Scott Richards - REALTOR ®

16 Biltmore Ave. Suite 300 Asheville, NC 28801

Buyer Representation and Compensation

Real estate agents are state-licensed professionals who, like attorneys, appraisers, and building contractors, must demonstrate mastery of state, local, and national rules to practice their profession and remain licensed.  Additionally, agents need extensive local market knowledge to serve their clients effectively, must successfully negotiate and advocate for their clients, and are called on to provide advice on topics as diverse as septic system maintenance, kitchen cabinet design, and proper orientation for solar power.  

Real estate agents typically provide these services without a guarantee of being paid for their time and expertise.  Only when a client completes their property purchase is the agent compensated.  If a client's plans change or a deal falls through, the agent receives nothing. That's particularly tough because most agents are owners of their own small businesses and responsible for 100% of their business expenses.

Don't think I'm complaining – real estate is a great profession! I think this background is important to share with my clients so they understand both the knowledge and value I bring to them, as well as how and when I am paid for my services.

When you close on your property purchase, this is how I am compensated – 

For a home, I receive 2.5% of the sale price or $10,000, whichever is lower

For vacant land, I receive 4% of the sale price or $5,000, whichever is lower

My compensation comes from one or more of these sources – 

The seller, who can offer a credit to cover part or all of my fee

The listing agent, who can share part of their commission with me

You, who would pay any remaining amount of my compensation not covered by the seller or listing agent

I work with the listing agent and seller first to cover as much of my fee as they are willing to contribute.  Any remaining balance is included as part of your closing costs. Keep in mind that I am only compensated if you complete your property purchase and that you benefit from my knowledge, expertise, and time commitment well before I am paid for my service.

When you are ready to select me as your agent, here is how we get started – 

1. If you are considering financing part or all of your purchase, get pre-approved for your loan. I can recommend lenders for both homes and land.

2. Review the Buyer Agency Agreement, ask questions, and sign.

3. Confirm your must-have property features and target budget with me so we can start visiting homes or vacant land.