5 Reasons for Buyer Representation
5 REASONS FOR BUYER REPRESENTATION
What is this form? Why should you sign it? A Buyer Agency Agreement is a legal document that formalizes your working relationship with a particular buyers representative, detailing what services you are entitled to and what your buyers rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive.
- Receive a higher level of service. If you’ve formalized an agency relationship with a buyer’s rep, you can expect to be treated like a client instead of a customer. What’s the difference? Clients are entitled to superior services, relative to customers. While the details vary from state to state, and from one buyer’s agent to another, you can generally assume that being a client means that you’ve formed a fiduciary, or agency relationship with your buyer’s rep.
- Get more without paying more. In almost every case, home sellers have already agreed to pay a buyer’s agent’s commission. While buyers rarely pay real estate commissions, this is an important detail you’ll want to discuss with your buyer’s rep and clarify in their representation agreement. Most for sale by owners are willing to pay your agent’s commission.
3. Avoid misunderstandings. A Buyer’s Agent clarifies expectations, helping you understand what you should and shouldn’t expect from your buyer’s rep, and what they will expect from you, which usually centers on loyalty.
4. Agency relationships are based on mutual consent. While most representation agreements specify a time period, they can be terminated early if both parties consent. Most buyer’s reps are willing to end the agreement early if the working relationship isn’t going well.
5. Strength as a team. When you and your buyer’s rep work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home buying experience.