What Is A Buyers Agent?
What is a Buyer’s Agent
A buyer’s agent represents you when you are looking to purchase property through a real estate transaction. The Buyer’s agent owes full fiduciary duties, responsibilities, and loyalty to you, the real estate purchaser. The buyer’s agent works for you, the buyer, and has your best interests in mind throughout the full life of the real estate transaction process.
The buyer, through a negotiable fee, pays the agent, or in some states, the commission is split among the buyer and seller’s agents based on the purchase price of the real estate property. It is important for the client in the first interview to discuss how the buyer’s agent will be compensated. In most cases, it is wise for the consumer and buyer’s agent to agree to the compensation terms before viewing real estate. They should sign a written agreement based on the agreed upon terms. The agreement should map out the responsibilities of both parties from beginning to end of the real estate transaction.
Real Estate Buyer Agency
The average person usually only makes about 3 real estate transactions in their lifetime. Purchasing real estate is a very complex, tedious, and major transaction. There are a lot of details that must be handled and completed. Most of the time the agent represents the seller. Do you not want to have fair and complete representation throughout your real estate transaction?
The Realtor acting as a buyer’s representative is responsible for protecting their clients’ best interests. Recent research performed by the National Associaton of Realtors has shown that when a buyers agent is used, the buyer found their home one week faster and viewed three more properties than those who chose not to work with a buyer’s agent.
The Benefits of Using an Exclusive Buyers Agency Agreement
Only an Exclusive Buyer Agent can Guarantee you are represented 100% in your home purchase from beginning to end.
Research the specific needs and wants of the buyer and find properties that fit that specific criteria
Help the buyer in determining what they can afford and show properties in that price range and area the purchaser has determined.
Help the consumer on putting together an acceptable offer to purchase their desired property
Only an Exclusive Buyer Agent can Guarantee to negotiate on your behalf.
Explain and Review all legal documents to the buyer client
With the training given to an Exclusive Buyers Agent it will level the playing field when they go to negotiate your offer because of their high level of training and expertise.
An Exclusive Buyer Agent will make sure the buyer uses a qualified home inspector who will treat the buyer as a client and not a customer.
An Exclusive Buyers Agent’s job is to make sure the buyer gets the lowest price on the best terms.
An Exclusive Buyers Agent helps you with your financing alternatives. They will advise you to be pre-approved by a lender because that helps your negotiating power when trying to purchase property for the lowest price possible.
An Exclusive Buyers Agent has an obligation both legal and ethically to put your interests first.
Does it not make sense to make sure you use an Exclusive Buyers Agent?