Many consumers are unaware that in many instances, the real estate agent showing them property is not representing their best interests.
In fact, quite the opposite is true; they are representing the sellers, and are legally obligated to pass ANY information along to the sellers which you might provide to them…information which could dramatically adversely impact your ability to negotiate a good deal.
In many states, agents are required to disclose up front who they represent. As a buyer, you should always insist upon your agent representing you, not the seller. You will likely have to agree to work with this agent for a prescribed period of time and commit to buy a home through that agent. This will give the agent the security of knowing that he or she will be paid for his or her time; remember, an agent that is representing you will be investing considerably more time with you than would an agent who simply shows you homes. Your Buyer’s agent will show you homes but will also provide you with comparable home sales and other information which will help you make a wise decision regarding the offer you should make on the home you have found.
Buyer’s representative (Also known as a buyer agent).
A real estate licensee who is hired by a prospective buyer as an agent in a real estate transaction. The buyer’s rep works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or by a commission split with the listing broker.
Of course, if you are selling, you should expect your agent to be loyal to you and work for your best interest.
Dual Agency:
There is a third choice concerning representation. It is called “dual agency”. Dual agency means that the agent you are working with is “committed” to being neutral, and represents both sides equally.
The Olson Team can serve as a buyer’s agent, a seller’s agent or a transaction broker where they represent the interest of both the seller and the buyer equally. This way they can best serve their client’s needs who are either looking to buy or sell a home.
Your Agent should represent you professionally and competently. Our Team will not only help you find a home, but will provide you with information on comparable homes recently sold in the neighborhood so you know whether the home you are purchasing is a good value or not. Your Buyer’s Agent can also help you obtain valuable information regarding schools, test scores, tax rates, churches, temples, shopping, and recreation opportunities. Best of all, these services are FREE of charge to you, as the commission is paid by the seller’s Agent regardless of who he or she is representing