Buying a Home – Real Estate Agency Relationships
Real Estate Agency is one of the most important concepts in the Home Buying Process.
An agent can work exclusively for the buyer, the seller, or as a “dual agent” in which case, both parties are represented either by the same agent or the same brokerage.
It’s important to understand what you can expect in any of these scenarios before selecting a real estate agent.
Personal Consultation – The First Step
Begin your relationship with a personal consultation, which should last anywhere from 20 minutes to an hour. The best agents welcome the opportunity to make sure you’re a good match for working together.
Buyer Broker Agreement – Why Use It?
You can also choose formally to have your agent represent you exclusively. A Buyer Brokerage Agreement is similar to a listing agreement, in that you have a written contract outlining your agent’s responsibilities to you and yours to them. By committing to work exclusively with your agent, you will receive a greater commitment from your agent in terms of time and duties. Ask for more information, if you are interested in elevating your agency relationship with the agent you select.
By law, agents are required to explain Real Estate Agency to you early in your relationship. Be sure the agent you choose to work with covers this topic.
A Cautionary Word about Dual Agency:
As with any profession, you’ll find some people have impeccable integrity and some not so much. It is possible for an agent to represent both buyer and seller without compromising either party’s interests, but it is all too rare.
As you meet with the agent you’re considering for your representation, ask how they handle situations involving dual agency, and they should have a thoughtful answer that makes you comfortable. You should be able to completely trust the agent you choose for this very special purchase.
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