How does the buyer’s agent’s compensation work

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Real Estate agents are individuals who are licensed to assist clients when buying or selling real estate. Unlike other professionals who get paid by the hour they spend on a job, real estate agents only get paid when a transaction successfully closes. The agent is then paid by receiving a commission for services. The commission is calculated based upon the selling price of the property.

The seller pays the commission for both the listing agent and the buyer’s agent. This means that using a buyer’s agent does not effect your side financially.

You get the benefit of having an agent represent you and your needs and does not cost you as a buyer. If a buyer’s agent does not close a transaction she does not get paid. This makes agents highly motivated to find you your home and do a good job.

It’s also best to work with just one agent. This ensures that the agent is working for you and for your best interests. When a buyer is loyal to their agent they are more likely to get the new listings the minute they hit the market and the commitment of their time first.

It’s best the find an agent that you feel comfortable with and stick with them. I would also tell you to expect to sign a Exclusive Buyer’s Agreement. It creates a relationship between you and the agent and explains the agent’s duties to you, and vice versa.

So basically, there are nothing but benefits to contacting an agent right away when you think you are ready to buy a home and to assist and answer all your questions and needs along the way.