What You Need To Know (As A Seller) About Buyer Agency

Tips From The Team

If you haven’t bought or sold a home in the last few years, you may not be up to date on what has been happening in Real Estate as regards Buyer Agency.

Buyer Agency or Representation is one of the most misunderstood topics in
Real Estate, especially here in Massachusetts.

Unfortunately, when misinformation is spread, it is often done so by agents who have not taken the time to educate themselves on this very important consumer issue. One thing is clear: Buyer Agency is not going away; in fact our experience is that the most educated and qualified buyers (the ones you want) are wanting their own representation in growing numbers. Many states are now doing away totally with sub agency (where the agent working with the buyer has fiduciary responsibility to the seller) and all indications are that this trend will continue in the next year or so.

Do trust us on one thing - Buyers with their own representation should be welcomed not feared! Our experience has shown that buyers who have their own representation provide a much easier party to do business with than those who don’t. For one thing (though most seller don’t know this), you are responsible for everything the subagent says about your home, even if you’ve never met them or they’ve never seen your home. When a buyer has their own agent, the responsibility for what is said is that of their agent.

Secondly, contrary to popular opinion, a buyer with their own agent is less, not more, likely to pick apart your home or make unreasonable demands. The reason is simple: a represented buyer has been educated about the buying process by their agent and they also are more likely to have been schooled on fair market value.

As a listing agent, our experience is that when the buyer for our seller’s property gives low-ball offers, makes excessive demands, and picks the house apart during inspection, they are usually not being represented and are taking their own counsel (or their Uncle George’s who hasn’t bought a house in 20 years) rather than the counsel of their own agent. Without an agent working in their interest, these buyers often feel like they’re “on their own”.

If you have any questions about agency, give us a call or send an email. We're here to help!

 

 

Dina Raneri
508-371-4385
Email Dina

Mollie Wasserman
508-613-9101
Email Mollie