Buyer agency is when you sign an agreement with your agent that gives them the right to represent you. There are a couple of things to remember about this agreement, though.
Selling a home? Click here to check out our step-by-step home selling process.
What is buyer agency?
Buyer agency is a free service in which your agent’s commission is paid by the seller. Basically, you sign an agreement with your agent that gives them the right to represent you and look out for your best interests.
There are a couple of things to be cautious of before you agree to buyer agency, though.
First, make sure any agreement you sign has a cancelation clause so that you can opt out of it if you want. Oftentimes, buyers sign an agency agreement for six or 12 months only to find out a week later that their agent isn’t very good. This is why all of our agency agreements feature a cancelation clause. We feel that we need to earn your business and build your trust, and that doesn’t happen in a week.
Next, don’t hire the first agent you run into at an open house. Do some research before picking one. Find out how long they’ve been in the business, what areas they work in, and what their reviews say. You might get along with them great, but that doesn’t mean they know what they’re doing.
In addition to being competent, you need an agent who’s highly responsive. Homes are flying off the shelves these days, and you need to be aware of listings the day they hit the market. I’ve gotten many calls from buyers asking me to show them a home because their own agent is unavailable. If your agent doesn’t have someone to cover for them if they’re on vacation, you got the wrong agent.
If you have any questions about this topic or you’d like to know your home’s value, feel free to give us a call or send us an email. I’d be happy to help you.