I’m looking to buy a house and instead of going through an agent, I would like to act as my own buyer’s agent & take the standard 3% commission for myself. Is this possible & what do I need to do?

Asked by Justin in Cameron, Missouri
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The short answer is “no” since you are not a licensed real estate agent or broker and the industry rules are written so that all commissions must be paid to agents or brokers. It’s just one of the ways that the industry protects themselves, instead of providing savings to real estate consumers like you.

As you probably know, the way commissions work is that the entire amount is paid by the seller to his/her agent & brokerage, and from that money a commission check is paid to the buyer’s agent/broker. When there isn’t a buyer’s agent/broker, the listing agent/broker will keep the entire amount under what they call a “dual role.” But this doesn’t mean that you should use this in price negotiations.

Tell the seller that of the 6% commission, 3% was really “budgeted” to pay for the buyer’s broker. Since that person doesn’t exist, ask for some of that money in the form of a price break and suggest that the seller ask for a reduced commission fee. That way, the seller’s profit margin isn’t reduced and you can buy the home for a lower amount. Everyone’s happy. Well, except for the agent & broker… they probably would rather keep the entire 6% commission fee to themselves. :)

Hope this helps!
Eric