Seller's agents owe both sellers and buyers certain duties including the duty to provide services honestly, fairly and in good faith. But, there are extra duties, called fiduciary duties, that the seller's agent owes only to the seller but not to the buyer.
When a buyer and a broker enter into a Buyer Agency Agreement, the broker starts working for the buyer rather than the seller, and becomes a buyer's agent. Now the agent owes the extra duties to the buyer but not the seller. Result: The playing field is leveled and both buyer and seller are represented in the transaction.
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Who Can Benefit from Buyer's Agency?
Everyone buying property can benefit from Buyer Agency Representation. And for some buyers, buyer's agency is especially beneficial. |
| Out-of-Town Buyers |
Long distance transactions can be complex. Different time zones and schedule conflicts can make decisions harder when you and the selller are in different cities. Your buyer's agent is your "man on the ground." |
| First-Time Buyers |
The home buying process can be a little overwhelming the first time around. First-time buyers can often benefit greatly from having the advice and counsel of a trained agent. A buyer's agent assists first-time buyers by helping them identify and evaluate their choices. Also, with their agent's experience and help, first-time buyers can make more informed decisions about the price and terms of their offer to purchase. |
| Anonymous Buyers |
If a buyer chooses to remain anonymous in a transaction, they may do so by using a buyer's agent. |
| Every Buyer... |
Every buyer deserves a level playing field. And that's what Buyer Agency Representation is designed to do. Why "go it alone" when you can have an agent in your corner? | |
Compare for yourself... do you deserve anything less than equal representation? |
The seller typically pays the buyer's agent and has agreed to do so in their listing contract.
This is a big advantage to the buyer as they gain the services of a professional agent but do not typically bear the cost for this service.
What happens if you want to make an offer on a property listed by the same agency as your buyer's agent?
This sometimes happens, and it is called Multiple Representation. Early in the process, I will provide you with a choice of different types of agency. You will have the oportunity to consent to Multiple Representation and if you choose, you can elect to do so with what's called "designated agency." Designated agency permits agents who work for the same broker to vigorously represent their respective clients, just as though they worked for different brokers. This is a recent change to Wisconsin agency law, and has been well received by clients, brokers and agents alike.
The Bottom Line
The bottom line is this: Sellers are typically expecting to pay a commission to the agent that brings a qualified buyer to the table.
It seldom makes any difference to the seller if that agent is a seller's agent or a buyer's agent.
Today, the seller paying the buyer's agent is a standard and accepted real estate practice... and a tremendous advantage to you as a buyer!
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