Finding the Right Real Estate Agent
After you’ve been pre-approved for a home loan the right real estate agent can assist you in making sure the rest of the process runs smoothly. In the United States, real estate agents assist sellers in marketing and selling their property for the best price and terms. When acting as a buyer's agent they assist buyers by helping them purchase property at the best price and terms.
Real estate agents work for a broker either as an independent contractor or an employee. Some brokers are nationally franchised like Century 21 or Prudential. To earn the designation of a Realtor, an agent must belong to the local and State Board of Realtors and also be a member of the National Board of Realtors. These Realtors operate under a strict code of ethics and sponsor the Multiple Listing Service (MLS).
Most real estate agents work for a flat fee or a commission (usually 4-6% of the purchase price) – or you could decide to use a discount broker who takes a lower fee in exchange for you doing the legwork (e.g., finding a property, setting up financing, etc.). The real estate commission is subtracted from the seller's proceeds. This commission is then divided between the broker and the real estate agent representing the seller, and the broker and real estate agent representing the buyer.
