Urs Villiger
real Estate sales representative
Buyer Client
A) During the qualification process.
Confidentiality: Under buyer agency, the buyer can feel secure to divulge information without the fear of harming their negotiating position.
Buyer’s needs: Under buyer agency, a sales representative is obligated to pay full attention to all of the buyer’s needs. This can include, but is not limited to, financial, timing, motivation, familial, etc. This representation will come without an obligation to match the buyer to a seller-client’s property.
B) During the home selection process.
Full Access: Under buyer agency, it is the responsibility of the sales representative to ensure that the buyer has access to the entire market. This includes private sales, expired listings, properties listed exclusively etc.
First opportunity: Under buyer agency, a buyer-client should know that he/she will have first access to any new opportunity that comes up. Be it via MLS, or any other means at his broker’s disposal.
C) During the home showing process.
Educating the buyer: Under buyer agency, the sales representative is obligated to assist the buyer in making an objective comparison of all competing properties, comprehensive enough for the buyer to make an informed decision as to the value of the property in question, and to make an offer accordingly.
D) During the negotiating process.
Price: Under buyer agency, the sales representative is obligated to present all sales statistics in order for the buyer to make the most informed pricing decision, irrespective of the seller’s asking price.
Clauses: Under buyer agency, the sales representative is obligated to provide counseling on protective clauses for the buyer. Some examples may include, but are not limited to financing and the time needed to get financing or an appropriate home inspection clause.
Financing: Under buyer agency, the sales representative is obligated to assist the buyer in finding the most suitable, or best financing available for the buyer. This may include such details as rate, amortization, terms (institution), Vendor take backs, or any one of many scenarios available to the buyer.
Negotiating: Under buyer agency, the sales representative is obligated to provide negotiating strategies and techniques that are in the best interest of the buyer.
Must share all known details of previous unsuccessful offers, or any other information that strengthens the buyer’s negotiating position.
Knowledge of any personal information about the seller must be shared with the buyer, including but limited to the price seller is willing to accept, a price that has already been accepted or rejected, as the case may be, and the sellers motivation.
E) Before closing.
Follow-up: Under buyer agency, the sales representative is obligated to solve any problems to the buyer’s satisfaction & remove all conditions at the buyer’s request.
Buyer Customer
If the buyer is a customer, all information gained about that buyer will be shared with the seller to enhance the negotiating position of the seller.
If the buyer is a customer, then the sales representative is not obligated to satisfy any particular needs other than dealing fairly, honestly and with integrity with buyer-customer.
As a buyer-customer, the sales representative is acting as a sub-agent and has no such obligation to the buyer.
A buyer-customer may have access to all potential properties, but only after the buyer-client has been given first opportunity, and not if it conflicts with the
buyer-client’s desire for a property.
Acting as a sub-agent, it is the obligation of the sales representative to present comparable facts that protect and enhance the value of the property in question.
Provide price information to the buyer that supports seller’s listing price.
Negotiate clauses that are in the best interest of the seller, which may include, but are not limited to closing dates, chattels, or a condition on the seller being able to purchase another home.
Under sub-agency, the sales representative is obligated to negotiate the best financing clause in the interest of the seller. This may include, but is not limited to: 1) The time it takes the buyer to get financing; 2) Removing the financing condition from the offer; 3) Negotiating a VTB in the best interest of the seller.
Under sub-agency, the sales representative is obligated to provide the seller with strategies and techniques that are in the best interest of the seller.
Must share knowledge of previous negotiations the buyer has been in, enhancing the negotiating position of the seller.
Must share information about the buyer which may include but is not limited to; financial information and ability and/or willingness to pay more, motivation, and ability and/or willingness to change closing date.
Any problems that are to be solved must be done so to the satisfaction of the seller.
What services do I receive under Buyer Agency?
And how does it compare to Customer Service?
