As mentioned, real estate brokers who work on behalf of the best interests of the buyer are commonly called buyer’s brokers. All listing brokers represent the seller, but other brokers 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 brokers work on commission, which is contracted in the listing agreement. When a buyer’s broker brings the buyer, the listing broker must split the contracted commission with the buyer’s broker.
HOW TO CHOOSE THE BEST BROKER FOR YOUR NEEDS UR NEEDS
You might feel the urge to pick the first real estate broker who appeals to or approaches you, but that’s 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 brokers in their offices. A good buyer’s broker will want to know whether you’re preapproved for a loan by a financer, what kind, and the terms of the loan you’re getting. They should spend adequate time to discover what you’re looking for in a house. They should listen as much as talk and ask questions. Watch to see if the broker makes notes. If the broker doesn’t broach the topic, ask for an explanation of his understanding of agency relationships and obligations to you. The law requires brokers to explain whether they’ll be working for the buyer or the seller whenever they have substantive contact with a customer or prospective client. If the broker doesn’t offer you a buyer’s agency agreement, that broker is representing the seller, not you. If the broker can’t explain agency concepts to you,
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