Home buyers overwhelmingly elect to have a REALTOR ® represent their interests in the home buying process. There is no disadvantage to a choosing a buyer’s representative in the CNY market, but the benefits are innumerable. The commission paid to the buyers agent is almost always determined by the MLS and is paid by the seller to the sellers agent (through his/her real estate company) and then distributed to the buyers agent (through his/her real estate company).
Whether or not you elect to have buyer representation, this commission has already been determined contractually and is still due to the seller’s agent/company. Most often, taking a buyers agent out of the equation will save neither the buyer or the seller any money, and it also results in under-representation (or a total lack of representation altogether) for the buyer.
The National Association of REALTORS® has shown that when a Buyer’s Representative was used, the prospective Buyer found a home an average of one month faster and gained information & access to a minimum of eight more properties than those consumers who did not use a Buyer’s Representative.I make the commitment to bring all of these skills “to the table” on your behalf when you are my client.
Seller Agency & Representation - when a Buyer elects not to be represented
BOTTOM LINE: The Buyer has no one representing their best interests on price, terms and conditions and no professional opinion on which to rely. Also, anything the Buyer says to reveal his/her confidential information or financial situation, the Agent is required to tell the Seller if it will better his/her position in the transaction.
Designated Agency – when a Buyer Agent sells an in-company listing
BOTTOM LINE: This occurs quite often in our Central New York market. Sales will often occur with two REALTORS® from the same company.
Dual Agency – when an agent sells their own listing and represents buyer & seller
Confidentiality due to all parties unless written permission to disclose information is given
BOTTOM LINE: Agency statutes require informed written consent of buyer & seller. I do not practice dual agency and will always represent YOU and no other party to the transaction. This is key as I no longer practice dual agency.