![]() ![]() Read on.īottom Line: A transaction broker has the same knowledge and experience as a realtor, but the two perform very different functions. Otherwise, you could find out too late that you’re really using a dual agent. Be sure to understand the legal status of these brokers where you live, before you decide to hire one. Transaction brokers are most commonly found in Florida and Colorado, which were the first states to approve the practice. Their services are only legal in about 30 states. You may not have the option of using a transaction broker instead of a real estate agent. The fee can often total less than $1,000, which is obviously far less than the amount the seller would have to pay for each side’s realtor commissions in a traditional sale. When the deal closes the broker is paid a flat fee from the proceeds, with each side paying half. Their only goal is to broker a fair and successful home sale. In short, a transaction broker isn’t trying to get either side the best deal. In formal terms, they have no fiduciary responsibility to either party and can’t be held legally responsible if anything goes wrong. ![]() They don’t give advice to either the buyer or the seller they simply help with communication and paperwork, and ensure that the transaction is handled properly and legally. Similarly, a buyer’s agent only represents the homebuyer, and is responsible for helping them get the best possible deal.īy contrast, a transaction broker works with both sides and must stay neutral. The biggest difference between these brokers and realtors is that they work for the parties on both sides of the transaction.Ī listing agent works for the home seller, and is responsible for helping them get the best possible deal. And in most states where transaction brokers operate, they must hold real estate licenses. In fact, many of them have worked as traditional agents. They ideally have just as much knowledge and experience as a realtor. What Is a Transaction Broker?Įssentially, a transaction broker is a facilitator rather than a real estate agent. Here’s what you need to know about these alternatives to realtors. There are one or two very specific situations, though, in which the services of a transaction broker could make sense and save you a lot of money. But should you think about using a transaction broker rather than a traditional real estate agent? Home sellers might also have heard of people called “transaction brokers,” who charge a lot less than realtors do when a sale closes. That payout will probably be for less than the home would fetch on the open market – often, a lot less – and selling to cash buyers is an option best used by just certain types of sellers. And then there are homeowners who decide to sell their house to a cash buyer, paying no commissions and receiving a quick payout. ![]() They just have to make sure the agent they choose will provide all the services they need, despite the lower payday. For many home sellers, that can be a good decision.
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