About Buyer’s Agency
Historically, real estate agents have always represented sellers. To this day, real estate companies continue their focus on selling houses. Agents are primarily taught to concentrate their efforts on getting listings to sell, and on getting buyers for those listings. Because homebuyers have wanted representation, traditional companies have added Buyer Agency, which has raised concerns for buyers and sellers alike, mostly due to the lack of understanding by the public, and more unfortunately, by the real estate industry itself, of how to truly represent buyers while maintaining the focus on sellers.
At best this arrangement can result in a conflict of interest, a loss of confidentiality, and a lack of representation. As more and more informed consumers are discovering, only with a company that exclusively represents home buyers can you be certain this won’t happen.
Although it condones these practices, the governing real estate body in Maryland, the Maryland Real Estate Commission (MREC) is aware of the potential problems and uses strong language to warn consumers. This is the link to the MREC Agency Disclosure form, which, by law, must be completed and given to any consumer at the first scheduled meeting with a real estate agent. You’ll also be asked to agree to something called “Dual Agency”, which happens when the same company represents both buyers and sellers in the same transaction. The Consent for Dual Agency involves once again, a strong warning by the real estate commission to be careful. Click here to review that form.
In the case of real estate teams where the listing agent will often have a “Buyer Representative” work with you on that listing agent’s sale, the possibilities for a conflict of interest, loss of confidentiality and lack of representation are endless. Click here to read what the Real Estate Commission has to say about teams.
Clearly there is ample warning in these required forms. Even the real estate commission is aware that these warnings are necessary, yet home-buyers continue to not understand that they can have their own agent and company. The word needs to be spread! You at least, have come to the right place, to the real estate company that represents home-buyers. You at least realize that you can have your own agent.
A word about payment – almost 100% of the time, the commission is negotiated between the seller and the company listing the house for sale. The listing company agrees to share that commission with whoever brings the buyer to the house and to the transaction. The written agreement between you and your Exclusive Buyer Agency ensures that your agent will be paid through the transaction. In fact, because your agent will be negotiating for you, you’ll probably realize a savings on your purchase, make wiser decisions, and have a smoother transaction.
The Buyer’s Best Realtors is held to the Code of Ethics of the National Association of Realtors, as well as the very stringent Code of Ethics of the National Association of Exclusive Buyer Agents which gives the greatest protection to home-buyers. At The Buyer’s Best, we are the real estate company for home buyers; we are the specialists who will point out the flaws in homes you are considering; we are the ones representing your best interests and negotiating your best price and terms; we are the ones protecting your peace of mind and working toward the same goal that you are – the best possible house at the best possible terms, with as little loss of time and sleep as possible! You can see from these disclosures that you need to have good representation; you are entitled to it and you deserve it. If you would like more information about home buying in Frederick or Rockville, Maryland and surrounding areas, please contact us today!