What is a home buyer’s agent and how does it benefit you to work with one?
I’ve heard some confusion as to exactly what a buyer’s agent is, what they do, and what obligation the home buyer has to their buying agent, and vice-versa.
I wrote this post to clarify what it means (in Oregon) to work with a home buyer’s agent, and why you might want to consider working with one.
Yes, I understand that Auntie Mary might have a best friend who sells real estate, and she really wants you to work with her friend right?
That’s all fine and dandy, but buying a house is a huge investment and, and for this decision, I’d recommend doing a little due diligence to make sure you get the representation you deserve.
The truth is, not all agents are the greatest buyer’s agents, just like not all agents are cut out to list and market property. With that said, it is possible to end up in a nightmare transaction with the wrong agent. It is important that you complete your due-diligence before choosing a buying agent.
What Is A Buyer’s Agent?
In the past, real estate agents worked for sellers. After all, the seller paid the commission, therefore the agents represented the seller. As you can imagine, that brought up many uneasy feelings in home buyers.
Today, at least in Oregon, we do business much differently. Now days, a licensed real estate broker may agree with the buyer to act as a buyer’s agent only. In this scenario, the buyer’s agent does not represent the seller, even if they are compensated for services rendered from the seller, typically through the seller’s agent commission.
At the time an offer is made, the buyer will be required to sign an acknowledgement form called the Disclosed Limited Agency Agreement For Buyers. By signing this form, the buyer acknowledges the agency relationship between themselves and the buyer’s agent.
It’s the making of a very happy real estate transaction.
Oregon law recognizes three types of agency relationships between the real estate broker and client:
- Seller’s Agent – Represents the seller only.
- Buyer’s Agent – Represents the buyer only.
- Disclosed Limited Agent – Represents both the buyer and the seller, or perhaps multiple buyers who want to purchase the same property. (Requires written permission from both clients).
Agency Relationship: According to the Oregon Real Estate Agency, an agency relationship is a voluntary legal relationship where a licensed real estate broker (agent) agrees to act on behalf of a buyer of a seller (client) in a real estate transaction. Read and print the full Oregon Real Estate Disclosure Pamphlet here.
Obviously, I’m not going to go way into detail about the information you can easily read just by clicking the link above. I’m just going to talk about the subject you’re here for… Buyer representation, and how it works for your benefit.
What To Expect From A Professional Buyer’s Broker
When you choose to work with a home buying agent, you are asking an agent to be willing to invest a good amount of time and energy into you, your desires, and your life. Because of the time you will spend with your home buying agent, I think it’s important to interview a few brokers, just to make sure you get along. Makes sense right?
Here are a few of the things you should expect from your buying broker (as per the Oregon Real Estate Disclosure Pamphlet above):
- To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction.
- To deal honestly and in good faith.
- To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise.
- To present all written offers, notices, and other communications to and from the parties in a timely manner…
Buying a home always puts stress on a family. Hiring a good buyer’s agent can really help head off some headaches and eliminate a lot of that stress before it happens. The best part is, it typically doesn’t cost the buyer anything to have their own representation.
It Takes Commitment
When you decide to hire me as your buyer’s agent, you can feel confident that you have an advocate to help guide, advise, and negotiate on your behalf individually. I don’t believe in the “one size fits all” approach to real estate.
I am a full time principal real estate broker, and I support my family with my income alone. For that reason, I am selective with the home buyers I represent.
It is important to me that the hours I invest into my clients home journey ends with a successful transaction. In other words, I choose to work only with buyers who are willing to offer me the same level of commit that I am willing to offer to my clients.
I have found that by mutually agreeing to an Exclusive Buyer Service Agreement, my clients usually feel more assured of the level of service and commitment they can expect from me. It also assures me that my home buying clients are as committed to me as I am to them. It’s the making of a very successful real estate transaction.
Want to work together? If you would like to talk to me about how I work, and the possibility of me representing you as your buyer’s agent, just give me a call at 541-643-1131 or contact me by email HERE.