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Create A BlogRepresenting Buyers |
Sep. 5, 2008
Historic Weston Village Home with Retail Space - $395,000
We typically represent sellers as a listing agency and work with buyers as customers . . . but . . . as the market changes, we are seeing an increasing demand for buyer-representation. In the past few years, only a fraction of our business included buyer-agency agreements. Now, with the media attention on the fact that this may be a "buyers market", more and more people are approaching us with an interest in retaining a buyer-broker.
After a frank and honest discussion about the differences between working with a buyer as a client or a customer and detailing the buyer-agency agreement, a little less than half of the buyers we're working with choose to become buyer-clients. Still, that means some buyers are looking for buyer-representation and we’re taking steps to make sure we’re able to serve buyer-clients.
To answer our client and customer needs, two of our agents recently completed the Real Estate Buyer’s Agent Council’s (REBAC) two-day training seminar. This great course included many tips and recommendations for buyer-agency . . . but it also taught me that how we treat a buyer-client is exactly the same way we should treat a buyer-customer – with honesty, fairness and respect – and that the only real difference is that if we are working as a buyer-rep we have a fiduciary responsibility in making sure our buyer-client has access to and can purchase the best property for them under the terms and conditions that are most favorable to them and at the best possible purchase price. There are several other subtle differences, but what struck me most was that the course served as a reminder that only REALTORS (real estate sales professionals who are members of the local, state and National Association of REALTORS) have an obligation to adhere to and practice the REALTOR Code of Ethics. My advice is that buyers – regardless of whether they choose to be buyer-customers or buyer-clients, should always choose to work with a REALTOR.
