Many people looking to buy a home in North Texas believe that for the most part, a real estate agent simply helps them find the type of home they’re looking for. Agents do much more, but we’ll get to that in a bit. The question is, if you find a home on your own, should your buyer’s agent get a commission? It all depends.
The laws regarding real estate vary from one state to another, and change often. Some states require a potential buyer to sign an agreement which states expressly that the real estate agent will earn a commission should the buyer purchase a home during the term of the agreement. Others require that realtors define “agency,” or in other words who the real estate agent is representing in a particular transaction. In this situation, both buyers and sellers agree they understand the rules by signing on the dotted line. The easiest way to know if your agent will be paid a commission, even if you find a home on your own, is to read the terms of your agreement, if a written agreement exists. Most clarify whether or not a realtor will be paid commission regardless of who actually finds the home.
Now, back to what buyer’s agents actually do. In North Texas areas such as Dallas, Flower Mound, Highland Village, and really throughout the U.S., realtors not only assist potential buyers in finding a home, they provide the buyer with a wealth of education regarding market conditions, local education/safety, structural aspects of a home that may be difficult to change, the most important features to consider, those to ignore (for instance, things that can be easily changed by the buyer such as paint color, flooring, etc.) Realtors are also skilled negotiators, an important factor in helping buyers purchase the home of their dreams at a reasonable price.
Really, it all boils down to ethics. Has your North Texas realtor worked vigorously on your behalf, even though you found a home on your own? Time is money, and if your realtor has spent a substantial amount of time working for you, educating you about the local market, culture, or even explaining how to make an offer to the seller, he or she would appreciate being rewarded for the time and effort spent.
At Team Nelson, our Flower Mound realtors are dedicated to helping your family find the perfect home – but we know buying a home involves much more than locating a house! Give us a call today.