If you want a broker in your corner alone, consider using a buyer's broker. Instead of working for the seller, they work exclusively for you, the buyer. The broker fees are calculated on a percentage of the transaction, which means that the hiring of a broker representing you need not cost you anything more. The total cost is shared between the seller's listing broker and your buyer's broker.
Things to consider:
- Pay close attention to how the buyer's broker's fee will be calculated. If it is a percentage of the sales price, the incentive to keep that price as high as possible and against your best interests will still persist.
- Make sure you hire a broker that you like. While that's true with any broker, with a buyer's broker you'll probably sign a contract and that contract will be exclusive. If that's the case, try to limit the duration of the contract so you can switch to another broker if you're dissatisfied with your first choice.
- Get a reference.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
Not NCUA Insuredor Any Other Government Agency | No Credit Union Guarantee | Not Credit Union Deposits | May Lose Value |
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.