Answer No. 1
On most transactions, there is usually a listing agent and a selling agent. The sale agent is sometimes called as the buyer’s agent because he works on the buyer’s behalf and it easier than explaining each time that the “selling agent” is not the listing agent and is actually the buyer’s agent. There are some agents that market themselves as “exclusive buyer’s agents,” Buyer’s agent” Buyer’s representatives,”. Mostly it is just marketing. At the same time, part of it is because they want the reasons a buyer should not go directly to the listing agent when they buy real estate. This has to do with the agency first not directly dealing with the seller. See, if a buyer goes directly to the listing agent, they are dealing with an agent that has conflicting responsibilities. Their job is to get a good price for the seller and they may not represent the interests of the buyer. Those who market themselves as Buyer’s Agents indicate that they are only working for the buyer in a real estate. The commission is yet paid by the seller, no matter what they say in their marketing. Buyer’s agents either get paid directly by the seller or set up the transaction so that the seller provides a credit. No matter what but the seller still has 94% of purchase price.
Answer No. 2
Buyers agents are who buy real estate in this way are also known as property buyers’ agents and search agents are professionals acting on behalf of a property buyer who assists the client during the entire process of purchasing from sourcing the properties that correspond to the clients’ requirements to negotiate the best price and terms with the seller and help the client during the legal process to complete the acquisition. Buyer agents might have the access to off-market properties through their network of contacts, although this varies on the market conditions and on how well the agent is connected to the local. The ethical behavior is a very important aspect of measuring the professionalism of a buying agent at any time they must advise their clients with no self-interest for their own success fee. Buying agents do not need to pass any particular exam or to get any certificate to start practice in their profession while in other countries, like Italy they have to confirm to the same qualification and legal requirements as selling agents do, even though the two roles differ substantially. Their fees depend on the specific property market and often differ from a certain country. The overall fee structure is made of a small registration fee which is refundable and is charged upfront and a success fee which is a percentage of the purchase price of the property and is paid when a preliminary contract is signed or at the exchange of contracts. Buyer agents generally require meaning that the buyer cannot continue to search on its own or by estate agents for the duration of the contract, which generally lasts from 3 to 6 months.
Answer No. 3
Buyer’s agents are legally bound to help the buyer. The essential tasks that should be handled by a qualified buyer’s agent are as follows –
- To be an adviser during the entire home purchasing process.
- Take time to cover the buyer’s needs and wants as well as what motivates their purchase.
- To give knowledge to buyer’s on current market conditions
- Find a way for buyers to attain as many of their needs as possible when dealing with the specific financial constraints
- To make active listings for the suggestions after cross-referencing buyer’s needs and research homes in the area.
- Help buyers to achieve their lifestyle needs with a different set of features.
- Aid buyers in narrowing their search until they have identified their top choices
- To control the ins and outs of the negotiation process including the preparation of all necessary forms when making an offer.
- Follow up for any inspections deemed necessary and to provide oversight.
- To counsel buyers on how to handle any repairs needed on the property.
- To be present at the closing to ensure that all the buyer’s interests are protected.
- They are no longer the gatekeepers of property information, but evaluating, to understanding and presenting that property information to home buyers remains an important part of an agent’s job. If done properly, everyone benefits, if ignored or executed inadequately, everyone suffers.
The home buyers don’t need to worry about the expense of hiring a buyer’s agent. Because the seller pays the commission for both the buyer’s agent and the seller’s agent. Basically, the commission equals about 6% of the home’s sales price, which is split evenly between both agents.