A common question is “Who pay’s the buyers agent commission?”. Typically the seller will pay your buyers agents commission once the sale is completed. That means your agent is basically working for free. Yup, you read that right, they are working for free until the sale closes. This is why your buyers agent is keen on having you stay with him/her and not see homes or new homes with other agents. It’s taboo for buyers to work with multiple agents because your agent doesn’t want to step on other agents toes. As REALTORS we want to be as ethical as possible so it’s common for your agent to clarify their role. Per realtor.com, it’s important that you hire an experienced agent. You wouldn’t hire your spouse’s attorney to represent you in your divorce. The same goes for real estate. Why use a seller’s agent to negotiate the best deal? There is an inherent conflict of interest. So what should your agent do for you and what are your roles in the sale?
According to most buyer agency agreements, the buyer’s agent must do these things:
-Protect their client’s financial information
-Negotiate the best possible price for the buyer
-Must disclose to the buyer if they are working with another buyer interested in the same property
-Show all properties the buyer is interested in that fits their criteria and budget
-Connect you with the service providers—inspectors, lenders, home warranty companies—to best suit your needs
The buyer also has some responsibilities to their buyer’s agent:
-Buyers must work with their buyers agent exclusively
-Buyers should never give personal information to any other agent
-Buyers should not call other agents to see properties, even if they think they are saving their agent some time and effort
-Buyers should clearly define their must haves and deal breakers to help their agent streamline the showing process
Ready to speak to an experienced buyers agent? Do you have ton’s of questions? Call Rustin Davis today at 407-690-8101.