M&Co. Buyer Center » Finding The One » Working with an Agent

Working with an Agent

Your agent’s role is to represent you in the purchase of a home. Their fiduciary duty is to you, meaning they are always on your team and looking out for your best interests. Learn more about the role of an agent below.

When you work with an agent, there are “minimum services” that must be provided to a homebuyer, pursuant to the Real Estate License Act of 2000. The agent must:

  • Accept delivery of and present to the buyer offers and counteroffers to buy or lease any property that buyer seeks to acquire

  • Assist the buyer in developing, communicating, negotiating and presenting offers, counteroffers, and notices that relate to the offers and counteroffers until a lease or 18 purchase agreement is signed and all contingencies have been satisfied or waived

  • answer the buyer’s questions relating to the offers, counteroffers, notices and contingencies.

Beyond these services, most agents will also:

  • Use best efforts to identify properties available for acquisition that meet the buyer’s specifications relating to location, price, features, and amenities

  • Arrange, to the extent available, inspections of properties identified by buyer as potentially appropriate for acquisition

  • Advise Buyer as to the pricing of comparable properties

  • Assist Buyer in negotiating a contract acceptable to Buyer for the acquisition of property

  • Safeguard and protect any confidential or proprietary information that buyer discloses to buyer’s designated agent unless disclosure of such information is required by law

  • Disclose to buyer any information known to buyer’s designated agent that would materially affect buyer’s decision to acquire the property.

Sharing the above with you is an agent’s legal duty!

Searching for Property

Your agent will set you up with a property search on the Multiple Listing Service (MLS for short) based on your search criteria. Additionally, your agent will use other tried-and-true tools to find options for you: the Private Listing Network, Top Agent Network, and M&Co.’s agent network.

Showing Property

Your agent will guide you through showings and open houses, pointing out things you may want to consider. Our team is trained to look for anything that may affect your decision to move forward and negotiate: upgrades, building materials, appliances, and signs of damage. We also know the most important questions to ask a listing agent!

Writing & Negotiating Offers

Once you decide to submit an offer, your agent will draft your contract and negotiate for the best terms with the seller’s agent — with your input, of course. If there are multiple offers, the “win” is typically not on negotiating a lower price – the “win” is securing the property!

Support Throughout the Transaction

Once you are under contract, your agent will guide your transaction to closing. If any negotiations pop up during the transaction, your agent will handle those, too.

Frequently Asked Questions

  • In Illinois, the seller’s brokerage has historically split their commission on the sale (paid by the seller) with the buyer’s brokerage. The amount paid to the buyer brokerage has often been 2.5%, but there is no industry rule on how much to offer a buyer’s brokerage, and in 2024 there may be instances where we see a lower percentage or even none at all. Regardless of the amount, compensation is paid to brokerages at closing, and then agents receive a “split” of the brokerage’s amount.

  • No. We want our clients to WANT to work with us, not feel obligated because they signed a document.

    We do send all of our clients the M&Co. Pledge to formalize our role as agents, but it does not require you to work with us. It just details our responsibilities to you!

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