What is Buyer Agency & How Does it Help You?
Purchasing real estate is likely to be the biggest and most complex financial transaction a person will make in their life. A trusted real estate professional is a strong advocate who understands the information and emotional support that buyers need throughout the process of finding and acquiring a home. As an expert with local market knowledge, real estate pros should be well prepared to guide buyers through all the practical details and potential obstacles that may occur during the purchase process.
The buyer's representative (also known as a buyer’s agent) is hired by prospective buyers to and works in the buyer's best interest throughout the transaction. A buyer's agent does so much more than show properties and incurs similar expenses as that of the listing agent. A buyer's agent pays the Multiple Listing Service (MLS) for monthly access to all available properties. Through the cooperative agreement of the MLS listing agents' provide access to the buyer agents. Just as the listing agent needs to purchase lockboxes for the homes they are representing, the buyer's agent pays a monthly key fee. Buyer's agents have just as much need for specialized education as other agents, need to be just as skilled in negotiations and contract writing, and are held to a standard as your fiduciary. As professionals, their services are incredibly valuable. The buyer can pay the agent directly through a negotiated fee, or the buyer's rep may be paid by the seller or through a commission split with the seller’s agent. As the market changes, and the regulatory environment becomes more stringent, it is more and more likely you, as the buyer, will be paying for professional representation directly.
When you first meet with potential buyer agents, there are many things to consider. If you are very new to the homebuying process, you may want to look for REALTORS® that have an advanced education in buyer representation. Only REALTORS® can earn the Accredited Buyer Representative (ABR). If you are relocating to the Hampton Roads area through the military, you may want to consider a REALTOR® withe the Military Relocation Professional (MRP) certification. REALTORS® who hold the Graduate REALTORS® Institute (GRI) designation have taken numerous courses in everything from contract writing to negotiation, think of it as an Associate's Degree in real estate. At the Hampton Roads REALTORS® Assocation (HRRA) advanced training is available every month to our HRRA REALTOR® members. The left side of this page details the many types of advanced education available to our REALTORS® .
There are also several advanced designations specific to listing REALTORS®, REALTOR®-property managers, and commercial REALTORS®. Tp learn about all the specialty designations and certifications that are exclusive to REALTOR® members, click here...