better way to buy

A BUYER'S ADVOCATE

The following contrasts the conventional way people buy real estate with the better way to buy. Note: Herein the terms "agent" and "broker" are generally interchangeable, although technically they are not.

THE CONVENTIONAL WAY

Commonly, buyers will see an ad for a house that interests them, then call the listing agent who shows them the house. If they decide to make an offer through that listing agent, he or she must be, or must become, a "Transaction Agent" according to Florida law. Transaction Agents are not supposed to advise the seller, or the buyer during the negotiation and later phases, to the detriment of the other party.

THE BETTER WAY

The better way is to begin your search for property with an exclusive buyer’s agent. Exclusive buyer’s agents are held to highest ethical standards by Florida real estate law. They always advocate the interests of the buyer – never those of the seller. And since they do not take listings, they can give their clients objective advice when viewing MLS listings others have.

The services of an exclusive buyer’s agent cost nothing extra because the seller pays the agreed fee to the listing broker at closing. Traditionally, the seller’s broker’s commission is then split with the buyer’s broker who brought the buyer to the transaction.

WHAT INDEPENDENT SOURCES RECOMMEND

“Most agents who show you homes don’t represent your interest. They work for the seller, and their object is to sell the house for the highest possible price.” - USA Today

“If you use a buyer’s agent, make sure you get one who’s genuine. You can find a true buyer’s agent only at firm that does not take listings.” - Consumer Reports

“Exclusive agencies are best. They remove conflict of interest, which is the main reason for considering a buyer broker in the first place.” - Kiplinger’s Changing Times

“Like it or not, the real estate agent helping you house hunt is actually working for the seller and is legally bound to get the seller the highest price. You can hire a buyer broker to work on your behalf. These agents differ from traditional agents in that they are required to secure a price and contract favorable to the buyer.” - U.S. News & World Report

“Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want, then negotiating the lowest possible price.” - Money Magazine

“A buyer can only receive true representation, loyalty, confidentiality and full disclosure from his own agent, a "buyer's agent," never from the seller's agent or a "transaction broker.” - Raymond J. Bowie (prominent Naples attorney)