Did you know you can hire an Buyer’s Agent to work for you exclusively in a real estate transaction? Here Are Some Frequently Asked Questions About Buyer’s Agents:
Frequently Asked Questions
Q: But won’t I get the best deal on a property if I only call the agent listed on the For Sale sign.
A: No. That agent is already contractually bound to represent and get the best deal for the home seller not for the buyer.
Q: Why Should I Use A Buyer’s Agent?
A: Most likely, the seller of the property you buy will be represented by a listing agent who provides expertise throughout the transaction to the seller. Don’t you want and deserve that same level of service as a buyer?
A buyer’s representative can provide the expertise you need throughout the entire transaction, greatly improving your buying experience and potential results. Besides retaining a buyer’s representative seldom adds any expense to your transaction.
Q: What Does It Cost To Hire A Buyer’s Agent?
A: There is no upfront cost and there will be no out-of-pocket expenses without your consent. Typically, when purchasing a home listed on the MLS®, a buyer’s agent commission is already built in to a seller’s listing price in the form of a split commission. That commission is paid to the selling agent’s office, and that office pays the buyer’s agent once the sale has closed.
If you choose not to use an agent, the seller won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that seller may keep the commission or share it with their listing agent.
In the event the property the buyer decides to purchase in a situation where the sellers aren’t providing a buyer’s agent commission, or the commission that is being offered is lower than what was agreed to on your buyer’s agent contract, you may have to pay your buyer’s agent out of your pocket. However the buyer’s agent has a duty, prior to the preparation of any offer, to disclose to the buyer when there will be an out-of-pocket expense for commissions.
Bottom Line: There will be no out-of-pocket expenses without your consent.
Q: Do I Have To Sign A Contract?
A: Yes, if you would like the top level of service that we offer. Because there is a limited number of hours in a day and a limited number of days in a week, we can only commit our expertise and time to buyers who have committed to work with us. Under the contract you would be expected to use the buyer’s agent (Flatlands Team) exclusively to purchase a property. We can set the contract for a shorter time like 60 to 90 days as a trial period to ensure that we are performing to expectations.
The contract can be canceled at any time by signing a cancellation form and delivering it to our supervising broker or the reception desk at any CENTURY 21 Dome Realty office. Because we are confident in our skills and abilities as professional buyer’s agents we will actually give you a blank cancellation form upfront without you even asking.
Q: Will I only be able to look at properties listed by one agent?
A: No, A buyer’s agent can show any listing on the market within the geographic market they service including all company listings, MLS® listings, for sale by owner listings, builder & new construction listings, off-market listings, and any other source of property listing.
Q: What About New Construction?
A: Often times builders will have their own sales staff and encourage buyer’s to work with them directly, but if you ever needed an agent it would definitely be when you are buying from a “professional seller” such as a builder. Typically builders will include a buyer’s agent commission already worked into their listing price or a split commission that is shared between their sales staff and a co-operating buyer’s agent.
If you choose not to use an agent, the builder won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that builder may keep the commission or share it with their sales staff.
In this type of situation, a buyer’s agent’s job is to point out the pros and cons of what the builder is offering, explain the forms and agreements the builder uses, suggest contract contingencies to protect you rather than the builder, assist in negotiations for a favorable price and terms, and provide insights into how the different builder options can affect resale.
Q: What About For Sale By Owners?
A: Often times buyers think that they have to work directly with for-sale-by-owners, but if you ever needed an agent it would definitely be when you are buying from a “unqualified seller” such as a for-sale-by-owner. Typically for-sale-by-owners will set their listing prices based off of MLS® homes prices but MLS® home prices already include commissions for both a seller’s agent and a buyer’s agent.
If you choose not to use an agent, the for-sale-by-owner won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that for-sale-by-owner may keep the commission.
In this type of situation, a buyer’s agent’s job is to point out the pros and cons of what the for-sale-by-owner is offering, provide insights into current market conditions, suggest contract contingencies to protect you rather than the for-sale-by-owner, assist in negotiations for a favorable price and terms, and suggest the different types of inspections needed to determine an unbiased report on the condition of the property.
Q: What Can I Expect When I Work With You?
A: Working with us you can expect personalized service from an expert, with local knowledge, and who is available for their clients. We look forward to the opportunity of working for you. If the timing is right and you are getting ready to buy a property, please feel to contact us and request our Buyer’s Agent Services Brochure.