Using a buyer’s agent coming into vogue

Source:  New York Times

Perhaps it is just a sign of the times, but smart buyers are working exclusively with Buyer’s agents.  Buyer’s agent represents the sole interest of the Buyer in a transaction.  This has not been talked about much, but for someone buying any property having their own buyer’s agent working on their behalf makes all of the difference.  A buyer’s agent works in the best interest of the buyer, not their own and not the seller’s interest.  The buyer’s agent has a fiduciary responsibility to their client.

This is a significant and important role in a real estate transaction so that all parties have their own representation.  This is the reason I had special training in being a buyer’s agent thought the Real Estate Buyer’s Agent Council (REBAC) and obtained the title of the Accredited Buyer’s Representative (ABR).

The advantages of using a buyer’s agent have become increasingly obvious as the result of ”agency disclosure” laws that require real estate brokers to advise customers about the nature of the broker-client relationship.

How many buyers, for example, would want to disclose sensitive financial information and bargaining strategies to a sales agent once they know that the agent is legally representing the other side?

Though brokers who work exclusively for buyers have been operating in Connecticut, New York and New Jersey, as well as other states for some time now, the majority of buyers still deal with traditional real estate brokers when looking for a house.