The Buyers Agent Works for You, the Buyer
Your Buyers Agent works for you, and not the Seller.
And yet, the Buyers Agent is almost always paid by the Seller, at closing.
Want to Pay Too Much For Your Home?
Sure, you can find a lot of houses on-line, or on the weekends by trolling Open Houses. You can also find them by driving around looking for FSBOs, or for houses that aren’t in the MLS.
You can do all of that work yourself, and in the end, you will likely save your self a whole lot of . . .
Nothing. Nada. Zippo. Zilch.
What? Not save money by doing work for myself instead of hiring someone else to do it for me?
7 Reasons Why You Need a Good Buyers Agent
At least once a week someone asks me, “Why do I need a Buyer’s Agent?“.
Let me get right to the point: why would you pass up a service that is almost always free – the Sellers pay the Buyers Agent commission in almost all transactions, even though the Buyers Agent represented only the Buyer!
Here is what that service will get you:
- Listings found for you, sent to you, of the types of houses you like, in the areas you want to live in.
- Custom tours, planned and chauffeured by the Buyers Agent. If you want, you can drive yourself and follow your agent so that you can talk over the houses privately between showings.
- Someone to explain the whole process to you, from making the offer to getting the deal closed.
- Someone to help you understand what you must do to protect yourself in a real estate transaction so you don’t end up with a crappy house that you paid too much for.
- Someone to buffer you from pushy Sellers, pushy Listing Agents and anyone else who is not obligated to look out for your best interests.
- A highly qualified negotiator to get you the best terms for the house you want.
- And, and this is a big one . . . someone who can pull together all of the information about what other houses are selling for like the one you want to buy so you don’t pay too much, or get into a contract that can’t close because the house isn’t worth what the Sellers want for it.
You might think you can get that info on-line but you can’t: the sales data for Texas is confidential – it’s in the MLS but for individual homes, it can’t be published. Comparing houses on-line is like comparing apples and orangutans – you just can’t tell what you’re getting in to without hard numbers.
And yes, I meant to say orangutans. If you don’t have a Buyers Agent, the agent or agents you talk to may not be obligated to keep your information confidential, or to help you get the best deal.
Get Peace of Mind by Knowing Who Represents You
If you don’t have a Buyers Agent, the agent or agents you talk to may not be obligated to keep your information confidential, or to help you get the best deal.
Good Buyers Agents will have you sign a contract. The contract says clearly that the agent works for you, in your best interests, and not for the seller. That contract provides evidence in a dispute that your agent was indeed your agent, and bound by the duties specified by Texas Real Estate Law for Brokerage Services.
Why Not Work With Lots of Agents?
Some agents will work without a Buyers Rep agreement.
These agents are willing to run around all over town, for free, in the hopes that their clients might buy a house.
Buyers that aren’t willing to work under contract aren’t buyers, they are lookers – folks who just aren’t ready to buy, yet.
Buyers who are ready to buy want to get down to business and get the plan in action. The agents that work with lookers – future buyers who aren’t actually serious now – aren’t good at representing their own best interests – they are running all over town on the hope that their clients are serious.
If those agents can’t negotiate what is in their own best interest, why would you think that they will be able to negotiate for what is in your best interest?
Are you a Buyer or a Looker?
Get Your Deal Done Right
When I agree to work with a client as a Buyer’s Agent, we execute a Buyer’s Representation Agreement at the beginning of the home search process.
This agreement spells out the responsibilities I have to the Buyer in straightforward language and makes sure that there are no questions about where my loyalties are.
It also offers you a choice with regards to how you would want the situation to be handled if we find the perfect home and that home is listed by an agent in my office (or even by me). Up-front disclosure is key – you have a right to be informed of your rights with regards of representation in a real estate transaction!