First licensed as a real estate sales person in 1978, a real estate broker in 1984, and as an attorney in 1994, I’ve been exposed to about every aspect of real estate imaginable. As an agent, I sold houses and represented buyers and sellers, as a developer I built multi-family and commercial properties, as a mortgage banker I grew our company from a mortgage broker to a direct underwriter for FHA and VA loans. My loan officers over the years originated well over a thousand loans and most of their clients were real estate agents who referred their buyers to my company for financing; the financing made it possible for the deal to close and for the real estate agent to get paid.
When it comes to closing deals, for most real estate agents, it’s all about the money. Real estate agents work on commission and, when you work on commission, the house you sell and close, pays for all the time spent working on deals that never close. The commission salesperson tries to sell a high-priced property because the commission is based off the purchase price —the bigger the deal—the bigger the paycheck. The best way to make a big deal even bigger is to “double-end” the transaction—be the agent for both the Buyer and Seller—otherwise, be a Dual Agent!