Agent Compensation

Transparency in Agent Compensation

At Live.Laugh.Illinois., we strive to provide exceptionally professional and personalized service, continually earning our place as your real estate expert for life. By combining local expertise with a world-class experience, we work each day to minimize your stress, maximize your investment, and laugh a little along the way.

Every real estate journey is as unique as the homes and people on the journey, no two transactions are the same! At Live.Laugh.Illinois. we are committed to working closely with you to ask the right questions and gain access to the information you need to make a confident decision. By empowering you with knowledge, advocacy, and a support network before, during, and after your sale and/ or purchase, we look forward to being your go-to for all things: living well, laughing often, and loving your home for decades to come!

Real estate agent compensation has been in the news far more than it usually is, so we wanted to provide you with some of the questions we have most frequently received. Please reach out directly to discuss any of your questions or concerns, we are honored to be your real estate experts and brokerage of choice!

SELLER FAQ

1
IS HIRING A LISTING AGENT..
2
IS REAL ESTATE AGENT..
3
HOW DID BUYER REPRESENTATION..
4
WAS AGENT COMPENSATION..
5
WHAT IS LISTING AGENT..
6
SHOULD A SELLER OFFER..

IS HIRING A LISTING AGENT..

IS HIRING A LISTING AGENT REQUIRED TO SELL MY HOME?

No. You can sell your home on your own. It is commonly referred to as a FSBO (“fizzbo” / For Sale By Owner)

IS REAL ESTATE AGENT..

IS REAL ESTATE AGENT COMMISSION NEGOTIABLE?

Yes, it has always been and continues to be. There is no industry standard or published rate; the average compensation varies nationwide and in your market.

HOW DID BUYER REPRESENTATION..

HOW DID BUYER REPRESENTATION BEGIN?

Before the 1990s, buyers had no formal representation, leaving them vulnerable. The introduction of Buyer Agency ensured buyers have dedicated advocates handling offers, negotiating terms, and navigating legalities.

WAS AGENT COMPENSATION..

WAS AGENT COMPENSATION INCLUDED IN THE PRICE WHEN I BOUGHT MY HOME?

If you had a buyer agent when you purchased, it is likely that it was included in the purchase price of your home, as well as listing agent compensation.

WHAT IS LISTING AGENT..

WHAT IS LISTING AGENT COMPENSATION AND HOW IS IT DETERMINED?

Listing Agent Compensation is the payment earned by the Listing Agent and Brokerage for services like marketing, negotiating, and managing the sale of your property. This compensation is outlined in the listing agreement and determined through an agreement between the seller(s) and the Seller’s Agent. The rate can vary based on factors such as the agent's experience, the range of services provided, and the extent of marketing and listing preparation involved.

SHOULD A SELLER OFFER..

SHOULD A SELLER OFFER BUYER COMPENSATION?

Offering Buyer’s Agent compensation as a part of the purchase price can increase buyer pool, potentially increasing demand and competition. This often leads to a shorter time on the market, more negotiation power as a seller and better terms. Additionally, having a Buyer’s Agent involved can reduce legal liabilities for sellers by ensuring that buyers are professionally represented throughout the transaction.

BUYER FAQ

1
WHAT IS BUYER'S AGENT..
2
IS A BUYER'S AGENT..
3
WHAT IS THE TYPICAL RATE..
4
CAN I BUY A HOUSE..
5
ARE SELLERS STILL..
6
HOW WILL..
7
IF A BUYER'S AGENT..

WHAT IS BUYER'S AGENT..

WHAT IS BUYER'S AGENT COMPENSATION?

Buyer's Agent compensation is the fee paid to the Buyer's Agent for helping a buyer purchase a property.

IS A BUYER'S AGENT..

IS A BUYER'S AGENT "FREE"? HOW IS THE BUYER'S AGENT PAID?

No, Buyer's Agency services are not free. Historically speaking, buyer agent compensation is typically included in the purchase price and paid to the agent by the title company as part of closing.

WHAT IS THE TYPICAL RATE..

WHAT IS THE TYPICAL RATE FOR BUYER'S AGENT COMPENSATION? IS IT NEGOTIABLE?

Buyer's Agent compensation is and always has been negotiable. Similar to other professional services, Buyer’s Agents often earn and are compensated a certain percentage of the purchase price. Other compensation models also exist.

CAN I BUY A HOUSE..

CAN I BUY A HOUSE WITHOUT A BUYER'S AGENT? WHAT DO I NEED TO KNOW IF I WANT TO BUY A HOME ON MY OWN?

Yes, you can opt to navigate the home-buying process yourself. You will need to be aware of the complexities involved, including understanding industry forms and contracts, executing paperwork, expertly negotiating the terms of the sale, and knowing which professionals to hire for various inspections and repairs.

ARE SELLERS STILL..

ARE SELLERS STILL PAYING BUYER'S AGENT COMPENSATION? IS BUYER'S AGENT COMPENSATION STILL INCLUDED IN THE CONTRACT PRICE?

Ultimately, it depends on the Contract to Purchase as to whether the Buyer’s Agent compensation is included in the purchase price. At Live.Laugh., we recommend sellers include the option of Buyer’s Agent compensation as part of a sale price, as eliminating the option limits their home's buyer pool.

HOW WILL..

HOW WILL I KNOW IF A LISTING IS PAYING A BUYER'S AGENT COMPENSATION?

While this information can no longer be included in the multiple listing service or in brokers' remarks, Sellers and their agents can include Buyer's Agent Compensation on all digital and print marketing materials. In short, as your agent, I will confirm for you, and/or you will see it on the listing marketing, and it will be confirmed and disclosed in the Contract to Purchase.

IF A BUYER'S AGENT..

IF A BUYER'S AGENT COMPENSATION IS NOT BEING OFFERED AS PART OF THE TRANSACTION/SALE PRICE, WHAT ARE MY OPTIONS FOR PAYING?

Like everything in a real estate transaction, this is unique to your situation and the home you are buying. As your agent, I will collaborate with you to empower you with the right questions so you can truly understand your options. Once you understand your options and share your preferences, I will advocate and negotiate on your behalf to honor our Buyer Agency agreement in the way you prefer.

Follow Us on Instagram

Follow Us on Instagram

Join the Team!

We invite you to join us in this exciting new era of real estate. Experience the difference of working with a brokerage dedicated to empowering our agents, serving clients, and giving back to the community. Together, we can build a better future for our communities, and we'd love for you to be a part of it.

Learn More

Subscribe to Our Newsletter

Join our community of enthusiastic subscribers and receive two emails per month packed with insights to help you live well, laugh often, and love Shiloh & Illinois even more!

Subscribe

Get in Touch

contact-form-background

Contact Details

Live.Laugh.Illinois. Real Estate Group

(314) 221-1608
[email protected]



Address

1207 Thouvenot Ln
Shiloh IL 62269