What is Buyer Agency?

Buyer Agency 

Buyer agency is defined as a principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. What does that mean? It means that as a buyer's agent you are tied to the buyer, and that all of your loyalties are to the buyer.

Buyer agency is a relatively new concept for the real estate world. In the past, agents were Seller's Agents, working for the person who signed a contract employing them to sell real estate. Over time that arrangement resulted in too many misunderstandings. A buyer working with a Seller's Agent often regarded that person as his agent, and felt free to make confidential statements, not understanding they would be passed on to the seller.

Complaints were made to real estate commissions, and lawsuits were filed. As a result, many states now require us to explain agency status to the buyer. In North Carolina we must make this disclosure at the first significant contact. Agents in our office talk with a great number of long-distance buyers, so that means we often disclose agency status over the phone.

In today's real estate world, you'll find agents who work as Seller's Agents and Buyer's Agents, and in some areas you'll see Dual Agents and Designated Agents. Here's a simplified recap of those terms.

Seller's Agent	Your duty is to obtain the best deal for the seller. You are allowed to give the buyer only material facts about the property. A Seller's Sub Agent is an agent from another office who is not working as a Buyer's Agent.
Buyer's Agent	Your duty is to obtain the best deal for the buyer. You may pass on any and all information you obtain about the seller or the property.
Dual Agent	You must be loyal to both parties. Dual agency occurs when a real estate agency owns a listing, and an agent from the office, working as a buyer's representative, shows that listing. In areas where it's allowed, Dual Agency must be disclosed and agreed-to in writing by both parties. Roger Cumbie, one of our area real estate educators, compares Dual Agency to "walking a tightrope," since it's sometimes difficult to focus on the needs of one client versus the other. I will work as a Dual Agent only if the seller is not my own lister. That's a personal choice, and not all agents feel the same way.
Designated Agent	Very similar to Dual Agency, and also not available everywhere. The broker-in-charge designates two agents to work a transaction, one for the seller, one for the buyer.

SURROUND YOURSELF WITH SUCCESS!

SURROUND YOURSELF WITH SUCCESS!

Here's a simple little technique that you can use
right away. Since you're looking to become a real
estate agent, the smartest thing you can do is to
see what it's actually LIKE to be an agent
(before you dive into it).

You need to start associating with other
successful agents, Friends!

Once you surround yourself with people who are
successful in that field, you can't help but
become more successful yourself. Most people who
are successful (in any area) are more than happy
to help out someone who's just getting started.

Trust me my friends... as soon as you start
associating with people who are already where you
want to be in life, you'll find yourself
effortlessly propelled in that direction.

Plus, these people can help you get established
in the industry, and introduce you to important
people.

How do you meet these people? Just ASK! Ask your
friends and family who they use as their agent,
and call that agent. Let him/her know how you
heard about them, and ask them to lunch.

All agents need to eat lunch, don't they? If your
family and friends don't know anybody, simply go
to one of your local agents (preferably someone
who works in the position that you want to work
in), and ask them if you could take them to lunch
in exchange for asking them questions about what
it's like to have this job.

Go ahead, give it a try. And if you really want
to learn all the best secrets in this industry,
you simply must check out my new report

I put it up on this special web page for you.
This is the last time you'll hear from me about
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offering a special deal for you that isn't
available anywhere else. Here's the URL again:

Becoming a Real Estate Agent

Related Topics :

1. SURROUND YOURSELF WITH SUCCESS!

2. 3 GREAT REASONS TO BECOME AN AGENT   

3. CHOOSE YOUR REPUTATION IN ADVANCE

4. Doing THIS Really Isn't Fair To Other Agents, But..

5. SPECIALIZATION

 

SPECIALIZATION

SPECIALIZATION

 My friends, have you ever met someone who is busy
trying to be all things to all people? Have you
noticed that those people rarely ever get
anything done in their work & personal life?

It's the same thing with real estate agents who
try to be all things to all clients... they end
up being nothing to nobody. You're about to learn
the most important word in real estate...

SPECIALIZATION

Let's talk about toasters for a minute...

If you wanted to buy a high quality toaster,
would you rather go to a regular store, or would
you rather visit a store called Toasters R' Us?
It's the same thing with real estate.

If you're looking for a particular kind of
home... you want to seek out an agent who
speclializes in that area. That's how everyone
thinks. There's actually MORE money to be made by
specializing than there is in being a "general"
agent.

