Why is there an agent needed for both the seller and the buyer in real estate? What do realtors actually do?
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It’s a bit of a scam in practice but the idea is that if you are the seller of a thing you are going to act in such a way to get the sale for the absolute highest price. If you are the buyer of the thing you want to pay the lowest price. If you have two different people negotiating price for you, you get to equilibrium where both parties are unhappy and able to go ahead with the transaction. In practice though the agents want their commission and both work to make the sale happen going as far to convince their clients to take a bad deal.
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