Real Estate Practices
In the US, almost all new real estate listings are posted to the Multiple Listing Service – or MLS – within 24 hours of coming up for sale. This ensures that active listings are available to all agents, and differs from practices in many other countries, where buyers have to go from agent to agent to find a property. However, a number of listings in certain markets – the luxury market in particular – remain “pocket” or “quiet” listings. Hence, it is important to have real estate agents working for you – like those at Hopkins, McHugh & Finn with Slifer Smith & Frampton Real Estate – who are in the know about both MLS listings and pocket properties.
The sales commission in the US is always paid by the seller, and then divided equally between both the buyer’s and seller’s brokers and agents. Generally, commissions range from 4 to 6 percent, depending on the property and the market. Buyers here don’t pay a dime to have a real estate broker working on their behalf, and it is therefore always advisable to work with an experienced broker or agent who will protect your interests in the transaction. Kenton Hopkins, David McHugh and Benjamin Finn specialize in helping international buyers achieve their real estate goals and lifestyle needs.