Why is BUYER AGENCY important to you?

You receive personal, professional, legal and exclusive representation in what may well be the biggest financial step of your entire life at no personal cost.

  • Personal Loyalty – your Agent is working for YOU, not for the Seller
  • Protection – your Agent has legal responsibilities to you, even after the sale
  • Privacy – you can look at the property when the Seller’s agent is not there
  • Confidentiality – your Agent will not disclose your degree of interest in a property
  • Economy – your Agent will negotiate the LOWEST possible price
  • Convenience – you have one agent no matter how many properties you are considering
  • Practicality – your agent will point out defects and advise you as to the effect these defects will have on the property’s value
  • Information – your agent can tell you what similar homes have sold for
  • Expert Guidance – though the maze of contracts and escrow to closing

And it is FREE

In Real Estate there is the legal concept called “Agency.”

Agency refers to the relationship a real estate agent has with his client. Another term for this relationship is “Representation.” There are two types of Agency, Buyer Agency and Seller Agency. When an agent represents the Seller, it is known as Seller Agency and when the agent represents the Buyer it is known as Buyer Agency.

When agency exists between an agent and a client, the agent has certain legal responsibilities to his client. Many people do not realize that it is possible to deal with a Real Estate Agent where “agency” does not exist. For instance, when Sellers list their home, both they and their Agent sign a binding legal contract called a “Listing Agreement”. The Listing Agreement spells out the legal obligations of both Agent and Seller. The contractual obligation the Agent now has with the Seller is what the law calls a “fiduciary responsibility”. The Agent is bound by law to represent the SELLER’S best interests at all times. This same agent cannot, therefore, represent the Buyer, even though he may sell his client’s house to a Buyer. In that instance the Buyer has no Representation. The Seller’s agent can fill out the contract and take the Buyer’s deposit check, but he is still working for the Seller, no matter what! The law is explicit when it comes to Real Estate transactions; the Listing Agent must always put his clients best interest first, and that means getting the HIGHEST possible price for their property!

What are some of the benefits of Buyer Representation? The benefits are the same as hiring your own attorney in a lawsuit. You would NEVER consider hiring your opponents attorney to defend you in a lawsuit!! The same reasoning applies to Real Estate transactions. When purchasing property you must go to the property to view it, often more than once. If you go with the Seller’s Agent (the Agent that is working for the Seller and has his or her name on the sign out front) that agent will be watching you for telltale signs revealing how you feel about the property. Rest assured that these images will be passed on to the Seller. The listing agent has a legal obligation to get the highest possible price for their client, the Seller. How can you ever negotiate a low price on a home you really want with the Sellers Agent when he, or she, has seen your enthusiasm and reported back to the Seller “this person REALLY liked your house.”

That’s why you need a Buyer’s Agent. Not only is it more convenient, but it’s important to have just one agent looking out for your interests, instead of dozens of Seller’s Agents. The Buyer’s Agent can take you to the property when the Seller’s Agent is not there. The Buyer’s Agent can point out the defects as well as the good points of the property. The Buyer’s Agent can advise you as to how much less the property is worth if any defects show up and inform you as to what prices similar homes in the neighborhood have been selling for. The Buyer’s Agent can help you prepare your best offer without the Seller ever finding out how much you really want the property or how much you are really willing to pay! Using just one Buyer’s Agent also assures you that you will have an Agent who is loyal to only you!

Another benefit of having your own Representative is the important services provided during Escrow. When the Seller accepts your offer, the Seller’s Agent is still legally bound to help the Seller. If disputes should arise during Escrow, you need an Agent who is on your side, not the Seller’s Agent. Your personal Buyer’s Agent will always defend your best interests in case of a dispute. Your own Buyer’s Agent will always be more than happy to make phone calls on your behalf and keep you informed as to how the sale is going in a timely manner. Also, your own Buyer’s Agent will make sure that promises that were made get kept, and get kept on time. You cannot expect the same level of service from an agent that represents the Seller!

But the most important benefit of having your own Buyer’s Agent is that it costs you nothing to have a fully trained and experienced real estate professional help you purchase property. Your Buyer’s Agent will negotiate the best price for you and guide your offer though the confusing maze of Escrow, loan application, document preparation, meeting contingencies, home inspections, insurance, survey, title search, and Closing. These services are free to the Buyer in Hawaii because the Seller pays the Seller’s Agent’s company, which then pays the Buyer’s Agent’s company which then pays the Buyer’s Agent. None of the commission comes from the Buyer! You receive personal, professional, legal and exclusive representation, at no charge, in what may well be the biggest financial move of your entire life.

For expert Buyer’s Representation from an agent who really cares about his clients best interests, please provide me, Harry M. Pritikin, with the privilege of introducing you to available properties and presenting all your offers.