Are Buyer's Agents Really Free to Home Buyers?

A question I’m commonly asked is are buyer's agents really free to home buyers? The services of a real estate agent, like any quality service, come with certain costs. In real estate, “quality service” is the name of the game, and the value of a great agent often exceeds any monetary fee. The trusted Ulster County real estate advisor is worth every penny, serving as a guide, aid, and resource of every kind. A good agent is a local expert and acts as your trusted real estate advisor. That being said, who is responsible for paying the agent representing the buyer’s side (known as the “Buyer‘s Agent” or “Buyer Broker”)? Is it the purchaser of the property, for whom the agent has been working to find a suitable home? Or is it the seller of the property, to whom willing and able buyers have been brought to purchase their property? Agent commissions, and who is required to pay them, can sometimes be confusing. Let’s explore the general make-up of who pays the buyer’s agent and why.

Buyer’s Agents – Bringing Qualified, Willing, & Able Buyers to the Table

Commissions are paid at the closing and come from the proceeds of the sale. In a traditional sale, it is generally accepted that the seller pays the buyer brokerage for bringing a qualified, ready, and willing buyer to the table. (In a short sale, where there are no proceeds for the seller, the bank hopefully picks up the tab - but that’s a completely different topic and we can address that another time). In some cases, since commissions are always negotiable, the commissions offered by the seller of the home may not cover the full fee that the buyer’s agent charges. So then what happens?

Most of the time the, buyer’s agent will simply accept what’s offered and be happy with that. However in today’s ever challenging real estate market, many hard working agents are not accepting anything less than their full fee. One might ask what a “full fee” even is today, and as we mentioned, it depends on the individual agent. Historically speaking, we have seen commissions ranging from as low as 1% all the way up to as high as 7, 8, 9 or even 10% depending on what type sale it is, residential, commercial, land, etc.

Both Buyers & Sellers Should Know What They’re Being Charged For

Having such a wide range, it is important for both sellers and buyers looking for Ulster County, NY real estate to know exactly what they are being charged for. Buyers and sellers should always do their research and have the right to negotiate the best and most fair rate for them personally. Be aware that not all agents and brokerages are created equal. It will become quite obvious that there are brand new agents and highly seasoned real estate professionals who have been in the business for a long time. What it all boils down to is value. The absence of value is what creates concern about price. Once a buyer questions value, they will wonder if they are over-paying or not. Most buyers who have doubts simply don’t buy. So it’s important for agents working with buyers to prove value to them and explain how the process works and who pays who. Managing the expectations of buyers (and sellers) is very important in real estate.

So who pays commissions? The Answer Isn't Always Clear...

In terms of real estate, when discussing real estate commissions and who pays, the answer isn’t always so clear. If the seller does not offer or is not willing to pay the buyer agent’s full fee then the buyer may be asked to make up the difference. As we said in the beginning, many buyer agents will simply accept what’s being offered to them. But buyers should be aware that if their agent is willing to flex on their hard earned fee, they may also be willing to flex when it comes to negotiating for that buyer. That’s why it is important for buyers and sellers to know what they are paying for. As the old saying goes, “you get what you pay for…” Personally, as long as I am comfortable with and trust the person I’m working with, and see value in the services they provide, I’d be willing to pay their fee if need be.

To learn more about trust and other real estate advice, take some time to read more about the most reviewed real estate agent in the Hudson Valley by visiting the most informative real estate blog in Ulster County NY.

Related Links

How to Sell in Today's Real Estate Market

Tips For Buyers

Advice For Sellers

Taft Street Realty - Tech-Savvy Agent & Ulster County, NY Area Expert

What makes a great Ulster County, NY real estate brokerage? That answer has changed over time just as buying & selling real estate has changed, but in short, a tech-savvy local area real estate expert is a start. Certain fundamentals remain constant however. Knowing the area is vitally important. Not simply knowing how to get around, but really understanding the towns and communities that you serve. That kind of knowledge is developed over time and shaped by experience. Conversely, technology has altered the business of real estate forever, and it continues to evolve and change every day. These days, a brokerage must be up to date on the latest technology, and how it can help buyers and sellers. The successful companies are ones that embrace new technology and use it to their advantage! Rarer still, are brokerages that have capable agents who can handle both pounding the pavement and using the latest and greatest technology available, all at the same time. Taft Street Realty is exactly that!

