Buyer's agent

Can anyone provide some info on how the process works hiring a buyer's agent? I would imagine they are paid by the buyer? Do they charge a flat fee or % of sale of the house? Any info is greatly appreciated. Thanks!

Buyer's agent

You don’t pay a buyers agent. They get part of agreed upon commission that is collected from the sellers at closing.

Re: Buyer's agent

Buyer's agent

We had a buyers agent and didn't pay her anything. The seller paid her. I wouldn't ever purchase a home without a buyers agent. There's too many things that you're unfamiliar with to not have someone advocating for you.

Re: Buyer's agent

A buyer's agent is free to set their own fee - and there's really no "typical" price (as we have price-fixing laws/antitrust regulations to guard against that). Some buyer's agents charge a percentage, some could charge a flat fee.

But it is true that on our Long Island MLS, most listings offer out compensation to both a buyer's agent and a broker's agent. So the buyer agent's fee is often paid out of the sale proceeds, not out of pocket by the buyer. If it's not offered out, it can be negotiated in.

I would say the most common scenario is that the buyer agent's fee comes from the sale proceeds, not from the buyer.

Your best bet is to speak to agents in your area of interest to find who have experience as a buyer's agent, and find out what their fee is, and if they require an exclusivity agreement (sometimes buyer's agents require a buyer to sign a contract with them, just like listing agents require sellers to sign a contract), and any other questions you have.