6 Reasons Why You Need a Buyers Agent5/9/2019
As a new home Buyer, the availability of internet and mobile platform apps to search properties makes everything so easy that it may appear you no longer need the traditional services of a Buyers representative. Find a property Open House and just show up, right? Wrong!!!
One thing that technology cannot change is this: the representative that greets you at an Open House or a New Model is one thing and one thing only; the SELLER’S representative. They protect the Seller's interests ONLY.
So exactly what are the benefits of starting a relationship with a Buyer’s Agent? A Buyers Agent is YOUR representative and owes you certain fiduciary responsibilities including the following:
- Loyalty: Your Buyer Agent is loyal to you, the client, and must place your interests above their own in all matters. Yes, the agent traditionally receives a commission from the Seller, but the Agent’s interest in that commission cannot supersede their commitment to getting you the best deal possible.
- Confidentiality: What you and your Agent discuss is private and must remain confidential. While your Agent conducts negotiations on your behalf, no information may be shared with the Seller or their representative without your express permission.
- Disclosure: Any information that your Agent receives that may benefit your position in negotiations must be promptly disclosed to you.
- Accounting: Transfers of monies during a real estate transaction will likely include an escrow deposit that is entrusted to your Agent in good faith. The Agent cannot combine or co-mingle your money with their own personal or business monies and acts purely as an intermediary between you and the escrow company.
- Care: Your Buyers Agent is a professional that can increase your chances of getting the property you want at the price you want. They must always perform to the best of their ability in the express interest of you, the client.
- Obedience: Any lawful order that you give your Agent must be complied with.
Be careful and plan ahead the next time you stop by an open house or a Model home at a new development. In short, it is risky to go to open houses unless you really are planning to work with the agent that registers you. Before you sign any register, consider listing the name of your Buyer’s Agent alongside your own. Or better yet, contact your Agent and have them simply call the listing agent with notification that you will be stopping by. If you don’t, you may be sacrificing your ability to retain a Buyer’s agent in the future for that specific property. Once the Sellers agent has your name on a written document, they have likely established “Procuring Cause”, which means that a Buyers Agent would have a very hard time getting paid for representing you going forward. That representation could cost you thousands of dollars directly to the benefit of the Seller.