I’m constantly surprised by the number of clients I speak with who don’t fully understand how real estate agency works. So many people looking for a new home go straight to the listing agent to schedule a showing rather than find themselves a buyer’s agent. I’ll briefly tell you why this isn’t in your best interest.
The listing agent has an agreement with the seller, to market and sell their home. That’s their first agency responsibility. Agency simply means “authorized to act on behalf of another.” When a buyer comes to this same agent, their responsibility gets split between two parties. For the sellers, the listing agent is tasked with selling their home as quickly as possible, at the highest price possible. For the buyers, they’ll likely promote this particular home over any others, which certainly isn’t in the best interest of the buyer.
Another reason buyers here in Louisville should find their own Realtor is because there’s so much information involved in the selection, negotiation and eventual purchase of a home that having a professional on their side only makes sense. The process will run more smoothly and there will be a much smaller chance that they buy a bad house. As this article in the Wall St. Journal highlights, some homes come with more than their share of defects.
Did I mention that this professional advice is 100% free? In what other situation do consumers get service from a professional at absolutely no cost to themselves? Because the seller always pays the commissions of both agents—listing and buyer’s—the buyer pays no commissions at all.
So if you’re planning to buy a new home, first things first, find a Realtor whom you trust. (Realtors are real estate agents who, in addition to their standard training and licensing are bound by a code of ethics.) This person can steer you away from trouble, find properties you may never have seen, and generally make the whole process more worry-free.
Now, if you need help finding a top Louisville Realtor, just let me know. *wink*
