Financial Literacy

If you want a broker in your corner alone, consider using a buyer's broker. Instead of working for the seller, they work exclusively for you, the buyer. The broker fees are calculated on a percentage of the transaction, which means that the hiring of a broker representing you need not cost you anything more. The total cost is shared between the seller's listing broker and your buyer's broker.

Things to consider:

• Pay close attention to how the buyer's broker's fee will be calculated. If it is a percentage of the sales price, the incentive to keep that price as high as possible and against your best interests will still persist.
• Make sure you hire a broker that you like. While that's true with any broker, with a buyer's broker you'll probably sign a contract and that contract will be exclusive. If that's the case, try to limit the duration of the contract so you can switch to another broker if you're dissatisfied with your first choice.
• Get a reference.

Regardless of whether you use a buyer's broker or not, make sure you find a broker you feel comfortable with. Perhaps friends or co-workers have a positive personal experience they can share with you. Get recommendations. Don't settle for anything less than the perfect chemistry.