High-end home buyers are committed to their luxury real estate agents — and rightfully so. Successful agents devote hours, weeks, months or even years of work, and they are only paid through a cooperating broker commission upon a successful closing. Many buyers and agents assume that luxury real estate auction companies cut the buyer’s agent out of the transaction. However, that is certainly not the case with Concierge Auctions.
Quite the contrary, we understand and appreciate the role of a good agent in a high-end real estate transaction and welcome agents with open arms at every auction we conduct. Buyer’s agents must be licensed of course and must register their client prior to the registration deadline (typically three days prior to the auction). Agents are compensated by a market-rate co-broke commission, payable by the seller pursuant to their listing agreement. These and any other stipulations that make the auction process different from a standard real estate sale are included in the Auction Terms and Conditions.
While most buyers at our luxury auctions are represented by an agent, it is a personal preference. Some choose not to have representation and/or to have other professional guidance, such as a lawyer or accountant. The luxury real estate auction process is a very simple, transparent way of transferring real property between two parties. However, as with the purchase or sale of any high-end asset, it is wise to at least consider seeking assistance from professionals you know and trust.
If you feel comfortable being unrepresented at a luxury real estate auction, that is fine, but you should know it doesn’t place you at a monetary advantage (ie, you aren’t “saving” any money by not having representation). If you feel more comfortable with a licensed real estate agent looking out for you, then they are more than welcome and will be compensated as the buyer’s agent on record. Concierge ensures that every buyer is treated fairly, whether or not they are represented.
Who is your favorite luxury real estate agent?
