One of the biggest mistakes new and veteran real estate investors make is to purchase a listed property without the use of a “Buyer’s Agent” who is experienced in working in that specific real estate market.
Any agent with the special training and certification can be a Buyer’s Agent. A Buyer’s agents understand the buying and selling of property and are able to guide you through the many pitfalls, and reduce unnecessary paperwork, delays and hassle.
The For Sale sign in front of a home is place by the ”Listing/Seller’s Agent” who represents the seller, and negotiates the highest price in their favor. The Listing/Seller’s Agent has a fiduciary duty to the seller; any information the buyer shares with that Agent must be disclosed to the seller.
The ‘Buyer’s Agent’ represents the purchaser, and negotiates in the best interest of their client. The Buyer’s Agent has a fiduciary duty to the buyer and is bound to negotiate the lowest possible price in their favor.
Many buyers incorrectly believe that if they don’t use a buyers’ agent they can get the seller to give “them” a 3% discount in-lieu of paying the full 6% to the listing agent. This is almost always wrong.
Most important; buyers need to understand that it is their money that pay salaries to every professional seated at the closing table. Therefore it is in the buyer’s interest to have representation throughout the entire buying process. A Buyer’s Agents is the Project Manager, he oversees what everyone involved in the transaction is doing, their salary is a pre determined share of the commission.
A seller enters into a listing agreement with the listing broker for an agreed upon amount sales commission, once the property is listed in MLS that fee is shared with the ‘Buyer’s Agent’, if any? If the ‘Listing Agent’ sells the property…they keep 100% of the commission. That means not only do you not get a discount equal to the shared fee, but you have no representation throughout the entire buying process.
I look forward to working with you.
KINGS Realty Professionals
7219 Ave. N Brooklyn NY 11234
“Sales and Rentals of Residential & Commercial Properties”