What’s the difference between a Buyer’s & Seller’s Agent?
Traditionally, all agents involved in a real estate transaction legally represent the Seller (both the “Listing Agent” and the “Selling Agent.”) unless a broker becomes the buyer’s agent by agreeing to represent the buyer, usually through a written representation agreement.
What will it cost me?
No additional cost. In fact, a Buyer’s Agent can save you money by being able to negotiate with the Seller and Selling Agent to work toward obtaining the lowest price and best terms for you, the Buyer.
Why the change?
In the mid-1980’s, state licensing officials and trade organizations began questioning certain practices within the real estate industry. As a result, agents were required to reveal which party they were representing. Buyers began requesting equal representation.
What are the benefits of a Buyer’s Agency?
- Advise and counsel a Buyer with unrestricted assistance.
- Prepare a competitive market analysis.
- Investigate any situation that might jeopardize the best interest of the Buyer.
- Negotiate with the Listing Agent and Seller to obtain the lowest price.
- Show all properties on the market, regardless of whether they are listed with Multiple Listing Service or other Ranch listing publications.
- Full disclosure of useful information.
- Confidentiality in all matters.
- Loyalty between the Agent and the Buyer.
What if I’m already talking with a Listing Agent?
Unfortunately, if in your property search you call the advertised listing agent, you may have negated the ability to engage your own buyer agent for that property or any other property listed by that agency. Engage a buyer agent first, then begin an organized and professional search.
What’s the bottom line?
Buyers have nothing to lose by engaging a buyer’s representative because they can expect a higher level of service, typically at no additional cost.