Home Buying in Sunrise Manor>Question Details

Trulia Las V…, Other/Just Looking in Las Vegas, NV

What is a buyers agent, what does this specifically do for a buyer and who usually pays this "buyers agent"?

Asked by Trulia Las Vegas, Las Vegas, NV Thu Jan 24, 2013

Help the community by answering this question:

Answers

8
BEST ANSWER
A Nevada Real Estate Licensee who represents a Buyer in the purchase of real estate is commonly referred to as the "Buyer's Agent". The Duties Owed by a Nevada Real Estate Licensee form should be presented at your first meeting with a Buyer's Agent.

In addition to the above, if the Buyer obtains the services of a "Buyer's Broker", he employs and grants that Broker and it's Agent exclusivity in locating property and negotiating terms and conditions acceptable to Buyer for a purchase. It is a committment on the Buyer's part to work exclusively with his Agent. It is also a firm committment on the Agent to diligently work to locate the property for the Buyer. This document sets the tone for a solid working relationship between the parties.

A highly skilled and trained Agent will offer the Buyer's Brokerage services. A Buyer Brokerage Agreement would be signed at the initial consultation, prior to viewing properties.

In either situation, the commission is typically paid by the Seller, through his Broker's offer of compensation as stated in the MLS.

Consider the services of an ABR, Accredited Buyer Representative.
0 votes Thank Flag Link Sun Jan 27, 2013
The buyer of a home should use an experienced real estate agent to protect and represent their interests in the purchase or rental of real estate. There are a long list of pit falls the buyer can get involved with that the experienced agent can advise, protect, and steer clear of to save the buyer huge and small problems and save them a lot of money and legal problems. The seller usually pays the agent representing buyer. Sometimes sellers only pay a portion of the fee and buyer and his agent can negotiate a fee if seller is a cheap skate.
1 vote Thank Flag Link Thu Jan 24, 2013
A buyer's agent can mean that the agent specializes in representing buyers. This is good for you as the buyer, because you want an agent that knows all the ins and outs of your market and how to save you as much money as possible when purchasing a home. Our team has a buyer's agent I can put you in contact with if you are interested.

The commissions are negotiable. Usually, the seller pays for the commission of both the listing agent and the buyer's agent. Again this is negotiable and can be changed should both parties agree.

Sometimes there is also a fee charged by the buyer's brokerage as well. this can be called a transaction fee, brokerage fee, etc. You see this more commonly on the lower end deals as the commissions are very low and sometimes agents add this fee on to help supplement the low commission amount to make it worth their time. Again this is also negotiable.

Best Regards,
Robert Adams
Broker/Salesman
The Adams Team at
Rothwell Gornt Companies
C:702-349-9175
O:702-932-8813
F:702-932-8826
RobertAdams@LVrealestateHELP.com
http://www.LVrealestateHELP.com
0 votes Thank Flag Link Mon Feb 18, 2013
A Buyer Broker represents the Buyer the way a Listing agent represents a Seller. They are most frequently paid by the Seller out of the proceeds of the sale, though there are instances where a buyer may be responsible to pay them. I've represented literally hundreds of Buyers and none has ever had to pay me.

I've attached a link below to a much more detailed explanation as to what a buyer broker does and why buyers are well advised to use one. I hope this helps.
0 votes Thank Flag Link Fri Jan 25, 2013
Every person is entitled to their own representation. A buyer’s agent is an agent who works with buyers, not sellers. The listing agent’s first responsibility is with the seller. If you use the same agent, it is considered dual agency. In other words, that agent will represent both sides. Some question whether an agent can represent both sides fairly. Consider a lawyer representing both sides in a court room. It could be a conflict of interest. Most buyer’s agents do not cost the buyer a commission since most are paid by the seller.

thanks

MORE INFO:

http://www.findrenttoown.com
0 votes Thank Flag Link Fri Jan 25, 2013
I agree with Dawns answer and I believe you should pick out about 3 agents to INTERVIEW., be prepared with a list of your most important questions you would like to ask them. A buyers agent means I would be working strictly for you and I strongly agree with the most important thing your agent should have is designations like as what was mentioned already "ABR" and the very important one is their CRS. Only 2% Realtor's nation wide own that designation and its equivalent to a masters degree. I think you can never have to many designations or education.

I also disagree with the statement that you cant list the property and sell it too. In the last 17 years in this business I have done many dual agency contracts and keeping both parties best interest at heart.,all it takes is a very honest agent, and I put my clients together at a table and we start negotiating and I basically am the referee . As far as who pays , it is always on the seller. So if you plan on interviewing some agents, I would love to interview you too.. In order for me to work for someone, I need loyalty,honesty and a lot of communication. If I fill I cant get that from my client I will pass on the work, so this is why I also interview. while I'm being interviewed. . Good luck to you a
0 votes Thank Flag Link Fri Jan 25, 2013
A buyers agent is an agent who represents the interest of the buyer. There are some agents that will involve themselves in dual representation. This means that they represent the buyer and the seller. As a buyer, you should make sure that your agent only represents YOU in the transaction, to keep your best interests at heart. The seller of the property pays the agent. There is not a cost to you the buyer to be represented.

Thanks,

Nakia Woodson
Wardley Real Estate
702-318-1244
NakiaWoodson@yahoo.com
0 votes Thank Flag Link Thu Jan 24, 2013
The buyer does not pay the buyers agent . A seller agrees at the time of listing to pay a commission to any agent who brings a buyer as an incentive to bring buyers . Some agents even further their education to become an ABR designation . ABR stands for accredited buyers representative . The agent pays to obtain education and certification to represent buyers . They pay for classes and invest their time to learn the nuances of representing buyers to their best ability . They have committed to a higher level of education to represent buyers . Here is some additional information that may help you distinguish the buyer agency definition : On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to in media as the buyer's agent, because he works on the buyer's behalf and it easier than explaining each time that the "selling agent" is not the listing agent and is actually the buyer's agent.

However...

There are some agents that market themselves as "buyer's agents," "exclusive buyer's agents," buyer's representatives," and so on. Mostly it is just marketing. At the same time, part of it is because they want to accentuate the reasons a buyer should not go directly to the listing agent when they purchase real estate. This has to do with agency.

See, if a buyer goes directly to the listing agent, they are dealing with an agent that has conflicting responsibilities. Their job is to get a good price for the seller and they may not zealously represent the interests of the buyer. Those who market themselves as "Buyer's Agents" indicate they are only working for the buyer in a real estate transaction.

The commission is still paid by the seller, no matter what they say in their marketing .
0 votes Thank Flag Link Thu Jan 24, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer