What is a “Buyers Agent” and why you need one!!!
Whether it be your starter home or forever abode, buying a house can feel like a mammoth task. Thankfully, real estate agents can make the process less daunting. As a buyer, you’re going to want to find a buyer’s agent who can help you obtain your perfect home. But what is a buyer’s agent, and how does one differ from a listing agent???
What Is A Buyer’s Agent???...
A buyer’s agent is a real estate professional who guides a buyer through the process of purchasing a home. As a representative of a purchaser in a real estate transaction, a buyer’s agent has a legal obligation to protect the interests of the buyer and work to ensure they’re getting the best deal possible. Although there are some real estate agents who specialize in working with buyers, most agents work as either a buyer’s agent or listing agent, depending on the specific transaction.
Buyer’s Agent Vs. Listing Agent...
In a real estate transaction, there are usually two real estate agents involved: A buyer’s agent and a listing agent. The buyer’s agent works on behalf of the buyer, while the listing agent represents the interests of the seller.
The buyer’s agent will aid the buyer in navigating the real estate landscape by finding listings and advocating for the buyer and their unique needs. The listing agent, on the other hand, is responsible for listing a property for a seller. A listing agent has a fiduciary responsibility to look out for the seller by ensuring that they secure the best terms possible for the sale of the seller’s property.
Instead of hiring their own agent, some buyers believe they can find a property they like and work with the listing agent to actualize the sale. While this type of dual agency can be done, it’s highly discouraged because it leads to a conflict of interest. When it comes down to the negotiation process, there’s no way that one agent can be loyal to both parties of the transaction. Buyers and sellers inherently have distinct interests, especially when it comes to the purchasing price.
Buyers Agents Work for You Free of Charge... The great news is that having a buyer’s agent on your side not only saves you money, but also cost you nothing because the seller pays the buyer’s commission and you have no one to help you ensure you are represented in the real estate negotiations. If you decide not to have representation, then the listing agent, who represents the seller, would typically keep the commission. When listing agents are under contract to list a home for sale, the commission that the seller agreed to is already in the contract and it includes the amount that would be paid to a buyer’s agent. If an unrepresented seller is involved in the transaction, the listing agent is entitled to all the agreed upon commission.
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