BUYER AGENCY WHO NEEDS IT???
The concept of buyer agency was developed and made into law as a way of protecting the interests of consumers. It was thought that only allowing sellers to have the legal benefit of agency protection and promotion of their interests was unfair to buyers. Buyer agency was conceived as a way to level the playing field between buyers and sellers.
Agents don't prefer to deal with unrepresented buyers. The average busy, successful agent/broker is not at all fond of running around with an uncommitted buyer who does not want to engage in an agency relationship, but only wants to see their listings. He knows that the odds of any particular buyer connecting with any particular listing are not that good. Most successful brokers consider their stock in trade as representing people's interests, not primarily showing homes (which is of course a related activity!).
Many agents/brokers are not that fond of dual agency/designated agency, or do not practice it at all. It is more complicated, challenging, legally/ethically perilous and more difficult stylistically than a simply agency agreement.
Coming to the listing agent means you are already in a one down position in that the agent/broker already has an existing commitment to someone else's interests
The agent/broker isn't necessarily getting the huge double dip that the buyer believes will motivate the broker to give him the "edge". There are sometimes variable rate commissions, and the advantage of savings in a variable rate might accrue to the seller.
If you're not on the top of someone's list, you are at the bottom of everyone's priority list.
If you opt to be an unrepresented person, or are as yet only a customer of a listing agent (Or any agent), then there are times when the agent might be legally obligated to put some other buyer or seller client's interests over yours (Such as the obligation not to disclose information that might compromise a different client's position.)
If you only deal with the listing agent, you are forced to trust your affairs to the ethics, work ethic, skills , etc to anyone you just happen to run into at a given property.
In a very attractive property, you might be one of a number of interested parties, so you may very well be sharing the supposed "inside track" with other buyers,
You are sharing your confidential info again and again at each new meeting with a listing agent. I tell my potential buyer clients that the difference between working with or without an agent is the difference between spending time with a significant other versus going to a singles bar every night. (building a relationship versus trying to connect with unknown characters.)
A home purchase is one of the most important transaction of most people's lives. While engaging a good attorney is an important part of a successful transaction, their function in protecting a client is much different than the skill set that a competent agent brings. (I joke to an attorney that I won't do your lawyering if you won't do my "agenting".) Many very skillful attorneys do not have the skills that a good broker does, and this can jeopardize a client's deal.
I often tell buyers that I meet at open house etc, that they should use every opportunity to kick the tires on agents that they meet at open houses etc. The criteria I encourage you to use, in deciding whether an agent might be helpful, are 6:
1) Does that person seem to be ethical and honest?
2) Do they seem to be energetic and responsive?
3) Are they productive/successful in closing transactions? (the sweetest, nicest person is only helpful if they habitually get their folks to the closing table). I always encourage my clients to be careful to distinguish between style and substance. We all know some very slick, stylish, apparently "successful" agents who rarely close deals.
4) Can you stand to be around them? If they are agreeable, chances are other agents will find them agreeable and be drawn to working with them. Plus, if you are bound at the hip for several months, it is important that you get along well.
5) What value do they add? How do they express their appreciate to you? This could be via rebates, warranties,discounts, augmented services, etc.
Regards,
Joel
The concept of buyer agency was developed and made into law as a way of protecting the interests of consumers. It was thought that only allowing sellers to have the legal benefit of agency protection and promotion of their interests was unfair to buyers. Buyer agency was conceived as a way to level the playing field between buyers and sellers.
Agents don't prefer to deal with unrepresented buyers. The average busy, successful agent/broker is not at all fond of running around with an uncommitted buyer who does not want to engage in an agency relationship, but only wants to see their listings. He knows that the odds of any particular buyer connecting with any particular listing are not that good. Most successful brokers consider their stock in trade as representing people's interests, not primarily showing homes (which is of course a related activity!).
Many agents/brokers are not that fond of dual agency/designated agency, or do not practice it at all. It is more complicated, challenging, legally/ethically perilous and more difficult stylistically than a simply agency agreement.
Coming to the listing agent means you are already in a one down position in that the agent/broker already has an existing commitment to someone else's interests
The agent/broker isn't necessarily getting the huge double dip that the buyer believes will motivate the broker to give him the "edge". There are sometimes variable rate commissions, and the advantage of savings in a variable rate might accrue to the seller.
If you're not on the top of someone's list, you are at the bottom of everyone's priority list.
Many agents/brokers are not that fond of dual agency/designated agency, or do not practice it at all. It is more complicated, challenging, legally/ethically perilous and more difficult stylistically than a simply agency agreement.
Coming to the listing agent means you are already in a one down position in that the agent/broker already has an existing commitment to someone else's interests
The agent/broker isn't necessarily getting the huge double dip that the buyer believes will motivate the broker to give him the "edge". There are sometimes variable rate commissions, and the advantage of savings in a variable rate might accrue to the seller.
If you're not on the top of someone's list, you are at the bottom of everyone's priority list.
If you opt to be an unrepresented person, or are as yet only a customer of a listing agent (Or any agent), then there are times when the agent might be legally obligated to put some other buyer or seller client's interests over yours (Such as the obligation not to disclose information that might compromise a different client's position.)
If you only deal with the listing agent, you are forced to trust your affairs to the ethics, work ethic, skills , etc to anyone you just happen to run into at a given property.
In a very attractive property, you might be one of a number of interested parties, so you may very well be sharing the supposed "inside track" with other buyers,
You are sharing your confidential info again and again at each new meeting with a listing agent. I tell my potential buyer clients that the difference between working with or without an agent is the difference between spending time with a significant other versus going to a singles bar every night. (building a relationship versus trying to connect with unknown characters.)
A home purchase is one of the most important transaction of most people's lives. While engaging a good attorney is an important part of a successful transaction, their function in protecting a client is much different than the skill set that a competent agent brings. (I joke to an attorney that I won't do your lawyering if you won't do my "agenting".) Many very skillful attorneys do not have the skills that a good broker does, and this can jeopardize a client's deal.
I often tell buyers that I meet at open house etc, that they should use every opportunity to kick the tires on agents that they meet at open houses etc. The criteria I encourage you to use, in deciding whether an agent might be helpful, are 6:
1) Does that person seem to be ethical and honest?
2) Do they seem to be energetic and responsive?
3) Are they productive/successful in closing transactions? (the sweetest, nicest person is only helpful if they habitually get their folks to the closing table). I always encourage my clients to be careful to distinguish between style and substance. We all know some very slick, stylish, apparently "successful" agents who rarely close deals.
4) Can you stand to be around them? If they are agreeable, chances are other agents will find them agreeable and be drawn to working with them. Plus, if you are bound at the hip for several months, it is important that you get along well.
5) What value do they add? How do they express their appreciate to you? This could be via rebates, warranties,discounts, augmented services, etc.
Regards,
Joel
I am most appreciative of the lovely folks, our clients, who continue to trust us with their home marketing goals.
Joel Matson
Buying a Home
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Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand. One of my specialties is representing the best interests of Waterbury area buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful. If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, why not take advantage of my experience as a local market expert for Waterbury to make the most informed decisions you can, every step of the way? |
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The following articles provide useful information and are a great place to start if you're considering buying a home.