buyer representation: Buyer Representation ~ Working as a Team
- 09/22/08 04:22 AM
Over the course of this series, we have explored many aspects of buyer representation. If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post. In the last post, the various methods of compensating buyer agents were discussed. As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.
A successful transaction will occur when the buyer agent and the buyer clients … (25 comments)
buyer representation: Buyer Representation ~ Methods to Compensate the Buyer Agent
- 07/02/08 09:57 PM
In the previous post in this buyer representation series, we explored some of the misconceptions about buyer agent compensation. While most people think that they will have to go out of pocket to compensate the buyer agent, this is not necessarily the case. A skilled buyer's agent will know how to structure a deal so that the fee can be incorporated into the buyer's mortgage.
There are several ways in which a buyer's agent can receive compensation, and this is something that many homebuyers are not aware of. The following is an overview of the various compensation methods.
… (14 comments)
buyer representation: Buyer Representation ~ Compensating the Buyer Agent ~ Myths vs. Reality
- 06/29/08 05:25 AM
In the last part of this series - Long Island Homebuyers ~ Buyer Representation - we started to address some concerns that Long Island homebuyers may have about buyer representation, including: signing a contract, competing clients and dual agency. All of those issues are important, but perhaps the biggest concern about buyer representation is the issue of compensation.
Most people believe that the brokers / agents are compensated by the seller, but this is not actually the case. Although the seller is the one that agrees to have the compensation come out of the proceeds of the sale, the fact … (87 comments)
buyer representation: Buyer Representation ~ Addressing Buyer Concerns
- 06/24/08 07:03 AM
In the previous post in this series, "Long Island Homebuyers ~ Buyer Representation," it was discussed that buyer clients have access to information that could give them leverage in contract negotiations. So far in this series, it has been discussed (in detail), why it is better for buyers to have their own representation. However, despite all of the advantages that buyer clients have over buyer customers, there are still some common concerns that many Long Island homebuyers share about being contractually obligated to a buyer's agent.
Long Island homebuyers are accustomed to having the freedom to work with as many … (9 comments)
buyer representation: Buyer Representation ~ Research & Disclosure
- 06/16/08 11:52 PM
In the most recent post in this buyer representation series, Buyer Representation ~ Finding the Right Home for the Right Price, it was discussed that buyers that have their own representation are entitled to counsel from their buyer agent. Part of the counsel was offering advice, and the other part was providing a comparative market analysis (CMA) to buyers to help them to determine their offer price.
This counseling is based upon the educated opinion and factual data compiled by the buyer's agent. Both of these tools are very helpful, although the counseling does not end there. Buyer clients are also entitled to … (24 comments)
buyer representation: Buyer Representation ~ Finding the Right Home for the Right Price
- 06/05/08 04:30 AM
So far in this ongoing series - Long Island Homebuyers ~ Buyer Representation - it has been discussed that there is a difference between being a client and a customer, that there are distinct disadvantages to dealing directly with listing agents, and that homebuyers that have their own representation have more homes to choose from than those that are unrepresented. These are all very important aspects of buyer representation, but the most significant advantage of working with a buyer's agent has yet to be discussed.
So, how can having buyer representation help you find the right home for the … (41 comments)
buyer representation: Long Island Homebuyers ~ Buyer Representation vs. Dealing Directly with Listing Agents
- 05/20/08 02:55 AM
Long Island Homebuyers ~ Buyer Representation introduced the concept of buyer representation on Long Island. The follow-up post provided an in-depth look at the differences between "client" and "customer" relationships, and how it affects the Long Island homebuyer. This series resumes with a look into one of the most common misconceptions amongst homebuyers.
Many Long Island homebuyers have come to believe that the best chance to get a good deal on a home is to work directly with listing agents to make purchase offers. This couldn't be further from the truth. Listing agreements create a fiduciary relationship between the listing agent and the … (19 comments)
buyer representation: Long Island Homebuyers ~ Buyer Representation ~ CLIENTS vs. CUSTOMERS
- 05/15/08 05:51 AM
In the introduction to this series of posts - Long Island Homebuyers ~ Buyer Representation - the concept of the client relationship vs. the customer relationship was introduced. To the typical homebuyer, the words "client" and "customer" may seem interchangeable, but the difference is very significant.
The only time that someone is considered a "client" in a real estate transaction in New York State is when they have made an agreement with an agent to represent their best interests. For home sellers, this is not an issue, since the exclusive right to sell agreement creates the client relationship. Homebuyers, on … (13 comments)
buyer representation: Long Island Homebuyers ~ Buyer Representation
- 05/08/08 11:49 AM
Buyer representation on Long Island is still in its infancy, but the tide appears to be turning as more agents are embracing the concept. REALTORS®, like many people, are often times resistant to change even though change is inevitable. While there may still be some resistance to buyer representation on Long Island, more and more agents are getting the education necessary to properly represent homebuyers.
According to Jim Pugliese, one of the instructors of the CBR (Certified Buyer Representative) designation course, the amount of agents getting the CBR designation on Long Island has increased dramatically. This designation course used to be … (17 comments)
Long Island Real Estate and Relocation Specialist. Please read my blog for tips on how to sell your home for the most amount of money in the shortest amount of time, general real estate advice and consultation on out-of-state relocations.
Over the course of this series, we have explored many aspects of buyer representation. If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post. In the last post, the various methods of compensating buyer agents were discussed. As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.
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