Whom Does the Agent Represent?
In the early 1980s, the Federal Trade Commission found that the public didn’t know whom a real estate agent was working for. When buyers who bought property listed by a different firm were asked whom they thought the selling agent was working for, more than 70 percent said they believed the selling agent was working for them in their interest.
The reality was that in the vast majority of these transactions,
the agent was legally bound to represent and work in the best interest of the seller not the buyer.
In 1991, New York enacted a disclosure law that would require agents to disclose whom they represented to all the parties involved.
Even that real estate agent who drove you from house to house looking at properties was not working on your behalf. By law, the agent was always required to get the highest price and best terms possible – for the seller!
Work with a qualified Buyer’s Agent
Defined most simply, a buyer’s agent is an advocate for the buyer – not the seller – in a real estate transaction.
In New York State, a buyer’s agent owes the buyer full fiduciary duties including trust and confidence. Other fiduciary duties that a buyer’s agent must fulfill are the duties of care, confidentiality, loyalty, obedience, accounting, and disclosure.
Why Should I Use a Buyer’s Representative?
Two of the most important reasons to use a Buyer’s Agent are protection and efficiency.
Most likely, the seller of the property you will buy will be represented by a seller’s agent who will provide expertise and guidance to them throughout the transaction. Wouldn’t you want the same kind of service as a home buyer? We will provide you with the expertise and care needed to purchase your next home comfortably. Whether a first time buyer or an experienced buyer, it is good to know that your real estate agent has your best interests in mind as you select a home.
According to the National Association of Realtors®, buyers who work with a buyer’s agent view more properties in their search and find the right home quicker than buyers who do not engage a buyer’s agent.