What is a Real Estate Buyer’s Agent? 

In most cases, the properties being considered will be MLS listings whereby the commission payable by the seller is shared between the selling agent and the buyers’ agent.  If the property is an exclusive listing or a “For Sale by Owner”, the agent is compensated through a negotiated fee at the time of signing the Buyers’ Agency Agreement. 

It is important for the consumer to discuss the buyer agent’s compensation in the initial interview.  The Buyer Agency Agreement should specify the amount of compensation that will be payable and it should set out the responsibilities of both parties throughout the real estate transaction.  

Why use a Real Estate Buyers Representative? 

As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented by a Realtor. Wouldn’t you want to have complete and fair representation in the real estate transaction?  

The real estate buyer agent is responsible to protect their clients’ best interests. Research by the NATIONAL ASSOCIATION OF REALTORS® has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyers agent. 

The Benefits of Using a Buyers Agent

Using a Buyers Representative offers the consumer many benefits.

·        Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.

·        Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range and locale the consumer has determined.

·        Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.

·        Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property.

·        Advise the client on structuring an appropriate offer to purchase the selected property.

·        Present the offer to the sellers’ agent and seller on the clients behalf.

·        Negotiate on behalf of the buyer client to help obtain the identified property. Keep in mind that the buyer agent will be doing so with their clients’ best interests in mind.

·        Review and explain all legal documents to their buyer client.

·        Recommendations and assistance in securing appropriate financing for the selected property.

·        Provide a list of potential qualified vendors e.g. movers, attorneys and carpenters if these services are needed by the consumer.  

Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.