Local Knowledge - Taft Street Lives to Be Your Hudson Valley Resource!

Taft Street Realty in the Hudson Valley region combines both old-school values and new-school technology to give clients that perfect balance. We’re lifelong residents of Ulster County, NY, and I've personally traveled to every corner of this beautiful and diverse part of the Catskills. Over the years you begin to learn how each town in Ulster County, NY has its own unique personality. That knowledge (or instinct, we like to say) is used to help clients find a home that’s just right for them. Have a question about a local restaurant or business in the Hudson Valley? Chances are we know about it and can offer some insight. The Hudson Valley region is full of hidden gems tucked away down rarely traveled roads; that’s part of its appeal. Local experts are needed to seek out and find these Ulster County, NY homes for sale, so consider us your local experts! It takes a lifetime to learn these hills and mountains and the communities that reside around them, and at Taft Street Realty we've put in that time so clients don’t have to!

Embracing Technology – Taft Street Adapts to an Ever-Changing Real Estate Market

New technology has changed things, not just in real estate, but in the way we do everything in our lives. How we shop, pay bills, even how we earn our livings has changed. Furthermore, technology has changed how we communicate and has an ever-growing influence on our lifestyles. Now, consider the process buying or selling a home in Ulster County, NY. This transaction is often the biggest investment or sale that most people will make in their lifetimes, and it too has drastically changed.

Certainly, buying a home in the Hudson Valley has changed; with studies showing that most buyers begin their search online. Buyers these days will do months of their own research before even contacting an agent. Gone are the days when buyers would walk into an office and inquire about the local market. There are very few, if any, walk-ins these days and almost everything is done online, including all records of MLS listings. With new mapping, and GPS technology, a buyer can learn everything they need to know about a home for sale in Ulster County, NY right up to getting a bird's eye view of the entire area. Buyers must remember though that they always have to view properties in person, and this is where having the right agent is critical.

And if you're selling your home in Ulster County, NY - you'll want it to be easy to find on the Internet; not to mention amazing to look at, with good pictures and professional presentation. It used to be about print ads, but no more. Sure, we still work with have proven to be influential publications, but these days people read less and less print ads and go straight to the source online. Marketing a Hudson Valley home for sale online is more than posting a little Craigslist ad. Now there are major websites such as Zillow, or Trulia - which serve as virtual hubs that streamline buyers to whatever listings these sites deem worthy. If a home that's for sale is not prominent on all of these sites, then it's missing an enormous number of potential buyers. From marketing on down to the cameras agents use to photograph a listing, technology has changed the way we sell homes. If a brokerage doesn't have this understanding and capability, they will not survive in today's market.

Using Technology to Save Time - But Also to Stay in Touch

New technology has also brought with it an information overload, especially with regards to real estate. How much time is spent clicking through endless listings, and when you finally inquire about one that has sparked your interest, it's either sold, gone, or not worth looking into? Save the most valuable thing of all, time, by working with someone that can find you the listings worth checking out. Finally, a crucial part of real estate has been drastically changed by technology and that is communication. At Taft Street Realty we don't try and call you back the next day, we try and call you back the next minute! Remind us again what office hours are? We live & breathe real estate and have the systems in place to be reachable at almost any time. What about all of those essential documents that have to be sent to this attorney or signed by that mortgage broker? Taft Street Realty's got the fastest and best and safest way to store and transmit important documents. We embrace new technology, master it, and constantly prepare for the next big thing! Systems are the driving force behind Taft Street and keep the business running like a well-oiled machine. At Taft Street Realty we understand that being consistent is extremely important. It doesn't matter whether you are buying a mobile home or a million dollar estate, all operations are the same and every client is treated equally. And technology has helped us keep it that way!

