Buyer Agency Explained
What is a Buyer Agency?
Unless specifically agreed otherwise, a real estate agent represents the seller in a property transaction. That agent’s responsibility is to protect the seller’s position – not the buyer’s! With a buyer agent, you are assured that your agent is working to promote only your interests. A buyers agent is paid from the commission on the sale of a home. Any home listed in the MLS, Multiple Listing Service, advertises a contracted commission to any agent who represents a buyer for the property. Avoid the four biggest mistakes many buyers make.
Is a Higher Price Needed to Cover This?
That is almost always NOT TRUE because the seller has ALREADY agreed to pay a full (read double) commission to his or her agent which they only have to share IF the buyer has his or her own agent. If the buyer does not, the seller still has to pay the higher amount. The contract does not allow there to be a savings if there is not a buyer’s agent. So two agents is not a recipe for a higher price. But it is a recipe for real negotiations.
What are all those initials?
When you see “ABR” after an agent’s name, you know you’re working with a committed agent whose focus is on your best interests. This designation is awarded by the Real Estate Buyer Agent Council (REBAC) only to REALTORS® who meet specific educational and experiential criteria. It stands for Accredited Buyer Agent.
An “Esq.” means the person is also an attorney, trained as an advocate and skilled at negotiating for YOU.
“EPro” means the agent has passed a rigorous course centered around real estate technology.
“SRES,”Senior Real Estate Specialist, is a Realtor® who has qualified to specifically address the needs of buyers 50+ through major financial and lifestyle transitions in relocating, refinancing, or selling the family home.
“ALHS,” Accredited Luxury Homes Specialist, is a Realtor® who has taken specialized training to address the fine points of the luxury home buyer.