• Who Does Your Real Estate Agent Represent?
This is an important question to consider when looking for an agent to represent your interests in either buying or selling a home. There are different types of agent representation and this breakdown will help you understand which type you want working for you!
New Construction Sales Representatives are agents who work for a new home builder or real estate developer. Their job is to sell property in that particular development and they are typically under contract to do so. An example of this type of agent is the person who shows model homes and condo units to prospective buyers. Keep in mind these agents are representing the developer and they will have the developer’s best interests at the forefront.
New Construction Sales Representatives are well-informed about the development they are selling and oftentimes have been trained specifically to sell those units. For the most part, these agents are paid a commission from the sale of a unit, which means they get a percentage of the selling price.
Seller’s Representatives or Listing Agents are the real estate professionals who work for the seller of a property to list the home on the market. Their job is to sell the property and get the most money and best possible terms for the homeowner. Generally, they are identified on the For Sale sign outside a property. A Seller’s Representative may label a listing as an Exclusive Listing. Chances are, however, the listing is probably on the Multiple Listing Service of Northern Illinois (MLSNI) and can be accessed by any licensed real estate agent in Chicago.
It is important to remember a Seller’s Representative is motivated to sell the property, and for the highest price possible. Not only for their client’s satisfaction, but because they get a commission from the sale. The seller’s agent receives a percentage of the selling price as payment for their services. The amount varies but 5-6% is fairly standard.
Buyer’s Representatives are the agents who work for the home buyer in a real estate transaction. Their job is to negotiate the lowest price and best possible terms for the purchaser of a property. They act on behalf of the buyer and help weed through the hundreds of thousands of Chicago homes for sale to find the most ideal house, condo or loft for the buyer’s budget, style and needs.
As your Buyer’s Representative we commit to protecting your interests. Our agent is your advocate and guide throughout the home buying process. And, their services will not cost you anything extra. You see, the Buyer’s Representative is paid by the seller (usually half of the commission). Want a Buyer’s Agent on your side?