Buyer’s advocate are legally bound to help buyers, whereas listing agents—the real estate agent representing the home listing—have a fiduciary duty to the home seller.
“That’s why it’s in your best interest as a buyer to get an agent who is there to represent you,
“Think about it this way: If you were getting sued, would you hire the same attorney as the person suing you? Of course not. You need someone who will diligently fight for your interests and rights.”
Let’s say, for instance, you walked up to the listing agent at an open house. You might gush about how you love the home and want to buy it, but add that you will need to move soon—because you’re expecting your second child and need to decorate the nursery, pronto, or because the lease on your rental is up in a couple of months.
A seller’s agent could then use this information against you by informing the sellers that your clock is ticking, so they shouldn’t budge too much on their asking price—if at all.
Yet make this same confession to the buyer’s advocate you’re working with, and it’s all fine—this professional would know to keep this info private from sellers (and their agents), so it can’t be used against you.
Some places abroad, recognizing this problem, required a disclosure of dual agency when a broker represents both sides of a real estate transaction.
Benefits of using a buyer’s agent when buying real estate
“A buyer’s advocate will guide you through the property-buying transaction and be at your disposal for any questions or concerns. Here are some of the things a buyer’s agent can do:
- Find the right property.After determining what the clients are looking for and what they can afford, the agent will schedule appointments to tour homes that fit the bill. The agent can also explain the ins and outs of various properties and neighbourhoods, to help buyers decide which property is right for them, by explaining the pros and cons of various options.
- Negotiate the offer.The buyer’s advocate will advise clients on an appropriate price to offer and present it to the seller’s agent, or owner direct. “Then they will negotiate on your behalf and write up the contracts for you. This is where the agent’s experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that’s more trouble than it’s worth.
- Recommend other professionals.A buyer’s advocate should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and other real estate professionals. This can also help expedite each step of the process and move you to a successful real estate sale all the faster.
- Help overcome setbacks.If the home inspector’s report or appraisal brings new issues to light, a buyer’s advocate can advise you on how to proceed with the transaction, and then act as a buffer between you and the sellers or their broker. If negotiations become heated or hostile, it’s extremely helpful to have an experienced professional keeping calm and offering productive solutions.
Look forward to be at your service searching for your prime property or investment.