TIPS for real estate buyers

What every buyer should know - Buyer Brokerage

Q: What is "Buyer Brokerage" and why is it important to me?;

A: Buyer Brokerage is slang for a brokerage firm REPRESENTING a buyer, or tenant.

Q: What are some of the advantages?

Answers:

You have someone to do ALL your legwork. If you see a sign or ad, you have someone to check it out. That means you won't have to deal with a lot of other agents, properties and owners.

You have a skilled REAL ESTATE negotiator working toward YOUR objectives, not the property owner.

You will have someone who will understand your needs and interests and represent those interests.

Because you have agreed to protect the agent you have his time and attention.

If you need an unusual requirement, every property owner in a particular area can be solicited.

You have a current source of timely market information. The Buyer's broker can provide you with details on changing conditions and prices as well as recent sales or lease data (comps).

Q: What happens if I sign up and my agent does nothing?

A: I always hear this complaint, however there is no fee you pay, so YOU are not risking much. Often brokers without a buyer agreement will loose interest in helping prospects after a while because the "likleyhood of doing a deal" decreases and the agents' risk of not getting paid for his time - increases. Under a representaion agreement however, the agent is free to continue actively searching on your behalf because he knows he will be paid.

Q: But what about the cost? And is there an agreement?

A: Yes there is an agreement, but typically the brokerage fees are paid by the property owner. You the buyer, agree to protect the broker's right to receive the fee. Give our office a call. After we learn a bit about your needs, we can, decide if it would be desireable for us to represent you (not all prospects are accepted).

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