Agency Explained

What is a ‘Buyers Agent’? 

I work with my buyers and sellers as a ‘Single Agent’.  This is VERY important. It allows me to act in YOUR best interest.  I work as your advocate, or coach.  I can use my expertise to find great values and take the lead role in negotiating a great price.  I insist on you knowing what recent comparable homes have sold for in the area.  I find out how to get you a better than ‘market’ price.  If the other agent tips his hand as to the other sides financial position, I pass that information along to my buyer.  The other side will never see the hand we are playing. 

Years ago the way real estate was conducted was much different.  The Realtor that showed a potential buyer a home worked for the seller as well as the ‘Listing Agent’.  After all, the seller was paying the commission to the broker of both agents. 

While how a Realtor is paid has not changed (still by the seller), their obligation is no longer to work for the seller.  In Florida we have what is called a ‘Transaction Broker’ (in many states it is referred to as ‘dual agency’).  This is the agency that is most often used by a Realtor in Florida.  It means they cannot put either the seller or buyer at an unfair advantage.  They show property and try to have the buyer and seller come to a market price.  In other words, they take the role of a referee in a basket ball game.  THIS IS NOT THE ROLE I TAKE WITH MY BUYERS!!!!  I work as a ‘Single Agent’, or as your coch and advocate.  The obligations I have to you are:

1. Dealing honestly and fairly;

2. Loyalty;

3. Confidentiality;

4. Obedience;

5. Full disclosure;

6. Accounting for all funds;

7. Skill, care and diligence in the transaction;

8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

A ‘Transaction Broker’ does not owe you Loyalty or Obedience.  They also only owe you Limited Confidentiality.  Let me state an example of what this means to a buyer working with a Realtor acting as a ‘Transaction Broker’.  If the ‘Transaction Broker’ representing you knew that a seller would take less than you were willing to offer, the ‘Transaction Broker’ could not legally disclose that to you.  Since, I work as a ‘Single Agent’ it would be my obligation!

Make sure you have an agent working for you and not towards the transaction.  You may be surprised to find out how many buyers’ agents work as a ‘Transaction Broker’.  In fact, some companies only allow their agents to work as a ‘Transaction Broker’. 

I make it my business to work for you.  In all cases I am paid by the seller to be your advocate.