F R E Q U E N T L Y A S K E D Q U E S T I O N S
WHAT EXACTLY IS AN EXCLUSIVE BUYER'S AGENT ?
A true Exclusive Buyer’s Agent is a licensed real estate professional who is affiliated with a real estate Company that only (exclusively) represents Buyers. This company never represents Sellers. The Agent, and the Company they’re affiliated with will be totally devoted to meeting your goals and objectives as a real estate purchaser. It is only through a relationship with a true Exclusive Buyer’s Agent office like The Buyers Real Estate Company that you get undivided loyalty and un-compromised expertise in your desire to be fully represented when locating and purchasing a home. Be careful! If a real estate Agent also works with Sellers, or the Company they work for works with Sellers, then they are not a true "Exclusive Buyer's Agent" and they do not afford you all the advantages and protections of one.
CAN'T ANY LICENSED AGENT BE MY BUYER'S AGENT ?
Yes, and that’s why you need to be careful in your selection of a Buyer’s Agent. Just because the law permits any licensed Agent to call themselves a "Buyer’s Agent" that still does not mean they have the training, expertise, and focus it takes to work on the Buyer's behalf. A traditional Buyer’s Agent will simultaneously work with Sellers and Buyers. They are never exclusively Buyer specialists. The Company they work for will also represent Sellers and Buyers, potentially causing a lack of focus, conflict of interest, and in some instances a forsaking of the Buyer's representation all together. Only in what’s termed a true Exclusive Buyer’s Agency relationship with a Company that only represents Buyers, are your (the Buyer's) interests fully and exclusively met.
AS A HOME BUYER, WHY SHOULDN'T I WORK WITH A TYPICAL AGENT AND WHY SHOULD I WORK WITH YOU ?
Traditional real estate Agents and traditional real estate offices are primarily interested in getting listings and selling homes. We are totally committed to what's best for the Buyer, and will never "sell" you a home.
With a traditional Agent you do not have representation. A traditional Agent, although they will help you "look" for a home to purchase, they will always represents the Seller in the transaction. We always represent the Buyer.
A traditional Agent always tries to obtain the highest price and the best terms for the Seller. Our objective is to obtain the lowest price and the best terms for the you the Buyer.
A traditional Agent will typically lack the training necessary to effectively work with Buyers. The traditional Agent is trained in the art of selling homes. All our training is focused on what's in the best interest of the Buyer.
A traditional Agent (who also has and takes listings) will be dividing their time between finding you a home and "selling" homes to and for others. We have a single focus and devote all our time to the Buyer.
When working with a traditional "Buyer’s Agent", if you show an interest in a listing of that Agent, then that Agent will need to forsake their relationship with you in order to represent their Seller, consequently leaving you without representation. With us you will never have any potential conflict of interest.
An Agent that has a notation on their business card such as "million dollar club", "million dollar producer" or "top producer" got that distinction by obtaining the highest price possible for the Seller. Why would you use that individual to represent you as a Buyer?
When you call a real estate ad or the phone number off of a lawn sign be aware that the Agent you are calling is representing the best interest of the home owner - their client, and that they are trying to "capture" you. One thing you should never do is contact the Agent who has the home listed for sale. This could jeopardize your ability for representation. Call us and we'll explain this "hardly ever mentioned" little secret to buying a home. You deserve representation and having an Exclusive Buyer’s Agent on your side guarantees it.
WHAT WILL IT COST ?
Nothing. We provide our buyer/clients with the full range of our professional services at no out of pocket cost to them. This is typically accomplished by us receiving our compensation from the sale proceeds of the home. A sample situation might look something like this: a property is listed for sale with a traditional real estate company, their agreement with the seller calls for a 6 percent commission to be paid out. If an agent from another real estate company brings a buyer, then the commission is divided between the two companies. Remember, the 6 percent commission will be paid out regardless of who brings the buyer. It only makes sense to have it cover the fees of your representative. Of course there are other scenarios with regard to the payment of compensation and your exclusive buyer’s agency contract should explain them fully.
The question really should be, "what might it cost if you do not utilize the services of a Company/Agent devoted exclusively to looking out for your best interest?" An Exclusive Buyer’s Agent will negotiate on your behalf, provide you with the facts with regard to the value and condition of the home, offer you the entire universe of homes to choose from, utilize home inspectors that will protect your interests, have the training, contracts, strategies, and other real estate professionals available to help ensure that the home you purchase with be the best home for the best possible price and terms.
