Buyers agency was not always the norm in the US real estate industry!

Prior to Buyer’s agency, which began in the early 1990’s, real estate brokers represented Sellers as a salesperson to sell a home. Buyer’s were simply customers.

A CLIENT is owed fiduciary duties from their agent. We use the acronym OLDCAR to remember those duties: Obedience, Loyalty, Disclosure, Confidentiality, Accountability, and Reasonable Care.

A CUSTOMER is owned Honesty, Accountability, Reasonable Care, and Disclosure.

Prior to Buyers Agency, a buyer looking to purchase a home would not have the same level of representation as the Seller. The concern with this scenario is that the Buyers did not have an expert to provide guidance through the home purchasing process, any negotiations, or how to navigate any twists and turns along the way.

Purchasing a home is one of the biggest investments of someone’s life!

With the various online search platforms available to consumers, most prospective buyers are able to dig through available inventory on their phone. There are of course some opportunities that are not listed that an agent may have access to, but it’s really the process AFTER finding the home that can get complicated.

Unless the Buyer has experience with the process, having a professional in your corner is always a good idea.

Let’s look at a few reasons hiring a Buyer’s Agent is important for most home buyers.

1. Market Knowledge - The real estate market is constantly changing! New rules, policies, trends, laws, technology, and negotiating techniques. Even if this is not your first home purchase, there is a good chance todays market is different! It’s important to hire an active, full time agent who is tuned in to the current market.

2. Understanding of necessary documentation - Once you find the house, you need to know what documentation is required to submit an offer. A Buyer’s Agent cannot give legal advice, but they do have a strong understanding of the necessary documents required throughout the process.

3. Experience - Real Estate professionals hold a license in the state where they serve. Obtaining that license involved completing educational requirements and passing both a state and national exam. In order to maintain that license, there is required continued education. This is a career, not a hobby! Working with a full time real estate professional who is educated with experience working through the process is invaluable.

4. Access to search tools and latest technology - As with every industry, real estate tools and technology are always improving. Working with a buyers agent associated with a technology driven brokerage will give Buyers access to the newest tools available to make their search and transaction streamlined!

5. Advice on navigating current market conditions - Being engaged with both buyers and sellers in the market daily provides agents invaluable knowledge into what is going on in the market at that time. This insight will help Buyers to structure their offer and work through any negotiations.

I’ve heard so many stories of consumers who had a negative agency experience. Remember, not every real estate agent is equal! As with any industry, some agents are better qualified than others. If you don’t feel confident or comfortable with the agent you are working with, it’s OK to find someone else. It’s important that you choose an agent who is competent, qualified, and has your best interest in mind.