What Do You Prefer? Buyer Customer vs Buyer Client
Have you ever wondered what the difference is between the service levels a Real Estate Agent can provide for the buyer customer vs the buyer client? Understand what they are allowed to do for you as a customer vs as a client?
What do we mean by a customer vs a client?
When you are a customer, you are not represented by anyone when you are looking for a home to buy. No one is looking out for your best interests. For example, if any agent in my office has a listing my fiduciary duty is to the that Seller by default. If another company has a listing and I am invited to market that listing via the MLS or any other means, then my duty is to the Seller. I am bound by Real Estate Law to do everything possible to make sure that I am fair in my dealings with you, but my loyalty must lie with the Seller of the property unless I am hired by you, the Buyer, to represent you.
Lets take a look at the comparisons, Customer vs Client
Buyer Customer - No Buyer Agency Agreement Signed
In Real Estate terms I need to treat your fairly and honestly. I can give you material facts about a property and I must maintain reasonable care and diligence in my dealings with you. I must be honest with you, I cannot violate fair housing and I can answer any questions you direct to me provided they are material facts and public knowledge. I am responsible to check the accounting should you purchase the home, but my loyalties are with the Seller.
I am bound to
- Take reasonable care and dilligence
- Focus on the sellers needs
- Full disclosure of all we know to the seller
- Focus on the sellers property
- Show in house listings before showing others
- Lower level of responsibility to your needs
- Discuss material facts only
- Protect the client not the customer
- Negotiate on behalf of the seller
- Write a contract for the interests of the seller
- Share all information about the buyer
- Withhold pertinent information from a buyer like how long the property has been on the market etc
- Not have a negotiating strategy that favors you the customer - Agent works for the Seller
- No suggested advice about the financial way forward when offering on the property
- No comparable CMA offered for price counselling purposes
- Keep information about the Seller confidential
- Focus on Selling the property
- Focus on the Sellers negotiation and his best outcome
Buyer Client - Buyer Agency Agreement Signed with the Real Estate Professional
When you employ me as Buyer's agent and you become my buyer client, I have fiduciary and statutory duties and I am responsible to you. You have my undivided loyalty, I will give you full disclosure of everything I know about a property, the Seller and other pertinent information. I will be obedient to your needs and I will be responsible for checking the accounting for you. I will always act from a place of honesty, skill and diligence. My whole purpose is to protect your interests, find you a home that suits your needs and look after you.
I will also:
- Obtain the Sellers property disclosure form from the listing agent and review with the Buyer client
- Find out if there is a homeowner warranty in place and if the Seller is prepared to purchase one for the buyer as part of the contract
- Obtain the tax assessment figures for the property
- Find out if there are any zoning or subdivision restrictions
- Assess the square footage of the property to see if it sounds about right and if not, query with the listing agent
- Find out what easements, flood plains or restrictions affect the property the client is interested in
- Check with local authority about future development/s
- Give factual data about the area and the local schools
- If the property is in an hoa or condo association, obtain the financial records for the Buyer to peruse
- Make sure that the buyer gets to see new listings immediately
- Educate the buyer in terms of price
- Negotiate on behalf of the buyer-client
- Provide price counselling and cma options when the buyer client finds a property he likes
- Contract to benefit the buyer whenever possible and give advice on items that would favor the buyer client
- Financing advice and options
- Continued service even after the sale completes
- Strengthen position as a buyer by getting him pre-qualified for a mortgage and ensure all paperwork is on hand to support his application
- Share all information I know about the Seller
- Provide material facts and professional advice
- Protect and guide the buyer client
- Keep buyer client infortmation private and confidential
- Tell you all we know about the Seller and his interests in the property
- Hold your hand throughout the transaction
- Give advice with regards to home inspection, termite inspection etc
- Investigate the CCR’s
- Always look for the right property at a competitive price
- Strengthen the buyer clients position in case of multiple offers
- Offer protective clauses for the buyer client
- Solve issues in favor of the buyer client wherever possible
- Look after the Buyer Clients best interests always
- Loyalty and obedience to the Buyer Client
It does not matter whether you are a buyer - customer or a buyer - client, there is no extra fee for you to pay me for my services. I get paid by the Seller. With that in mind, why would you not hire a Buyers Agent to represent you? Its my duty to act on your behalf when you employ me and at no added cost to you.
I'm Karen Browder. I pride myself in customer service. Most of my clients are repeat or referrals. I'd love to add you to my list of forever customers. Please give me a call 704-534-9334 or email Karen@KarenBrowder.com I look forward to being of assistance to you.
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