Choosing the Right Broker and Agent
After signing the buyers’ agreement, the broker and agent legally represent you in the condominium buying purchase. Therefore you want to make certain you have chosen to work with the best and most qualified broker in the marketplace. Get to know the broker and agent before signing a contract. Spend enough time with them to understand how they will work with you during the buying process and help you choose the best condominium.
While a broker and agent have different roles they work as a team. In the simplest of terms a broker is an individual licensed by the state to engage in the practice of real estate and can supervise other licensees. An agent works for a broker. On a daily basis you will work with your broker’s agent.
Following are several things to keep in mind when you are choosing a broker and agent:
Good Match: It’s important to find a broker and agent who is a good match – someone you feel you can do business. Be sure they have your best interest in mind and understand your wants and needs. Ask questions about their background, experience and approach in helping you choose the right condominium.
Buyer’s Broker Responsibilities: The buyer’s broker works, solely for you after you sign the buyers’ agreement. She keeps your best interests in mind, even if the seller ultimately pays the commission. Once you sign the buyers agreement, your agent is responsible for searching the market for the condominium that best matches your needs. They will help negotiate your deal so you get the best value and ROI for your money. In addition, they should educate you on the buying process. They can put you in contact with individuals or companies to can help you along the way, such as a mortgage brokers or interior designers.
Commission: The typical full service broker charges a 6% split between the buyer’s and seller’ broker. Typically the seller pays the commission, but that is entirely negotiable.