work together, this commission amount will be clearly detailed in the buyer representation agreement, ensuring complete transparency and understanding of our commitment to each other.
Are there any hidden fees when working with a buyer's agent?
A:
Transparency is key in my professional practice. While my compensation is typically covered by the seller's broker, we'll discuss any potential additional costs or exceptions and agree upon them in advance, before we begin the home search. These possible exceptions will also be detailed in the buyer representation agreement.
Do I have to pay a fee if I don't buy anything?
A:
No, you do not have to pay a fee if you don't complete a purchase. My goal as your buyer's agent is to find a home that meets your needs. If, for some reason we can't find the right home for you, there is no obligation to pay for the services rendered up to that point.
My commission is typically due only upon closing on a home I've helped you purchase. Our agreement will detail all these conditions to ensure there are no surprises, and you can start your home search with confidence and peace of mind.