WHAT DOES IT COST AS A BUYER TO USE A SALES REPRESENTATIVE?
The compensation that a Sales Representative receives typically comes from the Seller’s proceeds. In other words, there is no cost for a buyer to use a Sales Representative in a traditional Sales Representative/Buyer relationship. In a Buyer agency agreement, there may be some cost to the Buyer, but even these agreements are usually worded so that the Sales Representative is compensated from the Seller.
CAN MY SALES REPRESENTATIVE GIVE ME INFORMATION REGARDING PROPERTIES FROM OTHER COMPANIES?
Yes, if that other company is a member of Multiple Listing Service (MLS) – which most real estate companies are. For Sale By Owner (FSBO) properties are not listed in MLS so a Sales Representative likely would not be able to provide information regarding them. However, with a Buyer Representation Agreement, your Sales Representative may be able to help you purchase a FSBO.
WHAT IF I FIND A PROPERTY ON MY OWN?
You should contact your Sales Representative and not the property owner or the Sales Representative listing the property. Having the address or the MLS number is very helpful and will assist your Sales Representative in gathering information regarding the property.
WHAT TYPE OF INFORMATION WILL MY SALES REPRESENTATIVE NEED FROM ME?
A Sales Representative will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, garage size, price, location and number of bathrooms are common criteria. Other consideration include the school district, type of home (ranch, tri-level, etc.) and room sizes. Keep in mind that a search that is too specific may narrow your list of properties too much while one that is too broad may give you more properties to look at than you have time to go through!.
CAN I GO TO OPEN HOUSE WITHOUT MY SALES REPRESENTATIVE?
You can go to open houses without your Sales Representative. However, you must inform the attending Sales Representative that you already have you own Sales Representative working for you.
HOW CAN I FIND OUT ABOUT NEW PROPERTIES?
Your Sales Representative should be able to accommodate your particular situation whether it be via e-mail, phone calls, etc. Clients with e-mail capability can receive automatic updates from the MLS system as soon as new listings are entered.
WHAT IF I AM UNHAPPY AND WANT TO SWITCH SALES REPRESENTATIVES?
Let the first Sales Representative know that you are unhappy and the reasons why. See if you can work out the issues with them.
SUMMARY
When purchasing real estate, a Sales Representative can be an invaluable resource if you remember your responsibilities:
- Work with just one Sales Representative.
- Make sure you tell your Sales Representative everything.
- Always tell other Sales Representatives you are already working with a Sales Representative.
- Have a Buyer Representation Agreement Signed.