What is a Buyer's Agent?
Well, a buyer's agent is an agent who assists you in purchasing a piece of real estate. What I do is search the MLS as well as keep an eye out for any For Sale By Owner properties and expired listings that may match your criteria. I help narrow down the search. From there, the buyer will pick the properties they want to see. We make an appointment to go out and see the properties.
Once, we've narrowed down to 1-3 properties I will then start gathering all pertinent information. When a client of mine is very interested in a property I want to know everything about it such as: how long it has been on the market, what the sellers paid for it, why they are selling, what other properties similar are selling for, etc. I want to know all this information because it will help in determining what my buyer's bargaining power is.
Once I've collected all this information, I assist my client in determining what a good starting point is and help negotiate on their behalf - keeping their best interest in mind. Once we have a contract, I make sure that everything is on track to meet the closing date. I keep up with the lender, home inspector, lawyer, etc making sure everyone is on the same page and doing their job. Sometimes, while the property is in escrow there are "bumps" along the way. My job is to make sure the ride over those bumps is smooth.
Do You Need A Buyer's Agent?
Actually... no you don't. But, why would you not want one? The right buyer's agent will give you peace of mind in knowing that your needs are being met and you have someone on your side. It also eliminates the "footwork" that you would have to do to find your property. It also doesn't cost you anything.
What Is An Exclusive Buyer's Agency Agreement?
It's an agreement between the agent and the client.
Our contracts say the agent will:
1) Use reasonable and diligent efforts to locate suitable property.
2) Assist Buyer throughout the transaction.
3) Act in the BUYER'S best interest in all relevant areas of the transaction. BROKER will not disclose confidential information that may weaken the BUYER'S bargaining position.
And the buyer will:
1) Work exclusively with the BROKER during the term of this agreement and allow BROKER to present any purchase agreement authorized by BUYER including but not limited to properties offered in the Multiple Listing Service and For Sale by Owner Properties.
2) Immediately notify other agents or Sellers with whom contact has been made of this exclusive relationship.
3) Furnish BROKER with necessary financial and personal information to insure BUYER'S ability to purchase.
Why Is This Neccessary?
It protects both you and me. In South Carolina - a real estate agent has to be either working for the seller or the buyer. You can choose to be a customer of mine or a cilent of mine. If you are a customer - unfortunately, that means I work for the seller. If you are my client - I work for you!
I dedicate myself to my clients, making sure their needs are met. I ask to have this signed because if I'm going to commit to somebody - I'd want the same committment. This agreement does not bind you into buying a property, but says that if you do... you'll use me to write up the contract and represent you.
Geez... I Don't Want to Commit Myself... What If We Don't Like You?
I don't want to work with anyone who doesn't want to work with me. So, if at any time you do decide you no longer want to work with me - I will release you. But, I've never had anyone ask to be released.
If you have any questions about agency... please let me know!
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