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

Asked by Kate Speigle, Fort Lauderdale, FL Wed May 15, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Gary Hitchco…, Agent, Coral Springs, FL
Thu May 16, 2013
BEST ANSWER
Hi Kate,

These are all good answers but since there are so many good buyer's agents you need to take one more step, ask your friends or family members for a referral OR read the agent recommendations on this site to listen to the experience other people have had with their Realtors. In my opinion you are looking for someone with a minimum 10 years experience, over $50M sold because at that point in time the agent has experienced all the "gotchas" in a deal. I'd encourage you to read my recommendations on this site.

Gary Hitchcock
Remax Professionals
561-213-2252
glhitchc@bellsouth.net
0 votes
Christopher…, Agent, Tarrytown, NY
Thu May 16, 2013
A buyers agent represents you and your best interest, always. The sellers agent represents the sellers best interest and anything you say can and will most likely be used against you in a negotiation. Typically the seller pays the commission but there are times where a buyer is responsible for it. In cases like this, you will know up front what you are responsible for. This type of information should always be disclosed up front and you have the option to agree or not. I have only had the buyer pay my commission when showing a for sale by owner home. There are many scenarios that your agent can discuss with you. Ask you friends and family for a referral to an agent, otherwise take a shot online. Keep in mind, we work for free until we have a closing....

Sincerely,

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914.406.9023
0 votes
Marsha Umans…, Agent, Tamarac, FL
Wed May 15, 2013
Let's meet for a half hour, and I will explain and show you what exatly I can do for you as a buyer's agent. And it will be for NO COST to YOU, I mean "0" !
0 votes
John Bourassa, , Fort Lauderdale, FL
Wed May 15, 2013
Kate,

Every answer given to you, so far, is accurate but I'd like to expound further on a Buyer's Agent in relation with what this means when seeking a Realtor in the State of Florida (that may be different in other states).

A buyer's Agent is primarily more for the benefit of the agent who is securing YOU to be loyal to the agent, which means that. if a Buyer's Agent agreement is signed by you and the agent, you sort of promise that no matter what or how, you will have to buy a property strictly from that agent or his broker's firm within the period of time set in the agreement. Be careful, though, because Buyer's Agent Agreements are not a standard form. Buyer's agent Agreement are usually drafted by the agent or the Agent's broker office so the agreement could trap you to work with only that agent or his/her brokerage firm for a long, long time period or indefinitely. Some agents manage to not only get their customers to enter into a Buyer's Agent Agreement but they get you for compensation (work performed and earned) if at the end of the agreement you have not bought a property.

Also, when you seek the help of a professional Florida real estate licensee, that person is automatically, by default, a "Transaction Broker" (similar what used to be called "Dual Agency") which means, in laymen's terms, that when you engage in a contract for sale and purchase, the agent who represents you, either as a buyer or as a seller, then, he/she will have to be fair to the "transaction" (contract) and to all the people involved in that transaction (in any transactions, there are always two parties: a buyer and a seller). And this method is pretty much handled in about 90% of all transactions in the state of Florida, unless, there is another form of representation that a customer prefers - or feel - that is better for him.

There are a few other different representations: Single Agency, Buyer's Agent and Seller's Agent but, which ever capacity you chose, your agent will have to be honest, give you obedience, fiduciary and confidentiality. Each agency will have to be, however, disclosed to all co-broking agents by your own agent. However, every listing an agent acquires, that listing belongs to the Broker, not the agent (i.e. I, John Bourassa, is an Associate with RE/MAX First. RE/MAX first have a bunch of listing producing agents. You seek my services as a "Single Agency" or as a Buyer's Agent". After working together with you and I've shown you many houses. But the one you like best happens to belong to RE/MAX First brokerage. Therefore, even though you want me as a Buyer's Agent, I will have to switch our "agency" relationship from either Single Agent or Buyer's Agent to Transaction Broker because I will then be caught between two possibly conflicting interests.

Since the Transaction Broker Agency was implemented by the State of Florida back in 2003 (or about), that method has proven to be probably the best for Florida licensees which makes transactions sail smoothly for the benefit of both buyers and sellers to a successful and uneventful closing.



However, you can
0 votes
marc jablon,…, Agent, Boca Raton, FL
Wed May 15, 2013
A buyers owes a fiduciary duty to his client. He must deal fairly and honestly with that customer. What that means is that your interests come first. Buyers agents work exclusively for the buyer.

