You may find yourself working with someone who is actually negotiating for the seller, not you the buyer. One thing that is constant throughout the U.S. is the obligation for all REALTORS® to comply with the National Association of REALTORS® Code of Ethics.
A Buyers Agent refers to someone with whom you’ve established a formal agency relationship—someone who represents your best interests in a real estate transaction and owes you fiduciary responsibilities. Don’t assume that you will automatically receive fiduciary responsibilities from the agent you’re working with as a potential home buyer.
Do you want to be buyer-customer or a buyer-client?
Compare the below and decide for yourself
Unless you have a buyers representation agreement signed, all Realtors in the state of Texas work for the seller and are obligated to give fiduciary duties to the seller.
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If you are a CUSTOMER (no agency relationship), an agent will: |
If you are a CLIENT (agency relationship), your agent will: |
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Maintain loyalty to the seller’s need |
Pay full attention to your needs |
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Tell the seller all that they know about you |
Tell you all that they know about the seller |
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Keep information about the seller confidential |
Keep information about you confidential |
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Focus on the seller-client’s property |
Focus on choices that satisfy your needs |
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Provide just the material facts |
Provide material facts as well as professional advice |
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Only provide price information that supports the seller’s listing price |
Provide price counseling based on comparable properties and their professional insights |
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Protect the seller |
Protect and guide you |
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Negotiate on behalf of the seller |
Negotiate on your behalf |
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Attempt to solve problems to the seller’s advantage and satisfaction |
Attempt to solve problems to your advantage and satisfaction |
Call the Agent on the sign or interview a buyers agent?
The best way to be certain your interests are being considered and protected is to sign a buyer agency agreement with a trained buyer’s rep, which clearly establishes client-level services and spells out what services you can depend upon. It costs you nothing but time well spent.
Questions to ask
Real estate agency relationships, like all business relationships, can be formed in a number of ways. In order to help talk through your options, here are several questions to ask your buyer’s rep:
Do you represent buyers, sellers or both?
What services are provided to (or excluded from) me?
When does representation begin? When does it conclude?
If I’m not ready to commit to your normal term, can you offer me a one-day buyer agency agreement or a 24-hour opt-out clause?
How is dual agency addressed in your firm?
Don’t buy a home without your interests being represented. If you are not happy with the service that a particular “buyers agent” is providing you can terminate your agreement with a “Termination of Buyer/Tenant Representation Agreement”.
Be an informed buyer.
Courtesy of;
Key Real Estate Services
Malisa Spivey, Realtor/Professional Real Estate Consultant
254.495.7735
515 N. Hewitt Dr., Hewitt, TX 76643
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