Finding a Real Estate Agent in Chicago
When Deciding on How to choose a Chicago Real Estate Agent/ Broker, you should consider several factors.
If you're buying or selling residential real estate (and that's probably why you're on this Website) you need to choose a residential real estate agent/ broker. That's what we will briefly set down an overview here.
First off, what's the difference between a broker and an agent?
Here in Chicago, a real estate "agent" is an Illinois State licensed salesperson who performs real estate activities on behalf of a licensed real estate broker. So, the Agent works for the Broker, who is legally and professionally responsible for any and all actions during the course of any real estate business done by the Agent.
The Broker is responsible for the actions of the Agent. The Agent is acting on the Broker's behalf on all real estate transactions.
Most Illinois Agents are "independent Contractors, " and Agents at most residential real estate agencies work for the Broker under this type of agreement.
Listing Agent
Many Agents specialize in Listing homes for sale. They are what's sometimes know as "Listing Agents." Typically, they deal with sellers and enter into a contract with them to sell their homes. They are legally bound to watch out for, and to secure the best deal for the seller.
Buyer's Agent
An agent that represent the buyer. This Agent is bound to represent the buyer. An agent who works with the buyer should guide the buyer to finding the best possible property, best possible price and terms...the best overall deal for the Buyer.
In most residential real estate transactions, the seller pays a commission to the listing agent, who typically spits this with the buyers agent. So, being represented by a Buyers Agent, costs you nothing, and you will most likely get a better price and terms, because the buyers agent is representing your best interests.
NOTE: Illinois Law currently Permits something called "Dual Agency." This is where the Agent may represent both the seller and the buyer. This is a contradiction in terms. How can the Agent properly represent both parties? Probably not well.
Many States have outlawed this Dual Agency type of representation due to the possibility of a conflict of interest.
Under the Illinois License Act Of 2000, Full Disclosure about who the agent is working for is mandated by law. Dual Agency is only allowed if the buyer and seller are informed and consent to the Broker/ Agent representation of both seller and buyer in the same transaction.
Good business sense dictates that you have a Buyers Agent represent you if you are buying a home.
What about the people who work at the New Home/Condo or Loft Models here in Chicago?
Those Agents usually work directly for the developer or builder. They are representing the builder/ developer and are working to get the best deal for them. If you are working with, or want to be represented, by a Buyers Agent, you should always make very clear to the Model Agent that you are working with your own agent. When you "Sign In" at the model, you should always write, next to your name, the name of the Agent you are working with. If you do not do so, the Builder/ Developer will not pay the commission to your Buyers Agent.
