Do I Need Representation?
Traditionally, ALL Virginia Beach real estate agents have worked for the seller. So, while we could spend countless hours getting to know you and YOUR needs, we owned our loyalty and confidentiality to our Client, THE SELLER. We couldn’t truly advise you on price, market conditions, or other terms if that advice could adversely effect the seller even if we have never met them!
Real estate agents still work for the Seller, UNLESS, you have a signed contract saying the agent works for you, the Buyer. When this happens, You become our Client. We owe our loyalty to YOU and look out for your best interests. We must put your interests first and negotiate for the best price and terms for you. We provide you all the information to help you make a smart buying decision. We advise and counsel you through the home buying process. And together, we can avoid the pitfalls that buyers can fall into when they work alone. We call this Buyer Representation or Buyer Agency.
And the best part is, having your own representation doesn’t have to cost you a penny more than having someone who works for the seller. Our fee is paid by the Seller and comes out of the proceeds of the sale. You have the right to your own representation – Don’t let anyone tell you otherwise!
What Are The Advantages of Buyer Agency?
With either Buyer Agency or the more traditional Sub Agency, an agent is required to treat you honestly, to assist you in selecting a property and to disclose to you any known material defects in properties that they show you. But ethically, as the Seller’s sub-agent, they should tell you, the buyer, not to say anything to them that you would not say directly to the seller. And the contractual agreement with the Seller requires they must disclose everything about the Buyer to the Seller. However, as your Buyer Agent, we can give you our loyalty, and confidentiality. We are working in your best interest so you can share your thoughts and concerns with us.
What Are The Disadvantages To The Buyer?
Arguably, none, but there is a contractual responsibility. As your Buyer Agent, we are working in YOUR interest. But just as a seller sells through his/her agent even if he finds his/her own buyer, you as a buyer client, must buy your home through us during the time the contract covers, even if you find a property on you own. We provide you with an Easy Exit Guarantee, saying if we are not doing our job, you can fire us.
What Is The Difference Between Dual Agency And A Dual Agent?
Dual agency means that at any time, in a given transaction, a real estate company may have one agent who represents the seller and another agent who represents the buyer. A Dual Agent, however, is an agent who tries to represent both sides at the same time.
Will The Seller Work With A Buyer Agent?
Absolutely. Working with Buyer Agents provides the home seller with maximum exposure of their home, highly motivated and qualified buyers and no liability for a sub-agent’s actions or misrepresentations to the buyer.
But Can I Get A Better Deal If I Work With The Listing Agent?
It sounds great, but it’s not likely to happen. Remember, the listing agent works for the seller. When an agent gets both sides of the sale (often called double-ending), the extra commission dollars go to that agent or back to the seller. In no way can the listing agent “cut you a deal” since their loyalty is always to the seller.
Does It Cost Me To Have My Own Buyer Agent?
Although we have a fee as a Buyer Agent, this fee is paid for by the Seller from the proceeds of the sale. We can advise you on how to structure your offer so the Seller is in agreement with the fee coming from his proceeds.
Are All Buyer Agents The Same?
No. Make sure that the agent is an ABR® (Accredited Buyer Representative), a national designation which is given in recognition of advanced professional training, experience, and vigorous testing overseen by the Real Estate Buyer’s Agent Council (REBAC), a part of the National Association of Realtors®.
Please email with any questions you might have, [email protected]