For those of us who work in the real estate industry, we often forget that many members of the general public aren’t always familiar with many of the processes that we may consider second nature when it comes to Realtors, fees, and real estate transactions in general. One of the most common conversations I find myself having with people is explaining the misconception that as a Buyer, you will be paying Realtor fees if you hire an agent to represent you in a transaction.
I’m always surprised how often this issue comes up… but really, I shouldn’t be, considering “First Time Home Buying” is not part he high-school curriculum. With how all consuming our real estate market is here in Vancouver, perhaps it should be.
So let’s set the record straight: when you are the Buyer in a real estate transaction, hiring a Realtor to represent you costs you absolutely nothing. That’s zero dollars in fees, zero dollars in GST. Nothing.
So why would an agent spend hours sitting down with you to explain the buying process, assisting you in obtaining financing, figuring out which neighborhoods may suit you best, finding appropriate properties, checking on their availability, booking showing tours, driving you around to show you said properties, reading through countless pages of strata minutes to make sure there isn’t anything you’ve missed prior to making the biggest financial investment of your life? The fact is, agents do get paid for representing a Buyer in a transaction, but their fee is paid by the seller. Here’s how it works… Continue reading →