In the last couple of months, we have had a noticeable increase in the number of inquiries into real estate sales on the island. A half a dozen contracts have been accepted, indicating some kind of energy coming back into the market. More than once, we have been puzzled by an assumption voiced by these potential buyers. Listing agents, add a rider, with their names, on the “for sale” sign. These buyers have been assuming that the rules dictate that all inquiries for that particular property need to go through the agent named on the sign.
I am here to say that a prospective buyer is in the driver’s seat and can take the car wherever they choose to go. A buyer can interview numerous agents and then decide to work exclusively with the agent of their choice. A friend can recommend an agent, based on their own experience. A real estate purchase is a journey to be taken with a person with whom you have trust and confidence. The agent with whom you choose to work is strictly based on your personal preference.
The system by which agents can sell the listed property of other companies is called co-brokerage. When one company sells another’s listing, the commission is split 50%-50%, between the two companies; half to the listing side of the transaction and half to the selling side. It still costs the seller the same agreed upon commission described in the listing contract. Co-brokerage is a wonderful thing. It allows more exposure for a seller’s listing by opening up the number of agents who can sell the property. It frees a buyer to find the right person with whom to work.
You really can “have it your way”.
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