I want to educate potential home buyers and real estate investors on the differences between traditional real estate agents and Buyer brokers / agents.
In the past, all real estate agents represented the seller, and the buyer had no representation during property search and purchase.
Today, home buyers can benefit significantly from the professional representation of a buyer agent – instead of depending on a traditional real estate agent (who works for sellers).
A buyer’s agent represents the buyer’s best interests, working hard to get the buyer the best property at the best price and best terms. This often includes preventing costly buyer errors (such as underestimating property defects or overestimating property value).
But don’t take MY word for it. Read what the experts are saying about traditional real estate agents vs. buyer brokers, and how it could affect your home purchase.
“Buyer agents are the best. They remove any conflict of interests, which is the main reason for considering a buyer broker in the first place.” KIPLINGER’S
“Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for a buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.” MONEY MAGAZINE
“Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want and then negotiating the lowest possible price”. SMART MONEY
“If your agent isn’t a Buyer Broker, he works for the seller.” US NEWS & WORLD REPORT
“Buyer’s agents work only for consumers and often can save them money – and they don’t cost more to hire. Buyer’s agents are not tied to any particular property or agency, so they will show buyers any home, even those for sale by owner.” LOS ANGELES TIMES
“Under present law, both real estate agents in any house-buying transaction are bound to do everything in their power to see that the seller gets the highest price. In millions of deals, year after year, home buyers have been confiding financial information to the broker. Even disclosing their highest bidding price, not knowing that the broker is obliged by law to relay that intention to the seller and make sure the seller gets the highest price possible.” THE WALL STREET JOURNAL
“To even the odds, buyers are increasingly hiring their own agents… buyer brokers now number more than 30,000 nationwide. They can do all a traditional agents does, but when it’s time to deal, they are in the buyer’s corner.” US NEWS & WORLD REPORT
“You can be candid with a buyer broker without fear of aiding the seller; in turn, buyer brokers will use what they can ferret out about the seller to your benefit.” US NEWS & WORLD REPORT
“You can’t have partial loyalty. An agent either works for you or works for someone else.” CONSUMER REPORTS
“Buyer Brokers will better represent the interests of buyers than will sub-agents. They are more likely, for example, to negotiate a lower sales price on a house.” American Association of Retired Persons (AARP)
“A Buyer’s Agent is a new breed of real estate sales associate who strictly represents you, the buyer. This legal distinction is important to understand because agents for the seller conduct the majority of today’s real estate transactions. A seller’s agent is contractually bound to obtain the price and terms most favourable to the selling party. That naturally puts the buyer at a significant disadvantage”. BUYERS ADVANTAGE REAL ESTATE CORP
“Like it or not, the real estate agent helping you house hunt is usually working for the seller and is legally bound to try to get the seller the highest price. But buyers no longer have to fend for themselves. You can hire a buyer agent to work on your behalf.” US NEWS & WORLD REPORT
How does one find a buyers’ agent in a out-of-way, sparsely populated area (where, nevertheless, home prices are, for recently-built homes–post 2000–are well over the national median)?