“BUYER AGENCY”

Buyer Broker verses Seller Broker!

If you as a buyer choose to engage the services of a seller’s broker/salesperson, further referred to as “broker”, you become their customer. They represent the sellers of real property (all real estate), whether through their own listings or as a sub-agent of other listing brokers. They owe their undivided loyalty, confidentiality and accountability to the sellers and must put the sellers’ interest first. When dealing with a sellers broker, be cautious. Do not reveal too much personal information, which might include financial information or information regarding your urgency to make a deal, as this may undermine your bargaining position if the broker conveys it to the seller.

You may also, as a buyer of real property, engage the services of a broker for buyer agency representation, via a contract of employment, to represent you exclusively. The fee paid for services of the Buyer and or Listing Brokers, in most transactions, is a percentage of the purchase price and will be paid from the proceeds of the purchase price you are willing to pay, at closing. The fee, commonly referred to as commission is offered by the Listing Broker. This offer is compensation to a cooperating seller’s sub-agent or to a Buyers agent. In all likelihood it will be paid to an agent working with you the buyer, so why would you not want your own representation? It will not cost you the buyer anything more, unless you contract the broker under different terms, but it will give you an advocate on your side of the transaction. Only a broker with no seller representation can truly represent a buyer. In this case, you become their client, and the broker represents you, agreeing to become your fiduciary (a broker/client confidential relationship) that is accountable to you. As a fiduciary, they will give you their professional counsel and obey your instructions; and should keep confidential anything you tell them that may affect your purchase of real property. In negotiating for the best prices and terms, they must put your interests first.

No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. The value of an experienced Buyer Broker at this point is clearly evident. As a full time professional we know the local trends and values. We have spent years negotiating realty transactions and have developed a working relationship with other professionals in the real estate industry, and understand how to negotiate in your best interest. Our knowledge, experience and mandatory continuous training in the required procedures of a transaction will be invaluable.

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