But, the buyers agent is paid by the seller. So you're getting someone to work as hard as he or she can for you, without paying them anything at all. Well, you could pay them a compliment or two at the end of the transaction, but that's about it.

The buyer's agent locates homes for you based on what you specify, sets up appointments to see those homes, negotiates the sale price, deals with the HOA or condo association to make sure the proper forms are delivered and returned on time.

If you're working with a mortgage broker, the buyer's agent is in touch with that broker making sure that contracts move back and forth on time, that addenda are written when necessary. The buyer's agent also coordinates with the title company, to make sure they have all the information they need from buyers and sellers and all necessary paperwork.

Also, buyers agents often help out of town (or in town) buyers coordinate contractors, decorators, and deliveries. Not because they have to, but because it's a service that buyers often need.

So do yourself a favor: if you're looking for a new home, look for a real estate agent to help you find it. It's easier, it's faster, and it's paid for by someone else.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Ryan Hanrahan, Agent, Fort Lauderdale, FL
Wed May 15, 2013
Katie,

A buyer's agent is a Realtor with local market expertise that will assist you through the entire buying process. This includes: locating properties that fit your needs, facilitating showings in a timely manner, negotiating contract pricing and terms as well as continuing to oversee the transaction through appraisal and inspection all the way through the actual closing. A Buyer's agent is typically paid by the seller through their listing commission structure upon a successful sale. Whether or not to use a Buyer's agent shouldn't even be a consideration as you'll be at a large disadvantage in today's current competitive market amongst a pool of buyers that exceed current inventories. More importantly you should focus on choosing the right Buyer's agent for you. If you have any additional questions please feel to contact me.

Sincerely,

Ryan Hanrahan, PA
Christopher White Group
954-608-0527
rkh5656@aol.com
http://www.lauderdalebeachproperty.com
0 votes
Angela Schra…, Agent, Pembroke Pines, FL
Wed May 15, 2013
Hi Kate: A buyer's agent is a Realtor who works with a buyer and provides them with a huge number of services and professional advice to help them find a property. This includes selecting suitable homes, showing them with the buyer, advises on an offer price, writes up the offer contract and ensures that any necessary paperwork is included, negotiates on the buyer's behalf, attends their inspection, advises and negotiates on any inspection issues, makes sure that the buyer stays within the contract thus protecting their security deposit, negotiates in case of any appraisal issues, provides any additional paperwork, addenda required between an offer being accepted and closing. A good buyers agent also has access to a team of experienced service professionals that are also required to buy a home (home inspector, mortgage professionals, title companies, etc).

All this and much more is provided to a buyer absolutely free of charge. The buyer's Realtor is paid at closing by the seller. The commission paid by the seller is split between the buyer and seller's Realtors. Actually, it is the Realtors' broker that gets paid and that is turned around to the Realtor by their respective broker.

Anyone who is seriously looking at buying a property, particularly in this crazy market right now, is foolish to go it alone when they can have the services of a professional at no charge to them. Of course, not all Realtors are the same - many of the big names pass off a lot of the tasks to "assistants". I think the process is too important to be handed off and make sure that I handle all aspects of the house buying process so that I know my clients are getting the best possible service.

Some Realtors and Brokers also charge a transaction fee - these fees can range between $150 - $400. Again, I'm proud to say that Villa G Realty, Inc. never has and never will charge a transaction fee.

Just today I emailed a long shopping guide to one of my clients who is moving here from Europe - where to buy furniture, decorative items, etc. etc. They're moving to an empty home from another country and this information will save them a lot of heartache and frustration. Is that part a buyer's agent's job? If it helps my client... then yes, I make it something that I do for them!

This is a competitive business, and we only get paid when a deal closes - referrals and happy clients are essential, so we ensure that that's what we have... happy clients!

I hope this has helped answer your question. Let me know if I can help you find your new home.

Best regards,

Angela
Villa G Realty, Inc.
Tel: 954-816-7996
http://www.villagrealty.com
0 votes
Mihir Patel, Agent, Fort Lauderdale, FL
Wed May 15, 2013
Buyers agent works with buyers, helping them to find the property of their choice.Buyers agent gets their commission from Seller.
Please don't hesitate to call or email me if you have any questions.
Mihir Patel
Realtor Associate
InterInvestments Realty
Cell: 561-212-0219
E-mail: mihir@interinvestments.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more