THE ROLE OF A BUYER'S AGENT
In the past the "policy of Agency" was that both the listing agent and the selling agent represented the Seller, who paid the commission. Today, the listing agent represents the Seller and the selling agent represents a Buyer Client.
A buyer is considered a "customer" and should not expect the agent to promote his best interest or keep bargaining information confidential. A Buyer becomes a client by signing a formal Buyer Agency Agreement, which clearly establishes the terms of the agreement and the obligations of both buyer and the agent
As a Buyer agent, what I owe to my Buyer is:
Obedience to lawful instructions
Accountability - for my actions
Reasonable care & diligence
Benefit to the Buyer includes total Commitment to the Buyer, maximun effort on their behalf, exposure to the entire market, disclosure and loyalty, strongest protection of the Buyer's interests, price negotiations, assistance with mortgage financing and all required inspections.
Benefit to the agent includes Buyer loyalty, more qualified Buyer, more educated Buyer to the marketplace, less conflict of interest and the ability to offer more services.
It is not mandatory for the Buyer to sign an agreement with me at initial contact, although I would be happy to do so. I extend much effort, time, expertise, loyalty and education to be informed on behalf of the Buyer and I hope that with such good service and representation, a Buyer will be loyal to me and will want to become a Buyer client.
There are inspections, disclosures, deadline dates, title work, loan procedures, and recommended use of professionals. Representation for the Buyer is very important today!