What is a buyer’s agency and is it an advantage to me?
A Buyer’s Agency is a legal agreement that states that you are working exclusively with a realtor for a specific period of time to find a particular piece of property. It also states that the realtor is working for you, not the person who has the house listed.
So what are the advantages to you the buyer?
- Realtors agree to abide by a specific Code of Ethics. In fact I am required to take a Code of Ethic class every 3 years. This code states that I am honest and hold the client’s interest above my interests. My fiduciary duty is to you my client. Not to be taken lightly, the Missouri Association of Realtors has penalties for realtors breaking the code that include suspensions and fines.
- Realtors have a great knowledge of the housing market. This is what I do. I study the market so that I understand different neighborhoods, housing styles, and home features. I also know zoning codes. But importantly, I know housing prices. I even have knowledge of homes that are not on the market but may be available for sale.
- Realtors are great negotiators. It can be very helpful in negotiations to have a realtor. The buyer does not have to be influenced by the seller’s emotions during this period. Since I have a contract to work for you, I am obligated to you to disclose everything I found out about the property that can affect the sale and influence the price. I also negotiate repairs that need to be done prior to the closing.
- Realtors have a network of professionals that make the home purchase successful. I have a great working relationship with people in the home inspection, title, home repair and home loan industry.
- Realtors have to be meticulous about their paperwork. I am required to have all my paperwork complete before I get paid. I save this so that I can provide you with any copy that you may need in the future.
- Having a buyer’s agency is a great way to make the stressful situation of buying a home way less stressful by taking care of everything you need to buy the home of your dreams. I also let you know each step of the process so there are no surprises.
- But the best reason is that with a buyer’s agency, i am working for you not the home seller in the purchase of your home.