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Answers To Commonly Asked Questions About Buyers Agents
Q: Can any real estate agent be a buyer's agent?
A: Yes, any licensed
real estate agent in Florida may be a buyer's agent. However, before you hire an
agent, check the experience that the agent has in buyer agency transactions.
Q: The last time I bought a home I believe that my agent really
looked out for me. Why would anything be different today?
A: In the past,
there was a lot of bending of the rules. Agents believed that they had to take
some risks in order to obtain referrals and future business from you. In today's
litigious environment, however, real estate agents are much more cautious. The
only way to get an agent on your side is to hire a buyer's agent.
Q:
If this is so good for the consumer, why aren't all real estate agencies
offering buyer agency?
A: Companies across the country are changing their
methods of doing business to accommodate the increasing interest in buyer
agency. However, buyers need to be cautioned that many agents have not been
properly prepared and that buyers should check for the experience and industry
designations of the agent before signing a contract with the agent.
Q: Won't I get a better deal if I buy directly from the listing
agent?
A: NO. The listing agent owes his or her loyalty to the seller and
cannot legally help you get a better deal. Although some buyers believe that the
listing agent should be willing to take a lower commission because he or she
does no have to share with another agent, they fail to consider that the listing
agent has twice the amount of work if there is not another agent available to
help, so the listing agent may still not be willing to give up commission.
Q: What other differences can I expect from a buyer's
agent?
A: When you hire a buyer's agent, the entire home finding process
should change. Rather that trying to sell you on the good points of the
properties you are looking at, a buyer's agent will help you discover all the
negatives of the home. A buyer's agent should also prepare a contract that
offers the buyer better terms and conditions and that suspends dates for
settlement and moving that favor the buyer. A buyer's agent will also look more
diligently for a home for you and should open up additional home finding
possibilities for you, such as for-sale-by-owner properties and properties not
yet on the market. A buyer's agent will protect your interests should any
problem arise during home inspections and will negotiate in your best interests
any time there is a need to reopen contract negotiations.
Q: Can my
agent list my home and also be my buyer agent?
A: Some buyer agents work
with both buyers and sellers and those who do not list homes will usually refer
you to an agent to help you market your home. Be certain, however, that if the
same agent lists your home and helps you find another that you have signed a
buyer agency agreement with the agent and that you have checked to make sure
that the agent is proficient in handling both.
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