There are too many potential (money) pitfalls waiting to happen in any given real estate transaction - make sure your interests are being looked out for by securing the services of a specialist - a true Exclusive Buyer’s Agent from The Buyers Real Estate Company.
WHY A CONTRACT ?
It’s simple, if you do not have a contract, you are not receiving full representation. Without a contract all real estate agents by law must treat you, the buyer, as a "customer". This relationship only affords you such duties by the agent as honesty and fairness. The agent will not be looking out for your goals and best interest. It is the goals and best interest of the seller that the agent will be obligated to meet (i.e. obtaining the highest price and best terms for the seller). Contrary, the true exclusive buyer agency contract places you in a "Client" relationship with your Exclusive Buyer Agent. Under this contractual relationship, the Exclusive Buyer Agent will be obligated to afford you the additional fiduciary duties of Undivided Loyalty (put your interests first), Obedience (follow all your lawful instructions), Reasonable Skill and Care (protect you from foreseeable risks), Confidentiality (keep your secrets), Full Disclosure (provide you with the vital information that helps protect your best interests), and Accountability (be responsible to you for their actions).
Our service agreement (contract) is written in such a way that you may enter into the agreement for as short or long a period as you like - you decide. If you wish to "try us out" for a short amount of time you may do so. It is also written so that you may exit the contract at any time and for any reason. The contract is written this way for a simple reason - we are confident that you will be completely satisfied with our services and will not want to purchase a home without our professional advice and expertise. We have a long list of satisfied clients that can attest to the aforementioned.
HOW CURRENT WILL I BE KEPT WITH REGARD
TO AVAILABLE PROPERTIES ?
We have access to the same and often times more information regarding homes for sale than the traditional real estate offices. And with regard to this information we keep you as current and in some instances more current than a traditional real estate office. Our access to the regional MLS (Multiple Listing Service) allows us to keep our clients informed on all current listing as well as any homes that become new to the market. We have relationships with many traditional listing agents who give us the "heads up" with regard to upcoming listings even before they hit the market (called "pocket listings"). In addition, we scour the entire universe of properties including "for sale by owner" (we've hired a company that does nothing but look for "for sale by owner" homes for us), bank repossessions, new construction (we are on most Builders mailing and email lists, which means that we are kept well informed of their inventories), and more. Through our TOTAL SEARCH system you will be assured of seeing each and every home that might be the perfect home for you. Our "Direct Marketing Program" has proven to be very successful in unearthing available homes in difficult situations. Through this program we direct mail to our target home even before it comes on the market (Ask your Exclusive Buyer Representative for further details on our "Direct Marketing Program").
To expeditiously deliver you the information you need on available homes we utilize personal and overnight delivery, fax, and e-mail.
All this, so we can locate for you that perfect home.
WHAT ABOUT A BUYER AGENCY CONTRACT
WITH A TRADITIONAL COMPANY ?
Be careful, some real estate offices who also work with sellers (most traditional offices) also have what they term a buyer agency contract or even an exclusive buyer’s agency contract, but this contract is different in many ways (often to the buyer's disadvantage) than the contract you would have with a true Exclusive Buyer’s Agent office. Also, be aware that the agency disclosure form is not a contract. This form, by state law, requires real estate licensees who are acting as agents of sellers or buyers of real property to advise the potential sellers or buyers with whom they work of the nature of their agency relationship. Finally, a good exclusive buyer’s agency contract should state specifically both the duties of the agent and the buyer/client, spell out the commission arrangement, and just as important, allow you an easy exit from your contractual commitment.
HOW CAN YOU NEGOTIATE THE BEST PRICE IF YOUR COMPENSATION IS TIED TO THE SALE PRICE OF THE HOME ?
This is a very important issue when selecting an Agent/Company to represent you. When a Buyer works with a traditional Buyer’s Agent there is little incentive for that Agent to fully negotiate on the Buyer’s behalf when every reduction in sale price reduces the commission amount to the Agent. The Buyers Real Estate Company is one of only a few real estate firms in the nation that solves this problem. As a true Exclusive Buyer’s Agent office The Buyers Real Estate Company has structured a commission arrangement with it’s Agents that enables the Agents to negotiate the best possible price for their Buyer/Clients without the economic consequences found in commission arrangements between traditional companies and their Agents. The Buyers Real Estate Company Agent is free to negotiate for you the best possible sale price due to the commission arrangement they have with their broker - The Buyers Real Estate Company.
DON'T BE SOLD A HOME !
Copyright© 2007 David M. Mills |
