What does it mean for you as a buyer to become a client and be represented by a real estate agent? Why would you, as a buyer, want to work exclusively with one real estate agent as you search for that perfect property?
Working with a real estate agent who represents you gives you–the buyer–tremendous market advantage. In this scenario, you sign a standard buyer representation agreement and become a client. Now your real estate agent can do all of the following for you. (In other words, he or she cannot provide you with these services if they are not representing you.)
- Give advice
- Analyze, inspect, and investigate the property or area
- Disclose material facts and search for latent defects in the property
- Provide a competitive market analysis for you on what similar properties in the area have sold for
- Advise you on negotiating strategy, price, terms, and conditions as you prepare your offer and, later, continue to work through the contract
- Verify the statements made by the seller
- Promote your interests above those of all others
- Provide information about the neighborhood
- Search for properties not currently on the market
For listed properties, the seller has committed to paying the buyer agency’s commission. Surprisingly, some buyers think that they will get a “better deal” if they deal directly with the listing agent. The listing agent, however, must always represent the interests of the seller first. A buyer, therefore, will always be in the best position if they have their own representative to investigate, advise, and negotiate on their behalf. On Munjoy Hill and other competitive areas, it is imperative that a buyer have a real estate agent working on their behalf in order to be first-in-the-door and to search out properties that are not presently on the market. Still have questions? Feel free to contact me at CBedard@TownsendRE.com or 233-7273.
Colleen Bedard lives on Munjoy Hill and is a Realtor/Broker with Townsend Real Estate.