Sioux Falls Real Estate
The Realtor's Role in Buyer Agency
Searching for a home on your own can be challenging - there are many so many listings available and so much competition for the best homes that most buyers engage the services of a licensed Realtor to guide them through the process. It is important to remember that when you enter into buyer agency (a written agreement) with a Realtor, he or she is obligated to represent you and your interests to the best of their ability. Without a written agreement, the agent bears no legal responsibility for your interests.
Like most relationships, this one depends on communication, loyalty and trust. By working exclusively with one agent you will improve both the process and the results.
What Does a Buyer's Agent Do?As your agent, I will walk you through the entire purchasing process before we start looking at houses together. The following is a partial list of the services
that I provide for my clients:
-
Discuss your wants and needs at our first meeting to determine the type of property you want to find. -
Recommend a quality lender to establish your financing and approve your loan before we start looking. -
Check every broker's listing daily and contact you with a list of properties that meet your criteria. -
Remember, I can show you any property on the market, regardless of what brokerage has the listing. I can usually show For Sale by Owner homes too. -
Schedule appointments to show you properties that are within your price range in neighborhoods you like. -
Disclose any material facts I am made aware of about any properties you are interested in, including past sales information. -
Discuss all forms necessary to buy a property and write the purchase agreement with you so you are comfortable with the process. -
Keep you informed of all developments during negotiations, including counteroffers any other pertinent documents. -
Recommend inspectors and schedule inspections around your schedule so you can learn more about the property's condition. -
Recommend a title company to prepare your title work, explain title insurance and recommend a closing agent on your behalf. -
Schedule a final walk-through inspection of the property to determine that its condition has not changed since the purchase date. -
Attend the closing with you to review the closing documents and make sure there are no problems. -
My primary function in buyer representation is to make sure your experience is as stress-free as possible by taking care of all of the details for you.
How Realtors are Paid
As a consumer in the real estate market, you benefit from the services of an experienced Realtor throughout the home buying or selling process. But even though you may not be footing the bill, it's important that you understand how real estate agents are paid.
The sellers of the home agree to pay a commission to their real estate company based on a percentage of the home's sale price. This commission is then split with the brokerage that represents the buyers of the home. Finally, the brokers of each company split this commission with the agents directly involved in the transaction.
In almost any case, a buyer does not pay any commission to the buyers agent, since the agent is compensated by the seller. As long as the terms of the written Exclusive Buyer Agency agreement are followed, the buyer owes no commission.
A few facts about Realtors:
Sales associates are self-employed, and receive no salary or benefits.
They get paid no vacation time, insurance, company cars or expense accounts from their broker.
Sales associates are only paid for results - if and when they successfully close a property transaction.
Hegg Realtors associates are paid the same whether a buyer purchases a home listed by Hegg or another broker. |
