Should I hire a real estate agent to help me buy a co-op?
Should I hire a real estate agent to help me buy a co-op?
Many buyers believe they can save money by not using a buyer's real estate broker. Although this is a reasonable assumption, the seller pays the same commission regardless. Most listing agreements are structured so that the seller pays the listing broker 5% or 6%, and the commission is split 50/50 if the buyer has a broker. Unrepresented buyers are preferred by listing brokers because they are paid twice as much.
As a result, when purchasing, you should use a broker. Someone will look out for your best interests and negotiate on your behalf. Even better, use a buyer's broker who offers commission rebates. A commission rebateis when your broker gives you a portion of their commission at closing.
