Home Buyers Get Extra Service!
Great news for today's home buyers! In recent years the residential real estate industry has embraced the concept called buyer agency. This revolutionary change means that home buyers can now employ an agent who offers Extra services to look out for their interests, including working to get the lowest and best price for a property. Agents within a company which represents buyers and sellers disclose their intent to practice what is called dual agency. Dual agents represent the interests of both the buyer and the seller in the same transaction, resulting in a loss of advocacy and many of the services provided by Buyer Agency.
Buyer Agents' Extra services
A home buyer will be asked to sign a written agreement to take advantage of these important services. Signing a contract is an important protection for the buyer as well as the agent. (If you are not offered a contract with your buyer agent you should initiate one yourself, so the terms and fee is agreed upon and understood beforehand.) The contract requires loyalty to the agent, so it is important to spend some time interviewing agents to choose someone whose skills meet your needs as well as finding a good chemistry in personalities. Exclusive Buyer Agents find homes for sale by owner from local papers, the internet, as well as homes listed with the Multiple Listing Service (MLS). Seller agents who participate in this computerized service generally offer compensation to cooperating agents including Exclusive Buyer Agents. This means the best news for consumers is that Exclusive Buyer Agency is generally available at no Extra cost!
These days many home buyers prefer instead to hire a buyer's broker, one who owes the full range of duties, including confidentiality and obedience, to the buyer. A buyer's broker is often paid by the seller, regardless of the agency relationship.
REMEMBER: In whatever manner you choose to be represented, the goal is generally the same, that the real estate broker is trying to assist you in the sale or purchase of real estate upon terms acceptable to all parties.
Guarantee to represent you
Protect buyer's bargaining position
Analysis of property value for buyer
Advocate for buyer's best interests
Negotiate aggressively for buyer
Seek lower price and better terms
Access to entire market of available homes
Point out reasons not to buy
Seek advantageous financing for buyer
Assist in finding thorough home inspector