2. The USA
In the USA, Realtors take a more collaborative approach. In each major city and region, Realtors enter the properties they have for sale (“listings”) onto a common database (the Multiple Listing System or “MLS”). Since it is a common database, each Realtor has access to all of the properties entered onto it by all of the other Realtors and can show potential Buyers around any of the houses. The Listing Realtor is required to share the fee (“commission”) received from the Seller with any Realtor who introduces a Buyer, whether this introduction is from the MLS or from any other means.
The effect is that a wider pool of buyers is reached more rapidly and a sale is achieved more quickly. As in the UK, the Buyer pays no fees, but a major difference is that a legally binding contract is expected at a much earlier stage than in the UK if a purchase is to proceed.
For more information specific to UK buyers, click here: Buying Florida Property.