THE BENEFITS OF THE BUYER AGENCY

What does it mean to have an agent represent you?

In BC, a licensed real estate agent cannot be involved in a transaction without representing at least one of the parties (i.e. buyer or seller). When you choose a real estate agent to represent you, the agent and their broker are obligated to be loyal and to act in your best interests. While your agent will not make decisions for you, they are on your team. It is important to know that you are entitled to confidentiality regarding your personal information. You are also entitled to disclose pertinent information regarding the transaction that might be important to you. When an agent truly represents you, they will advocate your position in the negotiations. Ideally, your agent should offer you a written agreement spelling out your mutual duties and obligations. With this written agreement, there will be no question regarding your role or the role of your agent.

What if an agent does not represent you?

You may work with an agent who represents the other party to your transaction. If you are a buyer, you could look at a home with an agent who represents the seller (i.e. at an open house). When this happens, you should be careful not to disclose any information that could be adverse to your position, because the seller’s agent is obligated to inform the seller.

Here’s why buyers should sign documents before working with a real estate agent: Currently, British Columbia places the real estate industry at its highest level of professionalism in history. Recently, it addressed consumer issues regarding services and loyalties when choosing your real estate agent.

Buyers and sellers work with a real estate agent when buying and selling a home. Will that agent be in your corner, or will they be taking the side of the other party to your transaction? The answer to this question will probably alter the type of information you offer to this agent. BC has taken a very bold stand to protect consumers, mandating that before any real estate agent can discuss a buyer’s or seller’s personal information regarding finances, or even show a home, that agent must first present the individual with a Disclosure of Representation in Trading Services form. This form is not a contract. It is simply a statement acknowledging whether this agent and the agent’s company represent the seller or the buyer. It also discloses the potential for any change in that relationship in the future.

Do home buyers need the help of a buyer specialist?

You bet! When buyers work with a real estate professional who is 100% loyal and completely committed to them, chances are that the entire home-buying process will go smoothly, with a higher level of buyer satisfaction.

Can a buyer specialist show us any or all properties up for sale?

Yes. A buyer specialist can show you every home listed in the Multiple Listings Service® as well as any For Sale By Owner (FSBO) properties. Additionally, a buyer specialist can show you unlisted homes, as well as builder models if you’re in the market for a brand new property.

Will a buyer specialist disclose more information to us?

Yes indeed. Because a buyer specialist’s fiduciary responsibility is to you, he or she can be more forthcoming with any negative aspects about the properties you’re interested in.

What about negotiating the details?

A buyer specialist is fully qualified and highly skilled in the back-and-forth negotiations and financing queries that precede the closing of most real estate transactions. But there’s more: a buyer specialist is also experienced and committed to helping protect your best interests in the purchase. Representing you and supporting you: that’s a powerful combination!

What do you mean by “confidentiality”?

Since a buyer specialist is legally obligated only to you, they can help you maintain absolute privacy with regard to financial and personal information. That’s another important benefit of working with a qualified buyer specialist.