What is Buyer Agency?
Unlike the agents who are listing and marketing homes (known as 'Listing Agents'), Buyer Agents owe a fiduciary obligation their buyers' best interests. They are a trusted advocate throughout the purchase process and beyond the closing. 
And while I'd love to be everyone's agent, there are a great many hard working, intelligent and knowledgeable agents in most any market place to consider. Just make sure, whoever you choose, that they are indeed one of those agents.
Your Advocate from Start to Finish
It’s important that you are aware of how the process works, from the first meeting to the closing table. A good buyer agent will help you create a road map specific to your plan. Understandably, every buyer has a different perception and, consequently different needs.
Whether you’re brand new to the process or a seasoned veteran, your buyer agent will make sure you understand how all the pieces move and how it all comes together. Especially at crunch-time, where things can happen fast, it is imperative that your expectations are realistic and well-informed. Knowing what is likely to come next and being prepared for it will not only save you time and stress, but money as well.
When Does it Make Sense to Find and Agent?
It is never too early to get in sync with a buyer agent. It’s a false perception to think that waiting until you’re “ready” to move on something is the right time to enlist an agent. An often-overlooked but as important part of the buying process is the relationship and rapport that you and your agent will have throughout. After all, don’t you want to get to know the person who will have an important role in how and where you spend your money? Ultimately, all the decisions made will be yours, however, having trust that your agent will be available, trustworthy and prepared for your concerns is paramount to your success and peace of mind.
Your Agent Should Know the Way
While your buyer agent is your lens through which you'll see the housing market, he/she can also be your ambassador to the community too. Providing contacts for contractors, attorneys, inspectors and community or neighborhood leaders, your agent will not only help to create your roadmap of the process, he/she will guide you through it.
Who Pays the Buyer Agent?
It's also important to understand how an agent earns his/her fee. In a typical transaction, the seller will offer a fee to the property's listing agent. That fee can vary but it's typically between 5 and 6%. The listing agent offers a 'co-broke' fee that is usually half of the whole fee.
When a sale is transacted, that 'co-broke' fee is delivered to the brokerage who, after taking their share, pay the agent. Even most folks who are selling without a listing agent will offer a fee for buyer agents. It's equally important to know that in spite of the fact that the fee originates from the seller, a buyer agent owes the seller none of the fiduciary obligations as the buyer agent is solely concerned with the best inerests of his/her client, the buyer.
Why not go directly to the seller or listing agent?
People will often ask, why not then approach the seller or listing agent without a buyer agent? If the seller or seller's agent can avoid paying that half of the fee, doesn't it stand that the buyer will gain favor? Not exactly. If there is a discount to be accounted for, the seller is surely first in line and the agent is second. The buyer is exposed with no real advocacy to protect their interests. A buyer thinks by shaving off a point from the purchase price they are gaining but, in fact, they are losing the involvement of someone who makes it their full time job to ensure you get your terms delivered and to head off any potential blockages in the road.
Different Strokes
Every agent works differently with varying standards and degrees of involvement. If you'd like to know what my role as your buyer would be, click here.
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Click here for a breakdown of the purchase process.
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And as always, feel free to contact me to discuss what you have in mind.
