Many people shopping the real estate market, looking for their ideal residence, make a very common mistake by not using the services of their own real estate agent. Lots of residence hunters don’t understand the repercussions of opting not to employ a buyer’s real estate agent. They see nothing wrong with calling the listing real estate agent of every property they’re interested in.
In fact, there is a mistaken belief that going through the seller’s agent will get the buyer a better deal. Needless to say, this isn’t accurate. A buyer’s agent and seller’s realtor will most often split the commission down the middle. The seller’s real estate agent just gets 100% of the commission when no buyer’s real estate agent is present. Even when a buyer’s real estate agent requires a down payment for their services, this is usually accredited towards the eventual closing costs. So having your own real estate realtor basically costs you nothing additional.
The most important thing that home hunters fail to realize is a real estate real estate agent, unless specifically working as the buyer’s real estate agent, has the seller’s best interest in mind, not the buyer’s. They have a fiduciary accountability, in other words, a legal liability, to take steps within the best interest of the seller. It doesn’t matter how supportive and nice they appear to be. They are in the seller’s corner - not yours.
For instance, let’s say the seller’s real estate agent is helping you set up your preliminary offer on the residence. While you’re discussing the matter, you casually suggest that you’d be willing to go $10,000 higher than what you’re offering, but you’d like to start low to feel the situation out.
Seems harmless enough, right? Well, keep in mind that the seller’s realtor has a job to the seller who hired them and are required by law to disclose anything that they and a potential buyer discuss.
The agent may spend a lot of time with you, showing you other homes that they have listed, helping you prepare your offers, but their allegiance is with the seller unless they are hired as your agent.
And don’t just assume that they’ve indirectly become your “buyer’s real estate agent” because they are showing you other homes that they have listed. Even when a listing real estate agent of another home seemingly takes an interest in your situation and shows you other homes on the marketplace, more times than not they are showing you residences in their portfolio that they have listed. They are still working as the “seller’s realtor” on these properties and have more of a commitment to the seller than you.
However, with a buyer’s realtor, you have more control when it comes to finding a residence that suits your specific criteria. A buyer’s real estate agent or broker can show you any residence that you’re interested in. This means that residence seekers can view a better sampling of the market and a variety of listings that aren’t just limited to one real estate agent.
A real estate real estate agent dedicated to serving your needs and interests is an undeniable asset. They can advise you of potential issues with the house (something a seller’s real estate agent isn’t always forthright with) and help you with negotiating and understanding purchase agreement language.
Just keep in mind, regardless of whether they are your real estate agent or the seller’s agent, a real estate agent is a sales person. They make their funds when they sell you a property and because of this their objectivity can always be subject. But, if you’re dealing with a seller’s realtor only, it’s critical to always take into account that you can’t afford to be too open or frank with them. A seller’s real estate real estate agent is more or less a spy for the seller - and it’s completely legal.
Author Resource:
Bella Kellogg is a Conn. native, and an advisor to CT Real Estate internet sites, including an MLS listing with, CT Housing for Sale Site , and is as well a contributor to the site, Houses For Sale in CT .
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