As mentioned, REALTORS® who work on behalf of the best interests of the buyer are commonly called buyer’s agents. All listing agents represent the seller, but other agents who don’t have buyer-agency agreements with prospective buyers — even though they may show homes to those buyers — are working on behalf of the seller and must obtain the best price they can for the seller. In contrast, buyer’s agents work on commission, which is contracted in the listing agreement. When a buyer’s agent brings the buyer, the listing agent must split the contracted commission with the buyer’s agent.
HOW TO CHOOSE THE BEST REALTOR® FOR YOUR NEEDS
You might feel the urge to pick the first REALTOR® who comes along, but that is something to avoid. As with any professional, there are degrees of professionalism, dedication, and experience. The “wow factor” will simply wear off. Meet with prospective buyer's agents in their offices or any location suitable to host a private meeting. A good buyer’s agent will want to know whether you are preapproved for a loan by a financer, what kind, and the terms of the loan you are getting. They should spend adequate time discovering what you are looking for in a home. They should also listen as much as talk and ask questions. Watch to see if the REALTOR® takes notes. If the REALTOR® does not broach the topic, ask for an explanation of his understanding of agency relationships and obligations to you. The law requires agents to explain whether they will be working for the buyer or the seller whenever they have substantive contact with a customer or prospective client. If the agent does not offer you a Buyer Representation Agreement,
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