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| | BUYER REPRESENTATION | |
Buyers DO NOT get a free ride under the traditional brokerage system. A commission is built into the price of the property being purchased. The Buyer actually pays the commission while the Seller gets the representation. Since you, the Buyer, are paying the commission anyway, WHY NOT GET THE REPRESENTATION?
An increasing number of enlightened real estate agents believe that you as a Buyer may desire and need proper representation in real estate transactions and would rather employ a real estate agent solely to represent you, not the seller. You become the Client, thereby authorizing the agent to fully represent you in negotiating with other real estate agents or sellers.
A common practice among people interested in purchasing real estate is to engage the services of a real estate broker/agent to do the initial searching. A well prepared agent is personally familiar with many properties, has access to the Multiple Listing Service and can save you time and effort by finding and showing you the properties that best suit your needs.
Compensation for the agent is usually provided from the sales price out of the seller's proceeds of sale. This always raises the question of "who is the agent working for?" Who is really paying the agent's commission and to whom does the agent owe fiduciary duties?
You should understand the term "buyer's agent" may be a misnomer. In fact, and in law, unless a buyer employs an agent the buyer's agent usually does not represent the buyer.
There are a number of benefits and reasons why you as a Buyer should consider employing a buyer's broker/agent. If you are a buyer, and the idea appeals to you, please give me a call and we will discuss it together. |
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