The Benefits of Buyer Agency
As you may (or may not) know, traditionally agents work “for” the seller in the real estate transaction, meaning that they owe their fiduciary responsibility to the seller of the property, not you, the buyer. Why? Because that’s just how the business has been done for years. You know that NYState Disclosure that you are asked to sign, and someone mutters “Oh, just sign here acknowledging that I really work for the buyer, it’s just a formality”. Well, at that time, you are signing away your rights to be represented in perhaps one of the biggest business deals of your life.
So, why hire a Buyers Broker to represent you?
We represent your interests, not the interests of the seller
· We have access to all homes for sale on the market
· We point out the strengths and weaknesses of the desired property, including market value
· We analyze current market data to determine an appropriate offering price, keeping your negotiating strategy in strict confidence
· We co-ordinate the interdisciplinary professionals involved in the home buying process (Attorneys, Mortgage Officers, Engineers, Seller Agents)
Will hiring a buyer broker cost me more money?
· In a standard real estate transaction, it doesn’t cost a home buyer any more to use a buyer broker.
Who really pays the real estate broker?
· Whether a real estate broker represents the buyer or seller, there is always a brokerage fee paid from a real estate transaction when a broker is involved. More often than not there are two brokerage firms involved. One broker usually works for the seller; the other broker works with the buyer. Both brokers typically share the commission in the form of a “co-broke” or “cooperating broker fee.” Because the brokers share the transaction commission, there is no additional cost to either the buyer or seller for using their own individual broker.
Serving The Hamptons, Shelter Island and the North Fork
631 725 0554 (o) 631 525 6000 (m) www.beachamptons.com
2 comments
September 19, 2008 at 11:04 am
Hamptons Real Estate BUYERS Blog…True North Realty Associates - A Buyers Brokerage « Hamptons Real Estate Blog
[...] Why Work with a Buyer’s Broker? [...]
September 22, 2008 at 4:45 pm
Jessica Beganski
Michael,
As a former exclusive buyer’s agent, there are definite advantages to clients who work with an agent who only represents buyers. It also takes a bit of a rebel to work against the system. Best of luck and keep up the blog!