Working with a Buyer’s Agent
Written By: Miller and Associates Realty On: 30th September 2016 Under: Buyers, Market Updates, Panama City Condos, Real Estate Market, Real Estate News
Working with a Buyer’s Agent
If are considering a real estate purchase, one of the first things you are probably considering is where to find a great Realtor. However, not all real estate agents work in the same capacity. If you are a buyer, the most beneficial thing you can do is find a highly recommended buyer’s agent. What exactly is a buyer’s agent though and what sets them apart from the listing agent? A Realtor who elects to work as a “Buyer’s Agent” is indicating that they will be working exclusively for the buyer in the transaction and will be doing their best to ensure that the transaction is as advantageous as possible for their client. Now, you may be asking yourself why it wouldn’t be easier to simply call the listing agent and work with them. After all, who else will know more about the property than the one actually representing it? The short answer is that a buyer absolutely can but will then be working with an agent with conflicting responsibilities. The listing agent’s fiduciary responsibility is to the seller and is contractually obligated to share any information that a buyer may share in confidence with the seller. For example, you may tell the listing agent that you are prepared to pay full list price but would rather make your offer $10,000 below list price. The listing agent will write your offer and present it to the seller but must let the seller know that you are willing to pay more.
So what are some additional benefits of working with a buyer’s agent?
It costs the buyer nothing. With the exception of a few rare circumstances, the sellers are responsible for paying real estate commissions to the brokers. Some will argue that the cost of the commission is absorbed into the sale price but at the end of the day, the buyer walks away with a home and the seller with 94% of the purchase price. Even if the perfect property isn’t found, the only investment to a buyer is their time.
It makes the search easier. A good buyer’s agent will take the time to really listen so that they truly understand their client’s wants, needs and budget. They then use this information to provide a variety of properties that meet the buyer’s criteria instead of primarily pushing their listings. Furthermore, a buyer’s agent is able to acquire the exact same information about a property that the listing agent can provide.
They can list for you! Once you’ve established a great relationship with a buyer’s agent, they can transition into a listing agent for you on future sales. You’ll be able to continue to work with a professional you can trust who will still be representing your interests and real estate goals.
If you would like to start working with a buyer’s agent today, contact The Miller Team today!
Read more blogs on market updates.
Post provided by: Amanda Jermyn of Miller & Associates Realty, LLC.
