Buyer agency is a type of representation that has been increasing in popularity. It provides the counseling and representation that buyers ideally should receive when they are purchasing a property.
There are some buyers who feel they do not need representation. They may know enough about the buying process and been through it enough times very recently to handle everything themselves.
When a seller hires a real estate agent to list their home, that seller signs a listing agreement with their agent, authorizing that agent to do whatever is required to procure a buyer (you) for their property.
If you call on an ad for a property, you understand the real estate agent you speak with is representing the seller.
But what many people don’t know is if they go and see other properties with that same agent, the agent is still not working for you, but rather for the sellers of each of those other properties, regardless of whether or not they have a listing agreement with each owner. This is known as sub-agency.
You may think, "How can this agent really be working for the seller even though we've become friends? They really aren't representing me If they themselves haven't signed listing agreements with each seller?"
Sounds crazy, but it's true, which is what brought Buyer Agency about. Now, by contracting with a buyers Agent, buyers can have that same representation for themselves that sellers have had all along!
Equal Housing Opportunity | Real Estate Agents
