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We may have a possible relocation and husband's company can provide us with a realtor. When we bought our first home, we used a buyer's agent. We were very happy with all of her help UNTIL it came to the purchase price. When we tried to go lower, our buyer's agent was recommending that we not go lower. It was as if her true colors came out and she was just like a realtor not really looking out for us, because her 3% depended on the purchase price. I had to remind her that she was OUR buyer's agent, we did offer the lower price and we were happy. So, my question is, what exactly is the difference between a buyer's agent and a realtor?
A Realtor is a member of the National Association of Realtors. A buyer's agent is a real estate agent (very likely a Realtor) who works on behalf of the buyer in a transaction.
therewego - A REALTOR (reg. trademark) is a real estate agent who is a member of the National Association of Realtors and adheres to a specific ethical standard. A real estate agent who is not a "realtor" does not subscribe to that specific ethical standard of practice. A "Buyer's Agent" is a realtor or a real estate agent who is representing you, the Buyer, exclusively. A Buyer's Agent may also list houses and work for sellers, too. Some Buyer's Agents work exclusively with buyers.
therewego, in your post you mentioned that you felt that your previous agent was not working for you because she did not concur on your low offer. Your assumption may not have been correct.
First of all, the difference in commission would be negligible. Most agents would rather have a happy, satisfied client who will recommend them to friends and family rather than an extra $200 in their pocket.
Secondly, unless your initial offer was accepted and not countered, there is a very good possibility you actually could have gotten a better deal by not lowballing on the initial offer. An agent who is an experienced negotiator knows the best way to get the lowest possible price for their client, and it's not always by lowballing initially. In fact, very often that results in the buyer paying more in the end after counteroffers have gone back and forth.
When you interview for your next agent, ask them to explain exactly how they represent you. It's important for you to find an agent you're comfortable will work hard in your behalf.
When this type of complaint comes up, what most buyers don't realize is that their agent probably was working on your behalf.
What I often see is a buyer who loves, loves, loves a house, is tired of looking and feels this is the house for them. Then they want to low ball. I know they want the house. I know they will be devistated if they do not get it. I know they will have to begin from scratch, disrupting their family life, often spending more money on travel, and, ultimately, that low ball is most likely going to be met by an insulted seller who now won't entertain that buyer again even if he came in full price later because he will view him as a pain in the ***!
Now, what I am going to do is let that buyer know the consequences of this offer and where they will most likely end up should they go forward.
Am I looking out for my buyers interest? Absolutely! Will they see it that way? Most likely, no.
I guess what I am getting from this is, there is barely a difference between a buyer's agent and a realtor...And if the company will pay for the realtor's services, just go w/the realtor and go over many scenarios w/her/him when the time comes to negotiating??? thanks....
I guess what I am getting from this is, there is barely a difference between a buyer's agent and a realtor...And if the company will pay for the realtor's services, just go w/the realtor and go over many scenarios w/her/him when the time comes to negotiating??? thanks....
therewego: really there isn't a difference (in the way you are talking). a buyers agent is a real estate agent. and when the real estate agent is working on your behalf as a buyer.. guess what? they are a buyers agent.
There are agents that specialize (like a doctor will specialize or a lawyer specialize).. and only represent buyers. Or only represent sellers. But you will have a buyers agent when you are the buyer and the REA represents you.
Good Luck on your relocation.
Oh, BTW, most relo companies will allow you to work with an agent of your choice if the agent is a relo certified agent and willing to accept the relo companies rules. If you have already been working with an agent, just ask them to accept the agent.
I think listing agents are more in tune with with prices anyway. I think that the buyer agent is overhyped and you're better with someone who works buyers and sellers.
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