Using a buyer's agency, means the agent is working with your best interests (and wallet) in mind. Things
you tell a buyer's agent remain confidential and that person will represent you and work to find what works best for your needs. In most situations, they are simply working for the same commission that is paid by the seller and split it with the seller's listing agent. Also, working with one person as opposed to ‘shopping around' builds a relationship between you and one agent, that will in turn better serve you because they will have the trust and true understanding of what you need!
A buyer's agent will:
- Work to negotiate the best price
- Ensure the property is inspected
- Make sure you have the representation you need
Key Terms:
- Dual agency: This means the agent or agents are working on both sides of the fence. These means that if you're the buyer working with an agent and find a home you like, that the seller is also represented by the same company, but different agents. It is a likely and common practice; in the dual agency situation, both the buyer (you) and the seller will be made aware of the arrangement and privileged information won't be shared unless you agree to it.
- Neglecting to specify: If you begin working with an agent and DON'T sign a buyer's agency agreement then the agent automatically represents the seller. In most cases, the agent will bring this up and offer you the choice.
- "In-house" Listings": If you're working with a listing agent, or the ‘selling agent' and not an exclusive buyer's agent, be aware that you might get a little harder sales pitch for their own listings, or the listings held by their brokerage firm, simply because they make more money that way.
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