How Does My Realtor Work?
May 16, 2006
I have been in this business 7 years now and find the most important thing I can do is educate my clients. There are so many parts of my business that I think my clients already know and understand. I found that this was not the case and feel this is one of the most misunderstood aspects, but this is a very delicate topic as it speaks of how a Real Estate agent is paid. I am sure if we were speaking of your salary you would understand.
If you work at the average 9-5 job you are paid an hourly salary and your taxes are taken out for you by your payroll department. As a Realtor we are paid a commission. This commission is not paid to us until a home closes. So if you decide to work with 1 Realtor and you look at homes one day then say you go to an open house that weekend who would you work with? Well if you decided to go ahead and work with the Realtor at the open house because it was convenient, the other agent that you originally established a relationship with and showed you homes would not be paid.
For this reason there is a form called a buyers broker agreement that you would sign just like you would sign a contract to sell your home. This is very popular on the east coast and is gaining popularity here on the west coast. This agreement states that you agree to work with that 1 Realtor only for a specified period of time.
Now I am not saying that you should just work with anyone. You should be able to release yourself from the contract if that agent is not performing. I have often heard from clients as well as close friends “Why would I just want 1 Realtor looking if I could have 2 or 3”? Because the 1 Realtor you are working with has access to all the same information as Realtor #2 and 3. But they may not all work the same so find an agent that fits your needs and establish a relationship with them. I find when I do this and get to know my clients I can be without them and find a house and know it is a perfect fit for them. I have done this with many clients as well as my out of state clients.
I hope this has given you a better understanding to “How Your Realtor Works” and I welcome your comments.
Bridget R Sturm
760 533 4551