What is a REALTOR® and How are Realtors paid?

 

 

This is a basic knowledge you have to know before to make a choice with whom you want to work with. 

A real estate agent is a real estate professional who has affiliation to a real estate office or "brokerage" and who is charged with helping home buyers sell homes and with helping home owners sell their homes. REALTOR is a trademarked name used by agents who are members of the National Association of REALTORS®, and who abide by the group's code of ethics and standards. These days, some agents are Realtors.

 

Today's Realtors operate in a number of different ways, although most "traditional" agents (from companies like Coldwell Banker, Century 21, RE/MAX ) work on a certain percentage (usually 6 percent or 7 percent) of the home's sales price, paid by the seller at closing. Buyer's agents work in the same manner (the buy-side and sell-side agents split the commission 50/50) and operate as fiduciaries or "trusted advisers" in the transaction.

 

There’s a big misconception that as a buyer you pay separately for the hiring a REALTOR. 

The good news for you, the buyer, is that most Realtors turn to the seller for payment at the closing table.

 

#anastasialozhkinarealtor #chicagolandrealtor