Whats a Buyers Agent and Why do I Care?February 7th, 2011 | Posted by in Buying Tips | Real Estate News | Selling Tips
What’s a Buyer’s Agent and Why do I Care?
By Dick Thackston CRB, ABRM, ABR
Buyer’s and Seller’s both should hope that a buyer is represented by a buyer’s agent, hopefully one who’s earned the ABR designation from the National Association of REALTORS and not just any agent who hopes they can figure out what to do with a buyer.
First why would a seller want a buyer’s agent involved in a transaction? It would seem counter to his best interests but maybe it’s not, let’s see.
Buyer’s who work with a buyer’s agent are typically more committed to finding the right home and are committed to making a transaction work out – they are not “just looking”. Buyer’s with Buyers Agent want to buy something – helpful to say the least.
Buyers Agent don’t generally accept a buyer client who isn’t ready willing and able to buy. Buyer’s Agents want a well vetted out client who wants to know the details of how their transaction will work and is prepared to make it work.
So how do these things help a Seller?
It is often a tragedy for a Seller when an untrained agent tries to act as a Buyer’s agent for an inexperienced or ill qualified buyer. The Seller may feel – “they got one” – when in fact they don’t! Taking a home off the market while a buyer with limited qualifications works on getting their side of the deal together may cost a Seller valuable marketing time and immeasurable lost opportunities. Usually this occurs because the transaction wasn’t structured realistically from the start and the inexperienced agent with the buyer either didn’t verify information or didn’t ask enough questions to fully qualify a buyer before taking them on the road and writing an offer. Who ultimately takes the hit for this poorly structured transaction is nine times out of ten the seller who is boxed into making dramatic last minute concessions just to get their home sold.
If you are thinking of buying a home go to the National Association of REALTORS, REBAC website and find a buyer broker in your area that you can work with. If your thinking of selling your home make sure the agent on the other side of the transaction knows what they’re doing, after all, 99% of the time the seller is paying the buyer agent fee, so you Mr. Seller, might just as well look to get some good out of the money you’re paying!