Why is it important to be represented by a buyer’s agent when looking to buy a home?
When I got into the real estate industry in the smoking hot 2005 market, one of the things that I ran into early was a lot of dual agency. Basically, this is when home buyers and sellers would work with the same Realtor. This never made sense to me, and I very quickly made the decision to never do it in my business.
I think that it’s important for home buyers to have independent representation on their side when deciding to purchase a home for a few different reasons:
1. Listing agents are working for the seller. The seller’s agent has a fiduciary responsibility to protect that seller’s best interests and get them the most money possible for their home. How is it possible for an agent with that kind of responsibility to get you the best deal possible as a buyer?
2. Dual agency is illegal in eight states. Because there is such a clear conflict of interest, dual agency has been banned in eight states.
3. When looking at new construction homes, going directly to the builder poses the same problem. The builder’s representative has the same contractual fiduciary responsibility to the builder to look out for their best interests, not yours.
4. A buyer’s agent has experience working with buyers. Negotiating terms and going over the contract to make sure that the buyer’s interests are protected is the job of the buyer representative.
When you’re looking to purchase your next home, make sure that your best interests are protected by hiring your own independent representation. We’re never too busy to answer any questions you may have about buyer representation or anything else related to real estate, so feel free to give us a call or send us an email anytime. We’d be happy to help you!