Whenever possible, I simplify things for my clients. If I could, I would change the term “Buyer Agency” to “Buyer Advocate.” However, the legal name is Buyer Agency. No matter what it’s called, when I have a Buyer Agency relationship with my clients, I’m able to become more than an advisor… I become their advocate.
Here are some Buyer Agency basics:
Buyer Agency is a formal, documented way to ensure you get the most out of your Realtor. It is incredibly important. Simply contacting a Realtor for a showing does not give you the full power that Buyer Agency does. An agent can’t legally advise a client without a signed Buyer Agency. Until that agreement is in place, the agent is working on behalf of the seller and not the buyer.
Buyer Agency is an agreement between a potential home buyer and a professional Realtor to act on the buyer’s behalf in every way possible. These legal agreements are typically six to twelve months in duration.
Most people trying to buy a home do not understand that, in Wisconsin, agency defaults to the seller. A Buyer Agency agreement will ensure that your interests are protected throughout the transaction.
WITHOUT A BUYER AGENCY, I CANNOT:
- Search for listed and unlisted properties. This is crucial now, when the inventory of properties for sale is so low. It is very important to have an agent who keeps a close pulse on the market, which I do while keeping my clients informed.
- Point out both positive and negative features that affect resale value. It’s important to point out that these positives and negatives can also be about the neighborhood, which I research thoroughly. I work together with my clients in weighing the pros and cons of amenities in the home and in the community that are important to them.
- Provide price counseling based on comparable properties. The asking price may seem fair to you, but how does it compare to recent comparable sales or other homes currently on the market? Like the stock market, the real estate market is always changing.
- Suggest beneficial ways to structure an offer. A solid offer is not only about price. I will provide a clear understanding of a seller’s situation and draft an offer that exceeds expectations. Additionally, my perspective is objective and not based on emotion. If you love a house, I can provide insights that will help you make an informed offer with a better chance of success. My knowledge of the current market conditions will help you determine a good strategy for purchasing a property.
- Maintain loyalty to you. As your agent, you are my partner and my #1 priority.
- Negotiate on YOUR behalf throughout a transaction. I work for you and bring a realistic viewpoint to your negotiation for a property. Negotiating a solid offer is like playing a good hand of poker – you need to know what cards to play and when to play them.
Many buyers mistakenly believe that they get the services listed above without a Buyer Agency agreement in place.
Beyond the legalities of this relationship, you will always get my best effort. In today’s tight real estate market, the inventory of homes for sale is very limited, competitive and fast-moving. A Buyer Agency relationship will help prepare you with the terminology, the buying process, insights and perspectives that an experienced, professional Realtor could provide. For example, how can you become the most attractive potential buyer to the seller?
The first word in Buyer Agency is “buyer,” and that’s where I put my clients – first. This is done proactively, tenaciously and with empathy. Living in the North Shore area myself, I understand what a special place it is. The bonds of these neighborhoods are strong. People who live here care about their homes… and about their neighbors.
From my own experience, I also know how emotional the buyer’s journey can be. I’ve lived it and can relate to it. There are many things you can’t control, but by agreeing to a Buyer Agency relationship, you will have all of my resourcefulness on your side.
Please contact me at (414) 614-9320 or mjudge@shorewest.com to put the power of Buyer Agency, and me, to work together for you. Click here to see my current properties.
