Many prospective real estate purchasers are hesitant to obtain professional advice. They constantly seek to corroborate information that is provided by a real estate agent. They often think…”well, that agent is just trying to sell the house”. This may be true!
Certainly, over the years, real estate agents have done little to improve their image.
So, this is where a truly professional realtor comes in. Why not have someone who is acting solely in your interest? Why not have someone loyal to you? Why not have someone who will seek out the best property to suit your needs?
All of these seem fairly straightforward. But, if you’re a prospective purchaser, you really need to get your own agent.
This is where buyer’s agency becomes important. You sign an agreement with a realtor, and that individual will work exclusively for you. There should be no conflicts of interest (or at least, there shouldn’t be).
This agreement (like a listing agreement to sell a house) will be in force for a certain period of time (often 3 to 6 months) and cover a specific type of property. The price range and geographical area should also be included.
You will agree to pay your agent a commission, but most of the time this commission will simply be offset by the amount of the commission that the vendor is offering to pay to realtors in order to induce them to bring their clients to the property. So, net/net, you pay nothing!
As long as you get a good agent, you have the best of both worlds:
1) a dedicated professional working on your behalf, and
2) someone else paying the bill.
One word of caution: Choose your Realtor wisely.
Brian Madigan LL.B., Broker