Who is the Realtor Really Working For?
For the real estate investor who may be thinking about purchasing a new home, especially if this is their first time being involved with the real estate market, it is imperative to find a quality real estate agent. Knowing what questions to ask of the realtor is the only way to fully qualify them and find out whether or not they are someone who would be good to work with in the real estate transaction. However, for whom is the realtor working? Is the real estate agent looking out for the best interests of the seller or the buyer?
One of the most common misconceptions among both homeowners and homebuyers is that the realtor will be working solely for only the buyer or only the seller. This is actually not the case, so forget about even asking for whom the realtor is working. The real estate agent does not make any money unless the buyer and seller of the real estate reach mutually agreeable terms and finalize a contract.
The realtor’s commission is only paid after a successful sale, the sale is only successful when both parties are satisfied enough to sign. While it may be true that the real estate broker will always have a personal interest and may even be prejudiced to a degree, it will always be in their best interest to find common ground between the buyer and the seller of the property.
If the homeowner is asking too much money for a piece of real estate, the realtor is going to have a difficult time selling it. Even if they could make a better commission, they will waste more time than it is worth showing a piece of property to people they know are not going to pay the asking price. It is not in their benefit to waste large amounts of time trying to put together a deal that is never going to work.
Conversely, if a potential real estate investor is making an offer that would not even entice a novice to accept it, the realtor would once again be wasting everyone’s time including their own. By keeping everything above board and reasonable for everyone involved in the real estate market, the real estate broker is going to be able to provide better opportunities for everyone involved and ultimately will make more money. No matter which side of the real estate transaction the real estate marketer is on, the realtor is going to work equally hard to please them.