What Is A Buyer Broker / Agent?

A buyer agent or buyer broker (sometimes referred to as buyer agency) represents the buyer in a real estate transaction. Buyer agency is defined as follows: A principal agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that a buyer agent is tied to the buyer, and that all of that agent's loyalties are to the buyer.

The seller's agent, or the listing agent, represents the seller, not the buyer, and his or her loyalties are to the seller. They must tell the seller anything you, the buyer, tell them, even if it hurts your negotiating position.

Although the benefits of a buyer agent are obvious, remarkably many individuals do not know they can have their own real estate agent who will look out for their best interests. Simply put, there isn't any reason not to have a buyer agent represent you and many important reasons to have a buyer agent.

• A buyer agent represents the buyer only, not the seller, and looks out for the buyer's best interest at all times. A buyer agent has a duty and obligation to get the best deal for the buyer(s).

• A buyer agent is paid the same seller-authorized commission split that is offered across the board to any agent who brings a buyer, so a buyer's agent does not collect any fees from the buyer.

• A buyer agent will pass along any information about the seller or his or her property to help the buyer make a smart decision and get a good deal.

• A buyer agent, especially an exclusive buyer agent,  has no interest in you buying any particular piece of property, so a buyer agent will provide you with objective advice. A buyer agent will spot potential problems with a home or any material defects. The seller's agent will not.