Ethics You Can Trust
Will Your Realtor Look After Your Best Interests?
Selling a house is a huge financial transaction, you need a Realtor you can trust. To determine if a Realtor will place your financial best interests above theirs ask these four questions.
1) Do They Practice Dual Agency? A dual agent represents the buyer and seller. It is like finding out that your defense attorney is also the prosecution. An honest Realtor never practices Dual Agency. Moreover, if there is no buyer's agent, you will not have to pay a buyer agent fee which saves you 2.8%.
2) Do they ever sell homes prior to them being listed on the MLS? Many agent brag that they are so good they sold a home before it was listed. This is NEVER a good idea. Zillow estimated that non-MLS listings sell for up to 3% less. If a buyer's know they are not competing for a home, you won't get their best offer. There is a 20 times greater chance that a buyer from another brokerage will pay you more. Plus, backup offers keep them honest during the inspection period. You also lose out on getting multiple offers which really drives up the price.
Brokerages try to sell properties this way because they get both the buyer and the seller side commissions. If a Realtor's buyers can't get a home, then they also lose a listing so in-house listings help them sell more homes but they do it at your expense!
3) Do They Charge Fees On Money You Don't Receive? Most agents' fees are based on the Purchase Price with often includes extra money buyers borrow to cover closing costs. It is a sneaky way to increase their commissions. Bloomberg Real Estate bases its fees on the Purchase Price minus any buyer closing costs.
4) Do They Charge Admin Fees? There is no justifiable reason why a Realtor or their broker needs to charge more than their standard commission. Most Brokerages charge $750 when you buy and when you sell. Working with Bloomberg Real Estate saves you $1500.
5) Do Some Listings Receive Better Service Than Others? Many brokerages have a division that provides a higher level of service for more expensive homes. Essentially, the quality of their service depends on their commission. At Bloomberg Real Estate we go all out for you regardless of your home's value.