Sometimes it seems like brokerages have agents who may know the country roads, but can't get around a desktop computer. If not, you'll find a whiz that can e-mail you 1,000 listings a day, but has never left the desk to see what's out there. At Taft Street Realty we provide that refreshing and rare mix of both, to help buyers and sellers in Ulster County, NY achieve their goals! So when the time is right, reach out to us as your tech-savvy Ulster County Real Estate Expert!!

Welcome to the Taft Street Blog! Blogs and real estate go together perfectly. As a business, real estate is interwoven with many other industries, such as the financial sector or the construction industry, law & government. Current events, from hyper-local to international, impact real estate markets every day. Good communication, as any knowledgeable and experienced Realtor will tell you, is absolutely crucial in real estate. Now consider a blog, which is instant and easily accessible. It provides its creator with a completely open format, limited only by ones imagination. A blog, in the hands of a resourceful agent, can be a tool to keep clients informed, communicate with other agents, and to reach new buyers and sellers. A good blog bonds with the local public. At Taft Street Realty, we’re constantly publishing helpful, entertaining, and thought-provoking blog posts that we think others will enjoy. Not all blogs are created equal though! The Taft Street blog, is always original, it stands out, but most of all, it’s full of great unique content!

Tracking Local Events and Their Effect on Housing Markets in the Area

Local events matter to our clients, and they have an effect on the housing market. The Taft Street blog keeps its finger on the pulse of Ulster County, NY so that we can give our readers insight on what’s happening in schools, communities, government, as well as things like local arts, food, & entertainment. We seek out fun things to do for our clients, such as a great summer weekend at the Rosendale Street Festival, so that no matter where you live in the Hudson Valley, you’ve got fun things to dohere in Ulster County, NY! Every town in here is unique, but a strong sense of community is a shared trait. Residents take a very proactive role in their neighborhoods and the Taft Street Blog keeps you on the community beat bringing readers the topics that matter in their towns, and provide insight as to how these issues and trends affect the local real estate market.

Great Tips & Advice About Ulster County, NY Real Estate

Taft Street Realty posts are known for their great tips & advice about Ulster County, NY real estate. We specialize in helping buyers and sellers achieve their goals, and we feel that the best client is an educated and happy one. The Taft Street blog offers tips for homeowners on how to sell in a tough market. We also give expert advice to buyers on how to buy a home in Ulster County. As a brokerage, we are the preferred real estate resource for our clients. Writing helpful blogs is just another way to be of service!

The Taft Street Blog – Using Social Media for All Things Ulster County Real Estate!

The Taft Street Realty blog is social! We’re sharing posts on the Taft Street Realty Facebook fan page as well as tweeting from @thisisulster. We’ve been writing guest posts and have plenty of ideas in store for 2012. Great things will keep happening in Hudson Valley real estate, and rest assured we’ll keep on writing!

Woodstock NY Real Estate Stats

Throughout the last few years, I personally, have tried not to pay too much attention to the news as far as the real estate market is concerned. There were just too many depressing stories out there. I'm talking about the various reports that were more broad and generalized, based on national averages after the big real estate boom leveled off and then dropped.

Although these national reports were depressing and painful to listen to, I kept my head up high, because in my area, the real estate market has remained stable. Of course, it's not like it was 6-7 yrs ago, but in our local area, the market seemed to return to what I would call a normal, and stable market. And while in the first month of January, I can say that the amount of foreclosures are drastically down, and going over the year end stats for 2011, compared to 2010, things are looking much better. The entire Ulster County Real Estate market is seeing much improvement, and I believe will gradually get better. Here are a few stats I pulled from the Ulster County MLS data base, for the Woodstock Real Estate market:

Year To Year Market Report:

Area: Woodstock NY Property Class: Residential Homes

In 2011 93 Woodstock NY Homes sold with an average sale price of $419,906

In 2010 86 Woodstock NY Homes sold with an average sale price of $344,837

That's an 8% increase in the amount of homes sold, and an increase of 22% for the average sale price.

Some areas within Ulster County saw little to no change, and others saw a great increase. For more information and to browse available listings in Woodstock and surrounding areas, visit our website and start your search for Ulster County Real Estate