BUYER’S AGENT
What Exactly is a Buyer’s Agency and How it Benefits You
The typical home sale involves two licensed real estate professionals. One Realtor® representing the Seller (Listing Agent) and another representing the Buyer(s). The Realtor working solely with the buyer may informally be referred to as the Buyer’s Agent.
Buyers require more help with a wider assortment of tasks than Sellers. If you make your purchase with the Seller’s agent there is a potential for conflict of interest. Dual agency is the situation where both a Buyer and a Seller are represented by the same agent in the same transaction. Although there are legal restrictions on the flow of information between the Realtor® and both parties, it is nearly impossible to be completely loyal to the interest of both Buyer and Seller. Their interests are completely opposed. By having a Buyer’s Agent you can be confident knowing your representative is legally obligated to protect and promote your interests as they would their own. Your Buyer’s Agent owes you the following duties:
1) Undivided loyalty. The Brokerage must protect the principal’s negotiating position at all times, and disclose all known facts which may affect or influence the principal’s decision*
2) To obey all lawful instructions of the principal*
3) An obligation to keep the confidences of the principal*
4) To exercise reasonable care and skill in performing all assigned duties*
5) To account for all money and property placed in an Brokerage’s hands while acting for the principal*
Aside from the legal protection of Agency, there are more benefits to purchasing your new home with the services of a Realtor®.
Access to MLS - Realtors® have 24/7 access to MLXchange; a web based program used by the Real Estate Board of Greater Vancouver (and all other boards in B.C.) to promote listings to all B.C. Realtors®. Your Buyer’s Agent, through their access to MLXchange, will be able to provide you with listings as soon as they hit the market.The same cannot be said about public MLS sites that lack detail and are usually out dated by 3 to 4 business days.
Market Knowledge – Realtors® have a great deal of valuable knowledge regarding the real estate market and the area you wish to purchase in. Armed with this information your Realtor® will advise you on the market activity, pros and cons of the prospective property and most importantly its market value.
Competitive Edge – Everyone knows the Vancouver real estate market is scorching hot and extremely competitive. Properties often have multiple offers (2 or more competing offers on one property) and are sold within days. With up-to-date listings from MLXchange accompanied by market knowledge and negotiating skills, your Realtor® has the tools you need to give you the competitive edge you need. Customer Service – An exceptional Buyer’s Agent will alleviate any pressures or stress that can sometimes accompany the buying process. Providing a high level of customer service, your Realtor® will help navigate you through each step of the purchase ensuring all requirements and deadlines are met.
FREE! – So by now you are probably wondering, “What is the Buyer’s Agent’s fee?”Good news, it’s FREE of charge. In a typical real estate transaction the Seller will agree to pay the Listing Agent a commission fee of which a portion is allocated for the Buyer’s Agent. So as you see, you get all the benefits of a secure and confident real estate purchase without the cost. Contact me today and let me show you how I can assist in the purchase of your dream home!