YOUR Buyer’s Agent – Don’t Buy A Home Without Him!

Be a Client - Not Just a Customer

When a Realtor assists you in the sale or purchase of a home you are either a Client or a Customer of the Realtor.  A Client is “represented” by the Realtor.  A Customer is not.  Representation is defined by a contract between you and your Realtor.  The contract is either a listing contract under which the Realtor will assist you in selling your home, or it is a Buyer Representation Contract under which the Realtor will assist you in buying a home.

A Representation Contract dictates how a real estate agent acts and behaves toward his client as well as toward any other party or participant in a real estate transaction.  If the agent represents the seller of a home, he acts and behaves a certain way that would be most beneficial to that seller; if he represents the buyer, he acts and behaves somewhat differently, to the benefit of the buyer.  To learn more about how real estate agents interact with buyers and sellers, see "Who Are The Players?"

When you hire a Buyer's Agent he will use his expertise to help you make a good home purchase.  He'll educate you, give you advice, and offer his opinions about the home and the transaction.  You would expect that, wouldn't you?

What Do You Want From Your Realtor?

Why hire a real estate agent?  Just to search for homes on the MLS?  To fill out forms after you've found a home you want to buy?  Aren't you really looking for Expertise, Opinions, Advice?  Isn’t that what you want from your Realtor?

As a Buyer’s Agent I’ll give you my opinions, my advice, and the benefits of nearly 20 years of experience in Twin Cities housing.  As your Buyer’s Agent I’ll be your consultant, your advisor, your advocate, your second set of eyes, and your representative.  And as Your Representative I will place your interests first and foremost at all times.

Did you know that as my client I owe you Fiduciary Duties?  This obligation I have to you further sets you apart from a non-represented customer.  Fiduciary Duties are the foundation of a Buyer Broker's relationship with their Client.  Learn more about the Fiduciary Duties you are legally entitled to.

The Hazards of Not Having Your Own Buyer’s Agent

Some home buyers use a seller’s listing agent to help them purchase their home.  They call the phone number on the “house for sale” sign or in the newspaper ad.  Or they walk into an open house or a builder’s model.  That makes them nothing more than a customer of the listing agent because the listing agent represents the seller!  By law, the listing agent and every other agent in the same brokerage work in the best interest of the seller.  They can not work in the best interest of someone who wants to buy a home they have listed.

If a listing agent helps a buyer purchase a home listed by that agent’s brokerage, that means the buyer is only a “customer” and completely unrepresented.  It is possible (and legal) for an agent to be a “dual agent” but that condition completely handcuffs the agent and prevents him from fully representing either party.  Dual agency benefits the agent but not his clients.  My advice: Don’t Go There!

If you call a listing agent or meet them at an open house, you are only a customer to them.  They can not represent you and work in your best interest.  They already have a boss – the seller.  And their job is to help the seller get the best price and terms at your expense.  A listing agent might offer to "help" you buy a home.  Helping and Representing are Not The Same!

Get Representation - Not Just Help!  You should have your own Buyer’s Agent.

As Your Buyer’s Agent what will I do for You?

When I'm Your Buyer's Agent my job is to make sure you get a great home that’s perfect for you, at a price that makes it an excellent investment.  When we check out available homes I’ll help you assess if they’re good properties for you. 

Once you zero in on a home you want to purchase, my job will be to help you get the property at the best price and terms.  I’ll help you structure an aggressive and fair offer.  It's not a cake-walk.  There'll be some negotiating; some arm wrestling with the sellers.  As your Representative I'll advocate for you and negotiate on your behalf, helping you get the home at a price and with terms that are as favorable for you as possible. 

As your Buyer’s Agent I can do these things for you.  If you work with an agent who is not your Buyer’s Agent, he can not negotiate for you and he can not help you get the home at the best price and terms.

If you work with an agent who represents the seller or if you work with a dual agent, they can NOT help you determine if the property is a good investment for you. They can NOT help you assess if the property is over-priced.  They can NOT advocate for you and negotiate in your best interest.  A Buyer’s Agent is on your side,  a seller’s agent is not!  And a dual agent just stands there with their hands in their pockets (or more precisely, yours)!

First Time Home Buyers Should Be Very Cautious!

First time home buyers have lots of new information to digest.  Lots of new stuff to learn.  Unfortunately, some people and some companies want to take advantage of your newness and theh fact that you aren't a seasoned home buyer.  You need to be cautious and you need to be informed!  But you can't know everything immediately, so you need to work with people who genuinely and sincerely have your best interest at heart.  People who are not out to take advantage of you, but rather are out to help you become a successful home owner.

Buyer Representation is FREE!!

What’s really great is that you don’t pay me to be your Buyer’s Agent and I still work only for you.  The seller pays!  But yet I’m always working for you and I only concern myself with your best interests.  Minnesota agency law has established the framework for these relationships and methods of compensation in real estate, and it works quite well, for the benefit of all parties.  To learn more about who pays who, see "How Do Realtors Get Paid?"

As a Home Buyer, you should have representation.  You can hire a Realtor as your Buyer’s Agent.  And you don’t have to pay your Buyer’s Agent.  You can let the listing broker, who gets paid by the seller, pay your Buyer’s Agent.  Not bad!  It’s a system that works very well in Minnesota.  You get the advantages of having your own Buyer’s Agent representing you and working in your best interest, and yet you do not have to pay him.

This is how I operate as a Buyer’s Agent.  If you think this type of relationship is what you ought to have with your real estate agent, then Call or E-mail me and let’s talk.