When a seller lists a home with a broker they agree at the time of listing on the amount of commission that the seller pays to the listng broker at closing. Let’s say that you call the listing agent to see the property, you like the home, you make an offer and purchase the property. Great for the listing agent because they get the entire commission! But if you as a buyer have a buyer’s agent then they must share their commission with the cooperating broker (the buyer’s agent). It’s that simple.
Since the listing agent represents the seller they have an obligation to look out for the seller’s best interest - not your’s as the buyer. If you were to go to court for example you surely would not want to use the same attorney as the guy who was suing you so why would you enter into a real estate transaction without being represented? It’s not that the listing agent is being greedy, it’s just that they must represent their client, the seller, to the best of their ability.
On the other hand a buyer’s agent can look at the property objectively. Run a market analysis, pull the tax records, help you determine whether it’s a good deal and what would be a fair asking price. As a buyer’s agent I want my clients to have a clear picture of the market and help negotiate the best deal for them. The job of a buyer’s agent is not to “sell” any particular property, but to represent the best interests of thebuyer/consumerthroughout the home buying process.A buyer’s agent helps consumers make smart decisions as they buy the home they love.
Buying a home is a major investment and as a buyer you need someone on your side. A good buyer’s agent isn’t just interested in a quick sale, we want to keep your business in the future, we want referrals from your friends, neighbors and business associates. The best way to ensure that is to have happy clients.
So many of my out of town buyers relocating to the Greater Savannah Area start out searching on the internet and it’s a great way to start but when you get serious about your move you really need to find a buyer’s agent to assist you.
A while back I met a couple who had relocated to Savannah from out of state. The called the listing agent on a home, closed on the home, moved in and then started to explore the area. They quickly realized that they much had made the wrong choice. The listing agent had not shown them a clear picture of what was available in their price range and they found other neighborhoods that they much preferred. I showed them a variety of homes in those neighborhoods and they settled on a home. I helped them to negotiate a great deal and they closed on and moved into their new home. We put their first home that they purchased through the listing agent on the market but they had paid too much and the market was declining more and more with the mortgage crisis. Eventually the home sold but they had to take a substantial loss.
If only they had used a good buyer’s agent they would have avoided a costly mistake by having a clear picture of the local market and someone looking out for their needs and best interests.
If I can answer any questions about the benefits of a buyer’s agent please don’t hesitate to let me know.
Thomas Tolbert - Realtor
Coldwell Banker Platinum Partners Real Estate - Greater Savannah, Georgia and surrounding communities.