I think there's a lot more people who care more
about making sure they get the home of their
dreams, and who are willing to spend their money
with someone who has specialized knowledge about
the area.

Do you know which schools cater to children with
learning disabilities? That's pretty darn
valuable information, and it's not readily
available everywhere.

So think about what areas are important to YOU.
Do you have a passion for heping families that
have disabled children? Do you want to cater only
to people who earn about 500,000 per year? Think
about what's important to you, and specialize in
THAT.

And if you want to learn everything you need to
know about becoming a successful agent in the
fastest possible time, then you've got to check
out this special web page that I put up for you.
Here's the URL:

Becoming a Real Estate Agent

Related Topics :

1. SURROUND YOURSELF WITH SUCCESS!

2. 3 GREAT REASONS TO BECOME AN AGENT   

3. CHOOSE YOUR REPUTATION IN ADVANCE

4. Doing THIS Really Isn't Fair To Other Agents, But..

 

Doing THIS Really Isn't Fair To Other Agents, But..

Hi Blogger . Today you're going to learn 3
critical questions that you must be able to
answer when applying for a job as a real estate
agent like a profesional.

Knowing these 3 will give you a huge advantage
over anyone else who applies for the job. These
are questions that you can expect ANY potential
employer to ask you in the real estate industry.

This is a short article, so go ahead and read the
whole thing right here right now.

Question #1 - What interests you about working as
a real estate agent?

This is an open ended question and will require
you to fill in your own personal content. There's
no "right" answer here, except that you must be
able to speak from your heart about your
motivations for working in real estate.

The key here is to prepare your answer to this
question in advance, so that it rolls off your
tongue smoothly. Plus, it will let your employer
know that you mean business (and that's more
attractive than someone who's just "window
shopping" for this job).

Question #2 - How can your skills & experience
benefit this broker's business?

This is why you need to take a personal inventory
ahead of time. This is a tricky question, because
for you to think about all this information off
the top of your head is tough. You'll do MUCH
better if you know this info before you go talk
to the interviewer.

Take some time to write down ALL your past jobs,
and the skills that you've gained from them. Then
write down how each one (if any) will help you as
an agent.

For example: If you worked as a waiter for a few
years, you probably have excellent customer
relations skills.

Question #3: What kind of work do you enjoy most?
What makes an enjoyable job for you?

Okay, here's why you need to know this. If you
aren't absolutely clear about the type of career
you want as a real estate agent (there are many
to choose from), you might end up getting stuck
doing something you hate.

For example, if you love to work with people, but
hate bothering with tiny little details & you
hate paperwork even MORE, then it would be
smarter for you to be in a position where you
have an assistant.

They can handle the stuff that you don't like to
do, while you spend all your time doing what's
important. Namely, dealing with the clients on a
personal level.

There's a Zen saying that goes something like
this...

"The hunter who chases two rabbits catches none".

You've got to know what your target is, so that
you can keep it in your sites at all times.
Eventually, you'll hit it and land your dream job
(or create your dream job by starting your own
company).

By the way, there are 5 more CRITICAL questions
that you need to be able to answer before you
even TRY to get an interview. I cover these
questions, and a whole lot more in my brand new
report called "The Insider's Guide To Becoming A
Successful Real Estate Agent".

Go ahead and check it out right now, while it's
fresh in your mind:

Becoming Real Estate Agent

Related Topics :

1. SURROUND YOURSELF WITH SUCCESS!

2. 3 GREAT REASONS TO BECOME AN AGENT   


3. CHOOSE YOUR REPUTATION IN ADVANCE

Becoming a Real Estate Agent

Becoming a Real Estate Agent

Looking To Become A Successful Real Estate Agent?

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• A huge mistake that nearly every unsuccessful agent makes in the beginning of their career, which gives them a lousy reputation. Avoid this mistake all costs!
   
• An easy way to determine if you should to work for a large broker, or a small independent broker. By knowing the rewards and pitfalls of both, you'll be able to make the smartest career choice for YOU!
   
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   As you can see, you can build a much better career by simply learning all these tips, tricks & time saving shortcuts that the professionals use every single day. And the good news is that now you can have access to them all in my new report called... "The Insider's Guide To Becoming A Successful Real Estate Agent".

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