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Buyer Agency

Many Buyers drive by a listing agent’s sign and call to ask about the property.  While that yields information, and excites the Listing Agent, it could set you up for getting less advice than you have available!

Listing Agents in North Carolina are charged with “getting the most amount of money in the least amount of time”.  That being the case, unless it is a ‘material fact’ a Listing Agent typically reveals nothing to a Buyer which would injure the Seller’s negotiation position.

As a Buyer, you should first select an agent to represent your interests.  Then if you see an ad, or a sign, that perks your interest- call YOUR Agent and have him / her obtain the details.

Factors to consider in selecting YOUR Agent”

  1. How long has the agent been in business?  ( And can you tell if they have X number of years experience, or one year X times?)
  2. Is she/he in the business as a career choice, or was the decision to become an agent based on external factors?
  3.  Does the agent need to earn  (or supplement) a living or are they “recreational” realty agents?  One wonderful person I knew within a large franchise said to me once, “I don’t want to work ‘that’ hard.  I just want to get out of the house and away from my wife”.  A successful retired stock broker, he was typical of  ‘recreational agents’.  A great friend, we enjoyed dining together.
  4. What credentials does the agent bring to the transaction?
  5. In what ways does the agent’s education support the ability to provide advice to you?
  6. Is the ‘chemistry’ good between you?

Factors to avoid in selecting YOUR agent

  1. Ignoring the above check list and selecting the agent based on social contact at church or a civic club.  Just because the person is a licensed agent and you enjoy their company, does not make them the best representative of your interests.
  2. Assuming that a large volume of transactions means the best representation.  While working on the Sellers side of transactions, I’ve experienced Buyer’s Agents who have been more interested in turning the deal than in getting the Buyer the best deal.  Just be aware.
  3. Selecting the first agent you interview.  Compare at least two.  Arrange to have an agency discussion.  They will be glad to give you the time.

Remember it’s your best interest that you need to cover.

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