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Isn't it beneficial to have the seller's agent as your buyer's agent bc he knows what offers are coming in? If I have the seller's agent as my buyer's agent, do they get double commission
Mine was useless. I went online myself and picked out the homes i wanted to see. She only showed me the homes.
She was a part time RE agent and i had to sign a three month contract( i now know that was a HUGE no no.)
While it’s understandable to think that having the seller’s agent also represent you as the buyer might offer some advantages, like insider knowledge on incoming offers, this approach often leads to a conflict of interest and might not be in your best interest for several reasons.
1. Conflict of Interest: The seller’s agent’s primary responsibility is to their client, the seller. Their goal is to sell the property at the highest possible price, which directly conflicts with your goal as a buyer to purchase at the lowest possible price. An agent cannot serve two masters equally.
2. Lack of Advocacy: As your buying agent, you need someone who will advocate fiercely for your interests. This includes negotiating the best price, terms, and conditions exclusively for you. A seller’s agent, juggling both roles, may not be able to provide the level of advocacy you deserve.
3. Commission Structure: It’s a common misconception that using the seller’s agent will save money because they’ll receive double commission. In reality, the total commission is often predetermined in the listing agreement, so the seller’s agent receiving both sides of the commission doesn’t necessarily translate to cost savings for you.
4. Negotiation Leverage: A dedicated buyer’s agent can use their skills and experience to negotiate better terms for you. They can do this without the constraint of also trying to meet the seller’s expectations, which is often the case for a dual agent.
5. Personalized Attention: A buyer’s agent focuses solely on your needs and preferences, searching for properties that match your criteria and providing guidance tailored to your situation. This level of personalized service might not be possible with a seller’s agent handling multiple responsibilities.
In short, while the idea of a dual agent might seem convenient, having a dedicated buyer’s agent ensures that your interests are represented fully and without compromise. In real estate, where significant financial and emotional investments are at stake, having an advocate who is unequivocally in your corner is invaluable.
While it’s understandable to think that having the seller’s agent also represent you as the buyer might offer some advantages, like insider knowledge on incoming offers, this approach often leads to a conflict of interest and might not be in your best interest for several reasons.
1. Conflict of Interest: The seller’s agent’s primary responsibility is to their client, the seller. Their goal is to sell the property at the highest possible price, which directly conflicts with your goal as a buyer to purchase at the lowest possible price. An agent cannot serve two masters equally.
2. Lack of Advocacy: As your buying agent, you need someone who will advocate fiercely for your interests. This includes negotiating the best price, terms, and conditions exclusively for you. A seller’s agent, juggling both roles, may not be able to provide the level of advocacy you deserve.
3. Commission Structure: It’s a common misconception that using the seller’s agent will save money because they’ll receive double commission. In reality, the total commission is often predetermined in the listing agreement, so the seller’s agent receiving both sides of the commission doesn’t necessarily translate to cost savings for you.
4. Negotiation Leverage: A dedicated buyer’s agent can use their skills and experience to negotiate better terms for you. They can do this without the constraint of also trying to meet the seller’s expectations, which is often the case for a dual agent.
5. Personalized Attention: A buyer’s agent focuses solely on your needs and preferences, searching for properties that match your criteria and providing guidance tailored to your situation. This level of personalized service might not be possible with a seller’s agent handling multiple responsibilities.
In short, while the idea of a dual agent might seem convenient, having a dedicated buyer’s agent ensures that your interests are represented fully and without compromise. In real estate, where significant financial and emotional investments are at stake, having an advocate who is unequivocally in your corner is invaluable.
Oh geez - this sll sounds like a desperate attempt at remaining relevant. Anyone with gumption can easily do this on their own behalf. Times are a changin- better get used to it.
Mine was useless. I went online myself and picked out the homes i wanted to see. She only showed me the homes.
She was a part time RE agent and i had to sign a three month contract( i now know that was a HUGE no no.)
If you eventually bought something, did she take care of the contract? And the several back and forths of the contract between you and the seller that typically occur? Coordinate the closing times? Make sure all the paperwork was in order?
I don't anticipate buying again... but if I do, I'll happy let my agent handle all that crap.
Mine was useless. I went online myself and picked out the homes i wanted to see. She only showed me the homes.
She was a part time RE agent and i had to sign a three month contract( i now know that was a HUGE no no.)
Signing a contract isn't a no-no, but hiring a part time agent should be. Why on earth do so many people trust such an expensive transaction with a part time worker?
Signing a contract is not a No-No but the consumer should have some sort of escape clause for non-performance by the agent. The contract generally protects the consumer. If the agent wrongs you, then you have legal recourse because the agent violated their fiduciary duty. It becomes much tougher with a verbal contract or implied agency because verbal contracts are generally not enforcable.
Isn't it beneficial to have the seller's agent as your buyer's agent bc he knows what offers are coming in? If I have the seller's agent as my buyer's agent, do they get double commission
I might use the listing agent if I was a buyer.
It would let me put the listing agent into dual agency, unable to offer advice and counsel to the seller. Usually, this would tilt the playing field to my benefit.
If I did, I would sign a Buyers Agency Agreement, a contract, with the listing agent for that specific property only.
But, I have years of experience in my market, with the transactional dynamics and the contracts.
Can you say the same? Your posts indicate that you cannot.
Hire a buyers agent. In writing with a Buyers Agency Agreement. Length of contract doesn't matter, IF you demand a unilateral right to cancel the contract with no strings attached.
I’ve used a real estate attorney in lieu of a buyer’s agent. Works just as well in most (not all!) cases and saves a load of cash.
RM
Lawyers, even real estate lawyers, hired me to represent them and their families in real estate transactions. It worked well, and they were most assuredly conscious of the monies involved.
Location: Sarasota/ Bradenton - University Pkwy area
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What are the benefits of having a buyer's agent? A good buyer's agent should:
Educate buyers on the buying process, if needed. Depending on what type of property buyers are looking for (condo, co-op, single-family home) the buying process will be a little different. State laws will also vary depending on where you're buying. Buyers need to be familiar with the various requirements before making offers on properties.
Help buyers 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 neighborhoods, the good features as well as red flag/ maintenance items of properties, to help buyers decide which home is right for them, by explaining the pros and cons of various options.
Negotiate the offer. The buyer’s agent will advise clients on an appropriate price to offer and present it to the seller’s agent. 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 and vendors. A buyer’s agent 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 agent 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.
Track contract dates to make sure buyers do not miss important deadlines.
Assist the buyers thru the closing process -- final walk thru of the property, reviewing closing documents, coordinating with the listing agent/sellers on the move out, utilities change over, etc.
Buyer’s agents are licensed real estate professionals who can walk buyers through the entire home buying process, answer the buyers questions or concerns, and ensure the transaction runs as smoothly as possible from contract to closing
An experienced buyer’s agent can help buyers avoid overpaying for a property, negotiate price and terms in the buyers favor and avoid common home buyer mistakes.
If your buyer's agent isn't providing the above services, then perhaps it's time to rethink using that particular agent.
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