Buyers Representation is an old topic that gets kicked around as often as a football in the middle of playoffs. It raises questions, comments, eyebrows and voices.
Points of Agency
$A ubiquitous ‘Relationship’ between one party (principal) who delegates work to another party (agent)
$The principal hires the agent to pursue the principal’s interest and protect him from foreseeable harm.
$The agent is committed to protect and promote the interests of his client above his own.
Benefits of Representation
A signed buyer’s representation agreement is a contract of employment between the buyer and the agent.
"The agent now represents the buyer and this relationship affords all the benefits of the agents’ time, knowledge, expertise and experience to the buyer. Without a commitment or representation the agent is actually employed by the seller, thus putting a limit on the agents responsibility to you the buyer, (as mentioned in points of agency above)
"The scope of the agents reach is now extended to other properties on the market besides the MLS. The agent can now pursue FSBOs to add to your inventory of possible home choices.
"The agent will now be assured of payment for his work. I cannot think of one person I have ever met that didn’t want to get paid for their labor. Why would a REALTOR® be any different? Pay day for an agent only comes when the buyer & seller have come together in agreement and fund and close the home.
Remember when you are hiring (signing a buyers representation) a REALTOR® you are both making a commitment to each other. One to protect and serve and the other to be loyal.
Comments(2)