What does a buyer´s agent do for you?

Today nearly all home buyers use a Buyer´s Agent to represent them. Prior to 10 years ago, ALL real estate agents represented the seller not the buyer that they toted around in their car. A new type of client ? agent relationship was developed to protect the buyer´s interests and separate the agent from the seller.

A Buyer´s Agent works for the home buyer usually at no cost. How so? Home sellers pay an agency to market their home. Included in this fee is the commission to the selling agent. That means it costs you NOTHING to use a Buyer´s Agent.

So what is Buyer´s Agency?

In short, it´s an agreement made between the buyer and the REALTOR® in which both agree to work exclusively with each other making promises related to behaviors. For example, a Buyer´s Agency Agreement in NC means that the agent is working to find you the best deal, keeps your information confidential while learning as much about the homes you like and relaying that information to you. Their goal is to protect your interests

Forming a buyer´s agency relationship is NOT the same as understanding the forms of agency practiced in NC. Do not confuse this with the document "Working with Real Estate Agents". When meeting an real estate agent for the first time, they are obligated by law to discuss the forms of agency with you and will ask you to sign a document indicating they have done so. This does NOT obligate you to work with this agent. It simply means that the agent has done her job and informed you of your "real estate rights", as I informally describe it.

According to this document here are some of the duties that you can expect your Buyer´s Agent to perform for you.

promote your best interests
be loyal to you
follow your lawful instructions
provide you with all material facts that could influence your decisions
use reasonable skill, care and diligence, and
account for all monies they handle for you

How is this different from traditional real estate?

At this point, you may be asking yourself, how is this different from the way real estate was practiced when your Mom and Dad bought their home?

It is very different. At that time, all agents represented the seller. The real estate agent was either directly the seller´s agent as they listed the house or they were the sub-agent of the seller representing any home in MLS.

Today, all agents are sub-agents of sellers BUT have the ability to become a Buyer´s Agent for you. This means that the agent you select to work with can show you any home in MLS and represent your best interest. You don´t have to call each listing agent to find out details about the properties

How does this work with onsite agents?

The situation is simple. The on-site agent represents the builder and is paid a fee when selling a home in the subdivision. This agent will know the most about the neighborhood and will have all the details on the options. Most of the time, writes the contract on the builder´s specific forms. The agent gets paid the same whether you bring a buyer´s agent with you or not.

The big difference is that the on-site agent does NOT represent you. While it´s in that agent´s best interests to work to resolve any issues, loyalty lies with the builder.

Why would you want a buyer´s agent when you are planning to buy a new home? Simply to be "on your side" if issues develop. Your buyer´s agent will review the new home with you in comparison to other subdivisions and re-sales to help you make the best choice.

Buyers that I have worked with over the years who bought a new home, were very glad that I was their agent when issues developed during the building process. I was able to work on their behalf and get everyone to agree to the resolution.