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Common buyer mistake #1: paying too much (saving commission?)

Common buyer mistake #1: paying too much (saving commission?)

Before I was a real estate agent my husband and I were looking for a rental property to purchase and we were bound and determined to find something ourselves. “Realtors make so much money” we reasoned “we could take the buyer agent commission off of the price of the home and save it for ourselves.” Maybe you have had this thought yourself. The truth of the matter is is that often times the listing agent will reduce the commissions when they aren’t splitting it with another realtor (although seldom in half, because they get double the workload). However, this doesn’t mean that any saved commission went into the buyer’s pocket.

Now that have been in the industry for several years and have seen “how it works” at a deeper level, I would never consider purchasing a home without the consultation of a professional. I look up comparable sales for clients who are considering buying or selling there is sometimes a property where I say “Whoa – how did they get someone to pay THAT much for that house?” and then I look and the listing agent and the selling agent are the same – which means that the buyer’s interests were not represented.

Save commission? yes. Save money? Not even close.

Make sure you are using a realtor who does thorough research and knows the market well. A true professional is worth the money every time.