What is a Buyer’s Agent? And what value does a Cohasset MA Buyer’s agent bring to the table?
Recently I was out showing a Cohasset MA Antique Home to a “move up” home buyer in Cohasset MA, and this buyer asked me about Buyer Agency? He was debating with me the argument that the concept of Buyer Agency was just one more way for realtors to market themselves, especially in such a challenging market. After a healthy debate in which I enlightened my home buyer client on what services I preform as a Buyer’s Agent, I decided it was time to author a piece on Buyer’s Agency.
What is the value of a Buyer’s Agent?
A “buyer’s agent“ is a real estate agent who has entered into a written agreement to represent the interests of a party (or parties) who intend to purchase property. The buyer’s agent helps the buyer to clarify his or her specific needs, secure financing, locate appropriate properties, identify and understand needed repairs or maintenance, negotiate the best possible purchase price, hire service providers (e.g. home inspector, closing attorney), and generally guides and advises the buyer through the entire process. The buyer’s agent is legally and ethically obligated to look out for the best interests of the buyer, to disclose any and all information about the property or the seller, and to diligently protect the buyer’s confidentiality. As a rule, the buyer does not pay a fee for these services.
A Cohasset MA Buyer’s Agent will know the difference between the neighborhoods. A Cohasset MA Buyer’s Agent will know the difference between the Straights Pond and Sandy Cove, and even Cohasset Village and Beechwood. A good Cohasset MA Buyer’s Agent will have solid relationships with local closing attorneys, contractors, home inspectors. And these vendors are of great value as they will be well verse in the local nuances and customs of doing business in Cohasset MA.
Buyer’s Agency is not at all just a marketing tool for agents. In fact, most agents tend to focus on acquiring listings and often don’t even adequately inform buyers about the benefits of buyer agency as it is often not in the AGENT’s best interests to do so.
When a listing agent enters into a contract with a seller, there is an agreed-upon commission percentage to be paid by the seller at closing. If the buyer is represented by another agent, the listing agent must split that commission. If an unrepresented buyer contacts the agent directly and agrees to purchase the property without representation, the listing agent keeps the entire commission.
In that scenario, the listing agent owes all of the loyalties described above to the SELLER and is effectively operating AGAINST the buyer’s best interests.
Thus, even though agent’s are legally obligated to disclose these facts and (in my opinion) ethically obligated to make sure that a buyer understands all of the ramifications, it is easy to see how this is often at odds with the financial incentives. Do yourself a favor, and find an ethical, competent, trustworthy Realtor to act as your buyer’s agent before you even begin to look at property!
About the author: The above Real Estate information about Cohasset MA Buyer’s Agency was provided by Bill Tierney, an Internet savvy REALTOR who covers the South Shore real estate market for William Raveis Real Estate. Bill can be reached via email at firstname.lastname@example.org or by phone at 617-653-1955. Bill has been a licensed real estate agent for over seven years.
Thinking of selling your home or condo? I have a passion for Real Estate and would love to share my marketing expertise! I specialize in leveraging today’s technology, such as social media, to maximize your home’s exposure.
For Massachusetts and Cohasset MA Homes for Sale and condos see Cohasset MA Real Estate For Sale.
Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder service. I service the following towns on the South Shore: Cohasset, Hingham, Hull, Scituate, Marshfield, Norwell, Weymouth, Quincy, Duxbury, and Norwell. Click here to view Bill Tierney’s Real Estate Profile.