A real estate buyer’s representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer’s representative.
The buyer’s representative works for, and owes fiduciary responsibilities to, the real estate buyer and has the buyer’s best interests in mind throughout the entire real estate process. A buyer’s representative will:
Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.
Present the offer to the seller’s agent and the seller on the buyer’s behalf.
Provide a list of potential qualified vendors (e.g. property inspectors, service providers, attorneys etc.) if these services are needed.
The Buyer Representation Agreement
It is important for the buyer to discuss the buyer’s representative’s compensation in the initial interview. In many cases it is recommended that the buyer and the buyer’s representative agree to the terms of compensation prior to viewing properties, and sign a written agreement based on those terms. The agreement should spell out the responsibilities of both parties throughout the real estate process.
Typicaly in the High Desert agents are paid by the seller with no cost to the buyer.