A Buyers Representative is Realtor who works for you to help you find and purchase a home. You hire this Realtor by signing a Buyer’s Representation Agreement. After signing this agreement the Realtor becomes your legal represenative in the search for and purchase of your new home or property. They have the same fiduciary responsibilities to protect your best interests just as a lawyer does when you retain them.
Enlisting the services of a Buyer’s Representative is similar to using an accountant to help you with your taxes, a doctor to help you with your health care, or a mechanic to help you with your car. If you had the time to devote to learning everything about accounting, medicine, or automotive mechanics, you could do these services yourself. But who has the time?
Your Buyer’s Representative will search for homes that meet your criteria, arrange viewings, prepare comparable market data, draw up contracts, negotiate on your behalf, arrange for inspections and generally take care of all the details of whole transaction.
Why Do I Need One
Protecting Your Interests
You should have a Buyers Representative to protect your best interests. If you do not have a Buyer’s Representative then you are basically on your own. Without a Buyer’s Representative you are left to protect yourself. On the other hand, when you have hired a Buyer’s Representative through the use of a Buyer’s Representation Agreement you can be assured that your interests will be protected, that your representative will use care and due diligence throughout the whole process.
A Personal Specialist Who Knows Your Needs
Just as your accountant, doctor, and mechanic understand your specific needs, your Buyer’s Representative gets to know your real estate needs and concerns. This type of relationship is built through open communication at all times. Your Buyer’s Representative will save you a lot of time by providing you all the details about any home before you even see it. In addition, your Buyer’s Representative will listen to your feedback and concerns about each home steer you towards homes which are more suitable for you.
A Valuable Resource
Your Buyer’s Representative will be able to recommend professionals who can be invaluable in your quest to purchase a home; various inspectors, lawyers, bankers or mortgage brokers, contractors, insurers etc.
In addition your Buyer’s representative has access to information that you do not. Land registry, records for example to check on easements and rights of way, or comparable sales data which can be used to verify that the price asked by the sellers is a fair price.
How Much Does a Buyer’s Representative Cost
In most cases a Buyer’s Representative is the best deal in town. They don’t cost you a penny. When a property is listed by another Realtor, there is ususally an agreement between the Realtors to share the commission which is being offered by the seller.
The only time this doesn’t happen is when a seller hasn’t hired a Realtor and is selling his property himself. In this case you may be asked to compensate the Buyer’s Representative unless they can negotiate a commission with the seller.