The time has come to sell your current residence and escape the bondage of subdivision life; then seek the refuge of the country for building your dream home. After several interviews, you have finally selected an industry leader to market your home, agreed upon an asking price and executed a listing agreement.
THEN, your residential REALTOR hands you a BUYER AGENCY AGREEMENT, granting that Agent the exclusive right to represent you in your quest for land. Your Agent then explains that their skills and expertise are adequate for assisting you with this transition and furthermore you will incur no costs for their services because the Seller will be paying the commission, same as you in the disposition of your house. While this is true with Multiple Listing Service properties, you could be in for an expensive lesson otherwise. The truth is the brokerage company alone determines the amount of commission, if any, to be paid to a Buyer’s Agent.
Many Land brokerage companies do not place their inventory in MLS for numerous reasons. Tracts may be withheld at the request of the seller because alternative methods of disseminating information to land professionals have proven to be more useful. Other land companies list properties statewide. We list properties across the entire upstate and no centralized MLS exists to accommodate properties in numerous counties. Hence, the contractual obligation for the sharing of commissions via the MLS will probably not be available in a land acquisition and you could be responsible for paying your Agent’s commission.
Is Buyer Agency a good option for land transactions? It depends on your selection of REALTOR’s. Like most professionals these days we are not all the same. Only a few specialize in land with the vast majority in general residential. However, the National Association of REALTOR’s Code of Ethics Article 11 states “REALTORS shall not provide specialized services outside of their respective areas of expertise, unless they engage the assistance of one who is competent in that particular faced of the real estate industry.” With this caveat in mind, when buying or selling land it makes sense to use one of our agents with many years of experience in the land business. Our staff also includes two of only four Accredited Land Consultants in the entire upstate.
A good reputation is hard to earn and even harder to keep. Metcalf Land Company has been successfully helping thousands of folks buy and sell land in the Upstate of South Carolina for over 40 years. Please give us a call if you would like more information about our services.