OfflineSo I've decide to get things rolling and get a real estate broker. I've talked with him over the phone and I'm meeting him later today. I was just wondering, that 3-5% commission that they make, does that come from your profit? or does it come from the sales price? I'm confused, I don't want to ask him cause I don't know him well enough. So hopefully someone can answer this before I meet him today. Thanks for your comments DG family!
Kai
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Money won't fall into your hands, you have to earn it!
Kai, the agent commissions are generally paid by the seller. The exception being if you contract with a buyer's agent who you agree to pay for finding you a property. The seller typically pays between 5 and 7 percent of the sales price as the commission. The listing agency gets anywhere between half and all the commission. If the listing agent sells the property they keep all the commission. If an agent from another agency brings the buyer to the table, half the commission will go to the second agent. For you as a buyer, that isn't something you'll need to worry about. When you resell the property you have the choice of listing it with an agent or selling it yourself.
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That's exactly what I wanted to hear. Thanks
Kai
Money won't fall into your hands, you have to earn it!