Understanding Agency Relationships You’d probably wonder what agency relationships might have to do with you, regarding buying or selling real estate. Most people are unaware of the importance of these types of relationships, unless they do a lot of buying and selling of real estate and have become educated in the importance of knowing what side your agent is on. The buyer’s side, the listing side or both!
If a real estate agent represents the seller of a property, they have established an (seller-agent) agency. This agent has been hired by the seller to represent them, not you. You can work with the seller’s agent when you purchase a home and it established a dual agency. So, how does a buyer protect themselves? Hire a Buyers Agent of course! A buyer’s agent has the fiduciary responsibility to represent the buyer in a real estate transaction. The advantages of using a buyer’s agent are great. Services that are provided to a Buyer-Client are as follows:
Helps Buyer with loan pre-approval.
Physically shows Buyer properties for sale.
Pays full attention to the Buyer’s Needs.
Informs the buyer all that is learned about the seller.
Focuses on expanding the range of choices to satisfy the buyer’s needs.
Find the best property for the client.
Promote the buyer’s search.
First opportunity to view new listings.
All properties are available and viewable, and the sales price is negotiable.
Give advice with FACTS.
Compare competing properties.
Negotiate on behalf of the buyer.
Share all known information about the seller.
Negotiate approved purchase agreement to safeguard buyer-clients.
Attempt to solve problems to the buyer-client’s satisfaction.
All real estate agents can represent either the buyer or the seller. When you are looking to purchase a home, please select someone who is going to work for YOU and not the other party.
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