Differences between Buyer Customer & Client

Understanding Real Estate Buyer Agency and Advocacy

Loreena Michael Yeo “We believe choosing a real estate agent is an important and personal decision. As important it is to find the perfect home for your family, we want to make you a better informed consumer about the real estate industry, especially how it works in Frisco TX. The information we provide in this Be An Informed Consumer segment will give you a better understanding. Hence, a more satisfying real estate experience.”If you have any questions or concerns, we’d love to help you address it. We are only an email or a phone call away.

Prior to substantive discussion, the State of Texas requires Frisco TX Realtors® to share the Information about Brokerage Services acknowledgment. This document explains duties of the real estate agent’s role in a real estate transaction. If the prospective buyer, seller, renter or landlord want real estate representation, that the business relationship should be done in writing.

This article is intended to explain a Buyer’s Representation and to identify the duties of the agents that show you home before you begin.

From a Home Buyer’s perspective, there are 2 positions you may end up with in a real estate transaction.

Buyer Client & Buyer Customer: The major difference is in the LEVEL of SERVICE you may receive.

BUYER CUSTOMER (REALTOR®’S FUNCTIONARY ROLE)

BUYER CLIENT (REALTOR®’S FUDICIARY ROLE)

Buyer receives the Following from the Real Estate Agent (unrepresented):

  • Honesty to all parties
  • Lower service level
  • No loyalty (tells Seller all they know about Buyer
  • No confidentiality for Buyer but keeps Seller’s information confidential
  • Focus on helping Sellers get what they want
  • Share only material facts with buyers
  • Support Seller’s listing price
  • Protection is for the Seller
  • Minimum legal & ethical responsibility towards Buyer
  • No involvement in Buyer decision-making

Buyer receives the Following from the Buyer’s Realtor® (represented):

  • Honesty to all parties
  • Highest service level
  • Complete loyalty towards Buyer
  • Focus on Buyer’s needs and interest
  • Confidentiality of Buyer’s information
  • Professional advice & counsel
  • Market data interpretation for complete understanding of market
  • Strategic negotiation planning for Buyer
  • Professional assistance in understand options and alternatives
  • Negotiating on behalf of Buyer
  • Maximum legal responsibility
  • Involved in buyer’s decision-making counseling
  • Assistance in identifying all potential properties for Buyers
  • Assistance in evaluating properties based on Buyer’s criteria
  • Professional effort to close transaction on Buyer’s terms and conditions
  • Assistance with contract contingencies
  • Managing Buyer’s risks & expectations in transaction

 

Download the Information about Brokerage Services form in Acrobat Reader.

Download a sample of the Buyer’s Representative Agreement in Acrobat Reader.

 

BEST PART is OUR SERVICES ARE AT NO COST TO YOU WHEN YOU USE 3:16 team REALTY AS YOUR BUYER’S REALTOR®.

Why not call today to set up an appointment to see how this Buyer Agency may benefit you.

Loreena & Michael Yeo
(214) 783-2210
(214) 529-6003

 

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This data was last updated on: 7/31/14 5:21 AM PDT