Role of a buyer agent
Ask any buyer’s agent who has been practicing real estate for a while, and you’ll hear sad stories from those buying agents who wished they had signed a buyer to a buyer’s broker agreement In defense of buyers, however, it’s rarely the buyer’s fault. It’s the agent’s fault for not explaining how the business works.
What often happens is an agent will work with a buyer for a few weeks to several months or longer. This effort includes:
- Introducing the buyer to lenders for financing
- E-mailing listings that fit the buyer’s requirements
- Calling listing agents to determine availability
- Making appointments with sellers before showing homes
- Driving the buyer from one neighborhood to the next, sometimes touring up to 10 homes a day
Then one day the buyer calls, in breathless excitement, to announce that he and his wife had driven by a new subdivision, stopped to look at a model home and signed a contract to buy a new home from the builder. Sometimes they add, “Isn’t that fabulous?” It’s not fabulous from the agent’s perspective.
Think about it from the agent’s point of view. He has just spent weeks showing the buyer homes and investing his time and gas money in the hopes of a cheque at the end of it all. Now he’s got nothing to show for his efforts. It does not cost anything to a buyer to have his own agent but still there are some buyers who will shop with multiple agents or look around privately.
I can understand the buyer’s position as well. They sometimes worry that the agent might not be showing them all the homes that fit their criteria or they worry the agent might not be available at a critical time when a hot listing comes up. If these are things that concern you then it might be a good idea to let that agent know upfront. Just tell them you will be shopping with 2-3 agents at a time. At that time the agent can decide if he wants to work with you. I’d expect a good agent at this point will ask you to sign a buyer agency agreement or decide to walk. If he still decides to show you houses atleast your conscious is clear and he is also aware of the potential risks.
For questions on the Brampton real estate market drop me an email.
To read more on the Buyer agency agreement click here.