Real Estate Commission if the Buyer Has No Agent

Chris at Hauseit (https://www.hauseit.com) goes over what happens to the real estate commission if the buyer has no agent, and what the commission would be in that situation.

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If the buyer does not have his or her own agent, i.e. there is no buyer's broker, then the seller's agent in a traditional listing arrangement would simply keep the entire real estate broker commission.

Remember that most traditional exclusive right to sell listing agreements simply state a percentage (typically 6%) that the seller pays in the event of a sale. The listing agreement typically doesn't specify what happens if the buyer is represented or not, only that the seller's broker will co-broke (i.e. split commission) per local MLS rules.

As a result, if the seller's broker does not need to co-broke because the buyer chose not to have a buyer's agent, then the seller's broker gets lucky and collects both sides of the commission, or 6% in this common example.

As a result, it really doesn't make sense given that the seller is paying the same amount regardless of what the buyer does, for the buyer to then forgo their right to free buyer agent representation.

This is especially so when you can sign up for a Hauseit Buyer Closing Credit and receive 2/3 of the buyer agent commission, while still receiving advice and guidance throughout the process with an experienced buyer's broker.

2/3 of the buyer agent commission can actually be quite substantial, and can cover some or all of your buyer closing costs in some instances. For example, new construction building in Miami often offer much more than the typical 3% to buyers agents. Some new development condos will offer as much as 4%, 5% or even 7%!
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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