Buyers Agency, what is it? Why do it?
Buyers agency; what is it? Why do it, why is it important?
To start off what is agency? Agency is the duty owed to you, a client/customer, in a real estate transaction. Agency is owed to you from your Agent. Seems obvious right. So what is buyers agency?
In any real estate transaction you have sellers and buyers, the sellers are most likely represented already and that is most likely how you ended up at their home be it for a viewing or an open house, unless your dealing with a 'for sale by owner' you're most likely looking at a property that is listed by an agent. And this agent, if he has listed this home for sale is the sellers agent. So, unless you've gone out of your way to find yourself an agent you're most likely talking to is the sellers agent. The sellers agent can write offers and work on behalf of buyers for their listings in Yellowknife, even though in most jurisdictions this isnt allow in the Northwest Territories 'dual agency' is allowed. But, working with a seller agent to buy your home is not to your advantage and quite frankly will leave you not having gotten the best deal possible!
So what is a buyers agent? A buyers agent is an agent who represents you and ONLY you in your home search. A buyers agent like other agents has access to all properties and information on all properties listed for sale and a good once can even track down properties that arent currently listed for sale but maybe would be interested in selling to the right buyer. What is the benefit of working with a buyers agent and not a sellers or listing agent? Your buyer agent will get to know you, your needs and what you are looking for in a home, your agent will get to know your budget both in your purchase and in future planned renovations. Working with a buyer agent ensures that you, the buyer, have someone looking out for you and your best interest, you will have an agent that has no conflicts and discloses information to you and only you, not the sellers. You will have an agent who will keep your information confidential including your budget and any other information that may help the sellers get an edge on you in the negotiation. And of course a buyers agent is working to get you the best possible deal with the most favourable terms and conditions that are to your benefit only! A sellers agent isnt going to properly advise or might not even attempt to negotiate the price down, or advise you the buyer on what conditions are best to include in your offer.
If you are looking to buy a home in Yellowknife work with a buyers agent! To learn more on how working with a buyers agent dedicated to getting you the best value possible call Nathan Round 867-446-2458