So why do most buyers end up deciding to be represented by an agent, even though up to 98% of all home buyers start their search online? Well, there’s a saying that every New Yorker or Miamian has at least 5 real estate agent friends.
And these friends are hanging out with you at cocktail parties, on the weekends with real estate often being the topic. So naturally, when it comes time for you to buy, your real estate agent friends are your natural go-to’s.
Your Realtor friends will then be sure to mention that working with a buyer’s agent is “free,” because any commission they earn comes from a split of the seller agent’s commission, and broker commission is a seller closing cost.
They’ll also explain that the seller pays the same amount of commission regardless of whether you have a buyer’s agent or not. If you choose not to take advantage of your right to free, dedicated buyer agent representation, then the seller’s agent simply keeps both sides of the commission in an unexpected payday.
As a result, you might as well “use it or lose it.” And not only would you be helping out your friend, but your friend will be providing you some real services for free, such as taking you on tours of multiple listings on the same day, negotiating, advising, scheduling and coordinating on your behalf.