Should You Work With A Real Estate Broker Or Agent When Buying A Home
If you are getting ready to buy a new home, you have probably looked through the classifieds or real estate newspapers to see what is available. While looking, you should have noticed that the ads give you the name of the real estate professional who has listed the property for sale. It is important that you understand you do not need to work with the listing agent. In fact, it is usually a better idea to have your own agent. You could go also to contact a real estate broker to help you buy your home instead. Here are a few differences you will notice between an agent and a broker.
A broker has more experience with real estate than most agents have. In addition, they have more education and training. While this may not be important in a simple, common sale, if you are dealing with a short sale or foreclosure using a broker may be a better idea. Not only will the broker understand the intricacies and legalities of this type of sale, they have probably handled more of them. Many agents, especially new ones, will need to consult with their broker to help get through the process of a special circumstance sale.
When you buy a home, both the buyer's and seller's agents split the commission. Part of their commission goes to pay the broker they work under. When you are working directly with the broker, you may be able to negotiate the commission. They may be willing to remove the percentage that would have gone to the agent. This could save you thousands of dollars.
Most real estate brokers have some type of responsibility over the agents in their office. This can take up considerable time in a large office. You need to talk with the broker to find out how much time they have to work with you. If you are in a hurry, and need someone who can be there for you daily, it might be better if you work with an agent. Keep in mind that if the agent comes upon a situation they are not familiar with, they can always go to their broker for help and advisement.
The important thing about choosing who to work with to find a new home is that you are comfortable with the person. You may be spending a lot of time looking at houses and making a deal before you go to closing. If you find an agent that you want to work with, you can feel confident that no matter what, there will be a broker in the wings that can step in if things go awry. Of course, it is always nice to be working directly with a broker too. The choice is yours.