For a comprehensive look at the specific changes, we recommend you read this summary.

Buying a home is likely to be one of the most emotionally and financially significant decisions you will make in your lifetime. As you consider your purchase, it is essential to understand the role of your real estate agent and all associated fees. Specifically, we want to be clear and transparent about:

• the services we provide;
• how much we are paid;
• how we get paid;
• and why.

Please read on to learn more.

An Overview of Compensation

The first thing you should know is that you have choices regarding commission, which is always negotiable—you can choose the level of service you desire and select a buyer agent accordingly. Before you sign an agreement with us, we will discuss the services we provide, as well as our fees.

The second thing you should know is that there are no standard commissions. The free market organically establishes fees within local real estate markets based on service, competition, and what the market can bear, and fees vary across the Industry.

The third important concept to understand is that our market operates with a Multiple Listing Service (MLS), which consolidates listings across brokerages rather than forcing buyers to go from agency to agency to search for homes—a time-consuming and impersonal process. Buyer and seller brokers cooperate freely, sharing information within a highly structured platform of complete, transparent, and accessible data.

How the Commission is Paid

Within the cooperative environment of the Multiple Listing Service (MLS), sellers may provide an offer of cooperative compensation to buyer agents. This means that the cost of our services may be covered by the seller. Sellers also decide whether the amount of cooperative compensation, if any, will be stated in the MLS. We will share details on all properties that meet your criteria, regardless of cooperative compensation offers, and we will tell you if the seller does not cover our fee so you can factor that into your decisions. If the seller’s offer of compensation does not fully cover our fee, we have several options: we can ask the seller to cover it, we can request seller closing cost credits, you can pay the difference, or we can work out a combined approach.

Working Directly With the Seller’s Agent

You may be asking yourself, why not just go directly to the seller’s agent? The answer is straightforward: that agent is contractually and legally obligated to advocate for their client, the seller, and to help the seller complete a sale with the most favorable terms for them. As buyer representatives, we are solely committed to representing your best interests. Furthermore, based on the agreement between the seller’s agent and their client, commission may not vary with a “direct” sale.

Buyer Agent Compensation with Liz & Ellie Local

In exchange for our services as your representatives, we charge a fee of 2.5%. Our commission rate is competitive and reflects the quality and breadth of services we provide. If we decide to work together, this commission and the circumstances under which it will be payable will be detailed in our buyer representation agreement, ensuring complete transparency and understanding of our commitment to each other.

Summary

The most important thing you should know is that you have choices regarding who you hire to represent you as you navigate the process of choosing your next home. As always, we are available to answer any questions, and we look forward to working with you!