Great post Barbara. My only disagreement with you is that if a buyer insists on using the builder's agent, there is still absolute fairness. The buyer just needs to be aware that they have no representation and as you said the builder's agent's responsibility rests in being honest with the buyer and representing the builder 100%. How long would you last as a builder's agent if you continually gave away the shop? As long as you are honest, there is fairness.
This morning I read a post written by Mona Gersky titled “Buyer Agency Explained-Working with Real Estate Agents in NC” and I thought I’d share my thoughts on this topic. Mona mentioned and I quote “All agents (Seller's Agents & Subagents included) owe Buyers honesty, fairness and material facts about properties.”
We are listing agents, and much of our focus is on new construction. We often have visitors to our open house events who do not have and do not want to use a buyers’ agent. Those are the buyers who will be paying full list price and top dollar for all extras and upgrades.
It’s the listing agent’s job to “sell extras.” It’s the listing agent’s responsibility to make as much money for the builder as possible. It’s the listing agent’s duty to make sure that builder has received top dollar for each and every extra.
There is “NO FAIRNESS” to the buyer if the buyer is working without proper representation. There is “NO FAIRNESS” if the buyer does not want to include a buyers’ agent in the equation. There is “NO FAIRNESS” to the buyer by a listing agent. The listing agent’s loyalty is to the seller and only the seller.
Any buyer who thinks the listing agent will be fair is mistaken, if the listing agent is doing his/her job properly. The listing agent’s job is to make sure the seller/builder has received the most money in the shortest period of time. Period!! This is not a gray area. All buyers need their own representation.