Well – Sort of.
Our services to you as your buyer’s agent are absolutely FREE! I however lied about the working for free part. But please, let me explain.
We Work on Commission
It is important to know that Real Estate Agents and Brokers do not receive a salary or hourly wage of any kind. We are paid 100% on commission. We get paid when a transaction closes.
We Are All Realtors – But We Work For Different Companies
Regardless of what real estate firm we work for, we are all Realtors. This means we all belong to the National Association of Realtors, as well as our local and state Realtor boards. However, we all work for different independent real estate firms licensed in the state we do business.
We All Work Together
As Realtors, we offer each other compensation for finding buyers for each other’s listings. We do this through an online real estate marketplace called the Multiple Listing Service or the MLS for short. The various multiple listing services across the country also supply the raw data to Zillow and Realtor.com – but that’s another blog post.
You Found Your Dream House And Decide to Go For It
Let’s say you have agreed to purchase a home listed with ‘Nationwide Realty’ for $100,000. When the seller listed their house, they signed a listing contract with Nationwide Realty where they agreed to pay a commission of 6% or $6000 at closing for selling their home. (Please note – all real estate commissions are negotiable, and this is simply a hypothetical example.)
Here’s How We Get Paid
- When Nationwide Realty listed the home for sale in the MLS, they offered all of the other brokerages in the area 3%, or half of the 6% fee the seller has agreed to pay them, as compensation for bringing a buyer to the closing table.
- So, in this hypothetical example, at closing, the seller pays Nationwide Realty $6000 per their listing contract.
- Nationwide Realty then pays half of that or $3000 to ROOST Real Estate Co. per the listing detail in the MLS.
- Nationwide Realty takes their $3000 and splits it with the listing agent as they see fit and ROOST Real Estate Co. splits their $3000 with your ROOST Real Estate Co. Buyer Agent, per their arrangement with ROOST.
It all can seem a bit complicated, but we think it is critical that we are 100% transparent about the way we work, and the money involved.
Ready To Get To The Fun Part?Check us out at www.BuyWithROOST.com and request a FREE buyer consultation today. You can also get a head start by downloading our Buy With ROOST™ brochure here.