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steveo
March 30th, 2007, 09:33 PM
I am fairly new to real estate and I was wondering can anybody explain the difference between listing agent and any other types of agent and how does that affect their commision?

Front_Porch
March 31st, 2007, 12:57 PM
For sales in Manhattan, the listing agent signs a negotiated agreement with the owner. We generally try to land an "exclusive," which means we get paid if we bring in the buyer, or even if the owner does.

In order to attract buyers, in Manhattan we generally "co-broke" -- we offer a certain bit of the commission, usually half but sometimes more or less -- to the broker who brings in the buyer. The broker who works with the buyer is generally helping them sort through listings, figure out the correct price range, etc., but they often have legal obligations to the seller, so if you are working with a buyer's agent they should explain this all to you.

Some non-Manhattan listings (110 Livingston in Brooklyn comes to mind) will not co-broke, which means that if you are working with a buyer's agent on other properties, and you buy that property, either your agent is out of luck and does not get paid, or you, the buyer, pay your agent yourself.

For rentals in Manhattan, traditionally the renter (or the renter's employer) pays the commission, not the lister.

ali r.
{downtown broker}