Buyer’s Agent
Filed under: Real Estate Investing, Real Estate Agents
Finding an agent who understands what you want and who has extensive local knowledge and contacts is more important to you than the agent’s professional links.
It is worth remembering, however, that real estate agents work for the people who pay them, that is, the property sellers, not you. This requires the agent to put together a transaction acceptable first and foremost to the seller. This does not put you in an adversarial relationship with the agent. All you need to keep in mind is that the agent is not neutral and does not work for you.
Buyer’s agents, as their name suggests, are an exception to this and work for the buyer rather than the seller. A buyer’s agent represents you exclusively, and you are also bound contractually to that agent. You can pay a buyer’s agent yourself, or the seller can. No fee is set by law, so it is completely negotiable. The best kind of arrangement to have is a buyer’s agent who is willing to state in the contract that the seller will pay him or her. It is illegal for them to be paid twice, so it’s either by you or the seller, not both.
If you know what you want for yourself and let a real estate agent know what you want, and if your demands are reasonable, you will probably achieve your goals. The more you understand your own requirements and communicate them, the more readily a real estate agent can find you an ideal property. If your plans are vague or you don’t choose to tell the agent clearly what you are really looking for, chances are you will be dissatisfied. As in visiting any professional, whether it be a lawyer, doctor or real estate agent, the more you know beforehand, the more you can benefit from professional advice.
