Whether a buyer uses an agent or not, the seller still pays the commission. The only person that wins when buyers are not represented isthe listing agent.
Most buyer agents will have their clients sign an agency agreement, an Exclusive Buyer Agency Agreement. It outlines their services, how they are compensated, and how the two parties will work together.
Remember, you wouldn’t hire your spouse’s attorney to represent you in your divorce. The same goes for real estate. Why use the seller’s agent to negotiate your best interest? There is an inherent conflict of interest.
Buyer Agents and the Agreements
According to most buyer agency agreements, the buyer’s agent must do these things:
Protect their client’s financial information
Negotiate the best possible price for the buyer
Must disclose to the buyer if they are working with another buyer interested in the same property
Show all properties the buyer is interested in that fits their criteria and budget
Connect you with the service providers—inspectors, lenders, home warranty companies—to best suit your needs
The buyer also has some responsibilities to their buyer’s agent:
Buyers must work with their buyers agent exclusively
Buyers should never give personal information to any other agent
Buyers should not call other agents to see properties, even if they think they are saving their agent some time and effort
Buyers should clearly define their must haves and deal breakers to help their agent streamline the showing process
Home buyers are at a premium in today’s housing market. Buyers should interview agents just as seller’s interview listing agents.
Make sure the buyer’s agent you select is familiar the type of property you want to purchase, thearea you want to purchase inand the particulars of your situation. An agent is only as effective as the information they are given. Clients relocating from one city to another require a different set of skills from a client moving within the same area, for example.
Louis Williams is the CEO for The Williams Team which now has 14 members total. His Team consists of four Listing Specialist, five Buyer Specialists, two Transaction Coordinators, Director of Sales, Listing Manager and Listing Assistant. The Williams Team has had nearly 100 Million Dollars in gross sales over the past nine years. Louis' Real Estate Group is among the top 1/2% of Realtors in the Greater New Orleans Area. He has also been awarded the prestigious NABOR Platinum Award for the top 1/2% of Realtors for the past five years and named the #1 Real Estate Group in the Area 2014.
Keller Williams Realty Services 985.727.7168 Independently Owned and Operated Licensed in La Mandeville LA
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"12/08/2014 Helped me sell a home
Sold our home in record timing! The team works hard to ensure that your home is represented incredibly well at showings: 1) From the listing photos, provided by a professional photographer, who also has an eye for real estate, to our listing agent who provided insight into staging our home! 2) Marketing efforts are superior! It was obvious that they went above and beyond just listing our home on the MLS. Actual calls were made to other agencies to help increase market exposure. When I provided additional photos, they were on the web within minutes! I was so proud to provide links to my home's listing website. It is very professionally maintained!! As an aside, even after our home sold, we relayed our buying questions (we were buying out of state) to the Louis team because we knew that we'd get accurate information and expert knowledge and advice!! My neighbors actually joke and say, "you know, selling is supposed to be the hard part." But, for us, it was a breeze! Thank you to the entire team!!!!"