Choosing and Using a Buyer's Agent
We are the only logical choice for a home buyer but we invite you to compare us with others. You have the right to choose the person and company who represents you. The bothersome thing is that some home buyers think they are better off going it alone. When you think about it, that’s pretty senseless, and here's why.
It isn’t going to cost you any more to use a Buyer's Agent and it will most likely cost you less. For example, we’ve saved thousands of buyers millions of dollars in home purchases.
Still, some buyers seem to think if they work alone with the Seller's Agent they will get a better price or they will capture the cooperating fee for themselves. This is a foolish approach and is akin to hiring the opposing attorney to help you win your case.
The best way to determine which Buyer Agent to use is to interview them. The Massachusetts Association of Buyer Agents (MABA) suggests a buyer ask these questions when they interview a Buyer’s Agent:
- What experience and specific training have you had as a buyer's agent?
- Are you a member of a buyer's agent association?
- How long have you worked on the buyer's side?
- How long did you work on the seller's side?
- Do you also list houses for sale?
- Do agents in your office list homes for sale? If yes, how do you plan on keeping my information separate from seller's agents in your office? Do you have a private office? Private fax? Private phone service?
- Do you have regular office meetings to discuss the market and techniques in real estate? If yes, do your sales meetings focus on ways to get the best price and terms for sellers, for buyers or for both?
- Do you work with a partner in your office? Does your partner list homes for sale? If yes, what will you do in the event that your partner is the listing agent on the home that I want to buy?
- If you (and your partner) list homes for sale, how many of the last 20 transactions that you have done have been on the buyers side?
- Will you sign a guarantee that you represent my interests exclusively and not attempt to sell me houses you or your partner list?
- What geographical areas are you most knowledgeable about?
- Do you have full access to the area Multiple Listing Service (MLS)?
- Do you have access to For Sale by Owner (FSBO) and foreclosed properties?
- What is your fee structure? Will you give that to me, in writing?
- Will you make decisions about what homes to show me without regard to co-fees offered to cooperating agents on MLS listings?
- How many homes are you prepared to show me?
The agent you are interviewing is obligated to go over the mandated consumer/licensee relationship disclosure with you. This is a great opportunity to get all your home buying questions answered. You should consider it a hiring interview. Is this the agent you want to represent you? A good Buyer’s Agent will be asking, “Is this a buyer I would like to work for?” If it’s a match, you’ll be off and running together.
It’s important that you feel a connection to your agent and that you can draw on their experience and market knowledge. You will probably get a lot of home buying advice from friends and relatives but remember, your agent is legally and ethically obligated to be your advocate, so trust what they say. The fiduciary relationship is one of trust and includes six specific duties: obedience to your lawful instruction, undivided loyalty, full and proactive disclosure, confidentiality, accountability, and due diligence. next topic »
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