Working with a Realtor – What You Need to Know
Just like having a Realtor represent the sale of your home a Buyer should have a Realtor represent him/her in the purchasing process, we call this Buyer Agency.
You must determine this;
Do you want full disclosure about the property and the area, do you want your Agent to be working solely for you and in your best interest and to be able to fulfill all the fiduciary duties that we, as Realtors, take very seriously and abide by.
If you have answered yes then you will want to work with your Agent solely by way of the Buyer Agency agreement.
Under the Reco Act we must make clear who is a client and who is a customer; this is spelled out with a Buyer Agency agreement. The goal when purchasing is to be treated with respect and full discloser when it comes to price, possible motivation of the Sellers, where you want to live and how the process will work.
It is as important for the Buyers to be working with someone they feel comfortable with as it is for the Agents.
Open communication about your needs, price, area and importance of certain aspects of purchasing must be met by both parties. You can determine how much or little you want me in your search for your home. This Buyer’s guide will help you along the way when we begin our search.
Why have the Buyer Agency Agreement signed?
As discussed earlier you want your Agent to be able to fully disclose all and any information that they may know about the property and area. If you want to purchase that home you want your Agent to be able to give you good comparable sales in the area that you have chosen, and you want your Agent to be working for you when I go to negotiate an offer on your behalf. The Buyer Agency Agreement is designed to work for the Buyer and you have the option of signing this document for the one day that we would view properties, or depending on how comfortable you are with me, sign it for a longer duration.
What happens in the case where you would like to view one of my own listings?
This falls under Dual Agency and with the consent of both the Buyer’s and Seller’s you can work with me on purchasing a property that is listed with me. Both parties are treated fairly, but I cannot disclose any pertinent information about your motivation or what you would be willing to pay, as I cannot disclose the same for the Seller’s.