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How to Find an Effective Buyer’s Agent Real estate agents who stand for the interests of the buyer rather than the seller are referred to as buyer’s agents. All listing agents are for the seller, but agents having no buyer-agency deals with potential buyers–even if they may show some properties to those buyers–are technically sub-agents of the seller and must explore all methods to fetch the best price possible for the seller. Buyer’s agents receive commissions as stated in the listing agreement. When a buyer’s agent does have a buyer, the listing agent and the buyer’s agent will share the agreed commission. The following are five steps to finding a good buyer’s agent: 1. Drop by a few brokers’ offices and visit some prospective buyer agents there.
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A good buyer’s agent will ask if you have been pre-approved by the bank and what type of loan you plan to apply for. They would also ask you what you’re looking for in a home. A good buyer’s agent knows how to listen. Observe if the agent writes down notes as you provide important details.
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2. Listen as the agent discusses agency relationships. According to the law, agents must define if they are going to work for the buyer or the seller, each time they make substantive contact with client or potential client. If the agent will not present to you a buyer’s agency agreement, that means he is a buyer’s agent. If there is no move to explain agency agreements to you, find another prospective agent. 3. Know if the agent will be only give you in-house listings or anything out there that may fit your needs and requirements. Buyer’s agents need to legitimately put their buyer’s needs first before their own, so regardless if an agent gets paid more for selling an in-house listing, he should tell you about other appropriate listings which are available, and help you if you want to see those which you are interested in. However, unless you have been pre-qualified by the bank, an agent isn’t required to take you to these properties. And neither is he required to take you to see houses that are beyond your budget. 4. A good buyer’s agent will give educate you about home-buying, not make a scripted sales pitch. Good buyer’s agents help their buyers think rationally throughout the home-buying process. For instance, if a house is a good investment, a buyer’s agent may advise you ignore the outdated wallpaper design and paneling and focus on the space and structure instead. As well, a lovely-looking house with elaborate shingles and lots of neglected maintenance may not be worthy of the asking price. Or if your intention is to buy the house and add a building, the agent should tell you to first look into the zoning before making the offer. 5. Be willing to sign a buyer’s agency agreement when you’ve met with an agent you like. There are people who sign an agency contract after an agent’s showing, unaware that this is a mistake. The seller could use any information you disclose as leverage during negotiation. A buyer’s agent is officially obliged to keep your confidentiality, reveal material facts to you and offer you their full loyalty. These are called fiduciary responsibilities.