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What exactly is
a Buyer's Agent & why you need to have one
Here's
an example. Lets say that you are in the market to buy a very
specific car (i.e. a Black Chevrolet Suburban 4x4 with tan leather
interior) and walk into a local Chevrolet dealership to find one.
Guess who those "friendly" sales people work for? The
dealer, of course. They're all trying to get you to buy using every
pressure tactic in the book. Do you feel comfortable? Of
course not.
Now,
what if you could hire an independent car sales person to find you
that exact vehicle from amongst all the regional Chevrolet
dealerships. In order to do so, you sign an
agreement with that individual that outlines the following key
criteria:
-
That
sales person is to look out for YOUR BEST INTEREST (by written
agreement)
-
You
agree to allow your sales person to collect a pre determined finders
fee from the dealer from whom YOU decide to buy
-
That
sales person is there to help you find
the BEST DEAL (or you don't buy and they don't get paid)
-
You
agree to work with that person and that person ONLY (thus there is no
pressure on you to buy because that sales person knows that he
/ she will eventually be rewarded for their effort in
helping you)
-
You
agree to only buy from dealerships that will pay your sales person a
finders fee
Now
substitute the car for a house and the independent sales person
for a Buyer Agent and you've accomplished the SAME thing, which in
real estate is known as BUYER AGENCY.
Buyers'
Agents are agents who are retained by buyers to help
them find the best deal and are authorized by their buyer clients
to collect their finders fee / co-operating commission from the
sellers / builders / listing agents.
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