What is an Arkansas Buyer’s Agent? In short, a Buyers Agent represents YOU the Buyer (at no cost to the buyer) looking out for the Buyer’s best interest. A Listing Agent in turn represents the Seller and works to get the highest price for the Sellers property.There is a huge difference here and that is why I would like to take a moment to shed some light on the subject and the history of the matter. I want both Arkansas Home Buyer’s AND Seller’s to understand who is representing them and what they should expect from both.
In the past most people began their home buying search by contacting real estate agents about homes advertised in home magazines and newspapers, or advertised by way of “open houses” or “for sale” signs posted on the front lawn. Through this process they would very often make contact with an agent who seemed pleasant and knowledgeable and would begin looking at homes for sale with “their agent.”
What they generally did not know, however, was that the person they considered “their agent” was, in fact, the seller’s agent. As a seller’s agent, “their agent” was bound, legally and ethically to look out for the seller’s best interests, not the buyers.
Information shared by the Buyer’s with “their Agent” relative to negotiation and pricing strategies would, as a matter of agency law and ethics, be required to be communicated to the seller. Likewise, opinions offered by “their Agent” concerning any matter relating to the transaction would be those designed to help the seller achieve their goals: the highest price on the best terms. Privileged and confidential information, for example “my negotiation range” or an admission that “this home is the one for me”, would be relayed as a matter of law and ethics to the seller via that chatty, cheerful helpful real estate agent who was kind enough to escort the Buyer’s through a selection of homes.
Surprised? This is surprising and shocking to many people. A number of national surveys have concluded that most home buyers were not aware of this practice.
Offended? You are not the only one who after reviewing this information was slightly offended by it. It was this reaction that led to a transformation in the delivery of real estate brokerage services nationwide. This sense of astonishment at how business was conducted in the past has resulted in the concept of “Buyer Brokerage” and with it a revolution in the way real estate services are delivered to the home buyer.
Traditional real estate brokerage is a thing from the past (Thank God!). If you are a perspective home Buyer, you would benefit most by utilizing brokerage services, an Arkansas Buyer’s Brokerage. While a seller’s agent, often referred to as a “Listing Agent”, pursues the seller’s agenda of obtaining the best offer at the highest price. This is there job.
A good Buyer’s Agent devotes their full attention to the buyer’s needs and goals. In fact, a buyer’s agent as a matter of law and ethics is bound to serve the needs of their principal, the buyer.
Today, home buyer’s have an opportunity to enjoy the same level of effective, confidential and professional services that used to only be available to the seller.
If you would like to read more about the responsibilities and duties of an Arkansas Buyer’s Agent, click here to be taken to my website.
As always, please contact me if there is any questions or matters that need further clarification. I would love to hear from you and assist you any way that I can. Have a great week everyone!
Arkansas Buyer’s Agent and Owner of Buyer’s First Realty