What Is Co-broking and Why Is It Good for Sellers (and Buyers)?
Co-broking means that both the buyer’s and seller’s real estate agents have agreed to work together to facilitate the sale of a property. When the transaction has closed, they will split the commission.
Most reputable real estate agencies in Manhattan are members of REBNY, The Real Estate Board of New York, and are required to co-broke with other REBNY agents. The process allows a cleaner, more transparent transaction for all parties.
Listing Agents like to co-broke because Buyers Agents bring qualified candidates to the table Prospective home buyers don’t have to pay their agent because their Buyers Agents receive their commission from the seller.That means that buyer’s agents advocate for the clients, protect their best interests, compile all the paperwork and it doesn’t cost their buyers a penny!
If you’re thinking of selling, Jacquelyn Sarpong, Licensed Real Estate Agent at The Bizzarro Agency, shares a few keys to attracting buyers below.