A buyer's agent is just that - an agent that represents
people buying a home.
Buyer's agents are
fully licensed real estate agents, but they choose to focus on the buying half
of a real estate transaction. Todd is not only an agent, he's a REALTOR®.
Unbiased In the past,
people generally relied on a real estate agent to handle both sides of an
exchange, the buying and the selling.
But there is an inherent conflict of interest built into this
arrangement. Many agents push their own
listings on their buyers, knowing that they will earn 3% from each party.
A buyer’s agent doesn’t
represent sellers, and therefore, has no reason to urge his clients toward a
particular house. His goal is simply to
find the best house at the best price for his buyers.
Free Buyer’s agents are
paid by the sellers, no matter if it’s a resale or a new home builder. The buyers don’t pay a cent.
Negotiating Power Buyer’s
agents have the power to negotiate with home builders. Many people falsely assume that if an agent
isn’t involved, they’ll get a better deal from the home builder because they
won’t have to pay a commission. What
they do not realize is that builders want
buyer’s agent involved because they have the opportunity to bring more
buyers. It’s essentially buying in
bulk. New home builders will bend over
backwards to keep a good agent (and his clients) happy in the hopes that he’ll
bring future clients their way.
More about Buyer's Agents: Is 'Your' Agent Really Working for You? Bankrate.com
"Recently, more home buyers have been asking, "Who
represents whom?" As a result, many are opting to be represented
by a buyer's agent to take them through the process, from house
hunting to closing. The greatest thing about this is it doesn't
cost the buyer anything and often saves them thousands." Who's Working for You? CNNMoney.com
"With so many online tools for finding property, why would you want a buyer's agent?
There are a number of advantages.
- In competitive real estate markets, you may need an agent to give you
a heads up on property as soon as it comes on the market.
- If you are relocating to a new area or live in a large metro, a
buyer's agent will help you understand what a house is really worth,
give you the inside scoop on schools and point out other factors that
could affect property values.
- In any market, a buyer's agent can act as a buffer during the
negotiating process and make sure you've covered all of your bases
before closing."
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