What is a Buyer’s Agent?
Is there a difference between a “Buyer’s Agent” and a “Seller’s Agent”?
In the traditional sense, agents involved in a real estate transaction legally represent the seller (both the Listing Agent and Selling Agent). However, when a “Buyer’s Agent” is involved, that changes things and the person buying the property is represented by the “Selling Agent” that is known as the “Buyer’s Agent.”
How does a Buyer’s Agent get paid?
There are two ways that a Buyer’s Agent can get paid. Typically, the Buyer’s Agent is compensated from the seller(s) of the property you are buying by way of a co-broke offered. This is the most common form of compensation to Buyer’s Agents. Another way that a Buyer’s Agent may receive compensation is directly from the buyer that is stated in the Buyer Agency Agreement. Every situation is unique so be sure to discuss the form of compensation with your Exsell real estate agent when entering into a buyer agency.
What are the benefits to a Buyer’s Agency?
- Ability to provide counsel and advice with unrestricted assistance.
- Ability to investigate anything that could jeopardize the best interest of the buyer.
- Negotiate directly with listing agent and seller to obtain the lowest price.
- Prepare an estimated value and future stability to insure the value of the property.
- No restrictions to show properties to a client, regardless if they are in the Multiple Listing Service or not.
Is there a contract for Buyer Agency?
Yes. This contract is between you and the Exsell real estate agent you choose to represent you, their client. The contract creates legal “fiduciary” responsibilities between the Buyer and the Agent. These responsibilities include, but are not limited to:
- Negotiating the best price for the buyer.
- Full disclosure of all pertinent information to the transaction.
- Accountability on all matters in the transaction.
- Highest levels of confidentiality on all matters.
- Obedience to the needs of the buyer(s).
- Loyalty between the Buyer(s) and the Agent.
There is indeed a competitive edge to hiring a buyer’s agent, and at Exsell, we encourage you to contact one of our expert real estate agents to discuss how they can be in your corner from start to finish on your home purchase.