How Does a Real Estate Agent Get Compensated When Assisting Home Buyers?
Generally, a home is listed for sale by a seller. The seller has a Kingsland area real estate agent representing them and they have an agreement to compensate the agent for marketing, contract negotiations, expertise, etc. The commission they pay their agent is negotiated between the two parties (agent and seller) and as part of the contract the seller's agent agrees to share their commission with whoever brings a buyer for the home.
Although there is no law establishing real estate agent's commissions, the Kingsland area real estate market has consistent history reflecting the "going rate" for selling a home. The majority of agents charge 6% to sell a home, splitting it 50/50 with the agent bringing a buyer. While some agents successfully charge 7% they normally stick with the 50/50 split with which ever agent brings a buyer into the purchase. The result is roughly 3% - 3.5% commission for the listing and selling (buyer's) agent.
The previous paragraphs were provided a background for how your agent will be paid. The important point to take from this page is that in the current Kingsland, Georgia (including St. Marys and Woodbine) real estate markets, when you buy a home your agent will be compensated by the seller. Although this may change some day it is a definite advantage for buyers for the next few years.
In essence, you can find an agent you really like and trust (through proper screening), get pre-qualified for a loan, buy a Kingsland, GA home using the agent you selected, and your agent will get paid by the seller.
With all these things working in the buyer's favor it makes me wonder why so many buyers opt to stumble across the home of their dreams and then resort to using an agent they do not like. If you continue to read all the pages on this site, in the recommended order, you will discover you are armed with all the information you need to buy a Kingsland, Georgia home and have an experience worth repeating. Once you are ready to start screening your real estate agent remember to "CALL PAUL". I'd love the opportunity to discuss your goals and show you how to make them happen. |