Answering your FAQs about Working with a Buyer's Agent
“So, how much does it cost to work with you??”
I get asked this question a lot. For my clients purchasing a condo or house there is truly NO cost to you. Here’s why —
In Illinois, when you are BUYING with a licensed Agent/Broker, the commission fee is not paid by the buyer. Instead, on Closing day the Agent/Broker of the Seller will pay my Brokerage a piece of their commission. After my brokerage takes their piece of the pie, I’ll get my slice. This is why commission fees are never an added cost, or concern, to my buyer clients. (And why my buyers never have to have any awkward conversations with me about payment!)
In Illinois, when you are RENTING with a licensed Agent/Broker, the commission fee is not paid by the renter. Rather, it is the Agent/Broker of the Property Owner/Landlord who will pay my Brokerage a piece of their commission. After my brokerage takes their piece of the pie, I’ll get my slice. This is why paying commission fees are never an extra cost, or concern, to my rental clients. (And why rentals clients never have to have any awkward conversations with me about payment!)
Yep. I work for buyers & renters, as a facilitator (and fiduciary) legally bound to act in your best interest for FREE! — Not a bad arrangement, am I right?!
It isn’t a bad arrangement for me either. The real estate world is a lot more collaborative than people assume. And, this way, there are never any awkward conversations between myself and buyers/renters about having to pay me.
The only time when you should be actively paying any real estate professional is when you have actively hired that real estate professional to sell your home, or list your property for rent. Make sense?
** REMINDER: Every state has its own laws governing real estate procedures & practices! How commissions is paid varies from state-to-state. This commentary relates to real estate laws and practices specifically in Chicago, Illinois **