Why do I need a Real Estate Buyer’s agent?
- Having a real estate agent that represents the Buyer’s interests is a key success factor for the Buyer. This is because the real estate process and its many transactions are complex and better suited for the Buyer when a knowledgeable agent is representing their interests during the process.
- The key to obtaining a real estate agent as a Buyers representative is to understand and sign the “Residential Buyer/Tenant Representation Agreement” typically referred-to as a ‘Buyer’s Rep Agreement’.
Reasons to understand and sign the Buyer’s Rep agreement:
- Technically, the real estate agent owes the seller allegiance (agency/fiduciary duties) in all transactions unless a Buyer’s Rep agreement is signed. This is a key reason that State Law requires that the “Information about Brokerage Services” be reviewed with the perspective client at the first substantive conversation.
- Participation with the MLS makes all brokers/agents to be sub-agents of the seller. The Buyer’s Rep agreement allows the broker/agent to operate in the buyer’s best interests instead of the sellers best interests.
- All negotiations and offers can be performed in the best interests of the buyer.
- By insuring that the broker/agent is compensated the agent can exhaust all efforts on the buyer in good faith.
- Efforts to locate properties by all possible means, FSBO, drive-by, pre-showing, etc.
- By signing the Buyer Rep Agreement the real estate agent assumes fiduciary responsilibity for the Buyer.