This article comes from https://www.zillow.com/ by and is discuss's some really good information about Realtors. Some people think that you sign a contract and it is all over you get your commission and move on. That is just the start of a home purchase and it is important to know what is needed. Realtors are educated to know what is needed in one the biggest investments most people will ever have. Having a seasoned Realtor that can guide you through the process is crucial to your success.
Let's look at some of the Myths in this article
"1. Agents get a 6 percent commission, no matter what
Most people assume that their agent is pocketing the entire commission. That would be nice, but it’s just not accurate.
Truth
First, it’s helpful to know that the seller pays the commission, and they split it four ways: between the two brokerages and the two agents.
Finally, the brokerage commission isn’t fixed or set in stone, and sellers can sometimes negotiate it."
In Ohio 6% is usually the commission on the 1st $100,000 and 4% on the remaining balance is what I usually see ...there are also 7% on the 1st $100,000 and 5% on the remaining balance. Realtors also have to pay a portion of their commission to brokers and that could be as high as 50% of the gross amount. On top of that they pay all their own office and advertising expense on top of that.
In Arizona it is 6% on the gross amount and the brokers split is from 0% to 30% is the average in Phoenix.
"3. It’s OK for buyers to use the home’s selling agent
Today’s buyers get most things on demand, from food to a ride to the airport. When it comes to real estate, buyers now assume they need only their smartphone to purchase a home, since most property listings live online.
"Truth
First-time buyers or buyers new to an area don’t know what they don’t know, and they need an advocate.
The listing agent represents the seller’s interests and has a fiduciary responsibility to negotiate the best price and terms for the seller. So, working directly with the selling agent presents a conflict of interest — in favor of the seller.
An excellent buyer’s agent lives and breathes their local market. They’ve likely been inside and know the history of dozens of homes nearby. They’re connected to the community, and they know the best inspectors, lenders, architects and attorneys.
They’ve facilitated many transactions, which means they know all the red flags and can tell you when to run away from (or toward) a home."
Realtors are not all the same and you do need to choose experience. I have personally did over 1000+ properties and have been an agent for 18 years. We do have all the services for our clients and tailor to their needs. Having a seasoned agent can save you a lot of money and time.
Getting Real Estate is probably your biggest investment...I'M Brett 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona I get your real estate needs DONE
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Thank you