is a Buyers Representative?
a Buyers Rep is the buyer's advocate in a real
estate transaction. In contrast, a real estate
agent who lists a property must, by law, be
the seller's advocate. In past years, agents
who brought buyers to the table, did so as a
"subagent" of the listing agent.
They both worked for the seller!
and advocacy has given rise to the demand for
agents who work solely for the buyer. Thus was
born - the Buyer's Representative. It is now
possible to sign an agreement with a real
estate agent that specifies exactly that
function. The typical agreement outlines the
duties of the agent and solidifies the
arrangement between the buyer and the agent.
Use a Buyer's Representative?
often do you buy real estate property?
Once, twice, three times in your lifetime?
real estate is usually the largest transaction
that consumers make in their life. The process
can be complex, involve numerous details that
are beyond the scope of your knowledge, and
sometimes require a bit of negotiating that
may not be your forte. Sometimes, it rolls
along quite well - but you still may not have
the time nor inclination to handle the
can bet, in the majority of cases, the seller
will be represented by an agent. Why not have
your own agent/advocate for complete and fair
representation in the real estate transaction?
at no cost to you! In substantially all deals,
the seller is paying the real estate
of Using a Buyer's Representative
the beginning - a Buyer's Rep can: Work
with you to evaluate your specific home needs
and desires in order to locate properties that
fit those specifications. Assist you in
determining the price that you afford
(pre-qualify) and show properties in that
price range. Arrange the viewing of properties
or preview the properties on your behalf.
offers - a Buyer's Rep can: Research
your selection of properties to identify
problems or issues before you make an offer.
Advise you on structuring an appropriate offer
to purchase the selected property. Present the
offer to the sellers agent and seller on your
behalf. Negotiate on your behalf, and in your
best interest, for the selected property.
accepted (ratified) contracts - a
Buyer's Rep can: Review and explain all legal
documents to you. Make recommendations and
provide assistance in securing appropriate
financing. Provide a list of potential
qualified vendors e.g. movers, attorneys,
carpenters if these services are needed by the
in mind that the Buyer's Representative will
be doing these tasks with your best interests
The Buyer's Rep is your advocate.
sign a Buyer's Representative Agreement?
help you get where you want to goĦ.
real estate agent works on commission. With no
transaction, there is no payday. And most
agents are like you and me - they like to eat.
good agent will go out of their way to help
you, the customer, to find something that fits
your needs. It may be in their inventory of
listings. They may have to scour the Multiple
Listings for a match. (They can see all of the
same properties listed in MLS that all of the
other agents can see.) They may do "cold
calls" on properties that are not yet
offered for sale. And they will take you to
any - and all - of the properties that you
want to explore. That's just to find the
property! Then they will help you make an
acceptable offer and carry the deal to
truth is: It is a whole lot easier to
get that kind of commitment from an agent - if
you make some commitment to them.
like any other agreement - a Buyer's
Representative Agreement can be terminated. It
is not a lifetime commitment. It is a tool
that lets you and the agent focus on the
search for your property needs.
your buyer's rep well. Then stay with them.
It will be a mutually beneficial