Buyer Agent for Vancouver & Richmond, BC.
Majority of the homes sold in Canada are done through the MLS system, involving 2 Realtors. When the seller's Realtor is also the buyer's Realtor, the loyalty of the Realtor is with the seller. You are in a disadvantage position if you are buying a home with "no agency representation" or through a "limited dual agency" arrangement.
Myth: you can get a better price
Some home buyers are under the impression that they stand to benefit when they are not using their own Realtors to represent them. They assume the Realtor will pass on the buyer agent commission saving to them.
This is a myth, as there is no way anyone can find out whether you get a better price, or a buyer agent can help you negotiate a better price. The fact is that without a buyer agent, you are at a disadvantage. You may not know if you are paying too much for the home you are buying.
Why you should use your own Buyer Agent?
Your Realtor has a "client-agent" relationship with you. You benefit by:
- your agent is working with your best interests in mind
- guide you through the home buying process and help you with financing where required.
- save you time by showing you homes that meet your requirements.
- you are provided with competitive market data on similar homes and their selling prices.
- property value trends, the neighborhoods and future developments(good or bad).
For more information on homes for sale in Vancouver and Richmond, you are welcome to contact me at 604-721-4817 or email me.
Good point James. A listing is a CONTRACTUAL agreement between seller and agent/brokerage. Commissions are just part of that contract. If a buyer thinks they will get a better deal, NOT GOING TO HAPPEN! The listing contract will not be modified to alllow them (the buyer) to use it to negotiate to their advantage. Won't happen . . . never gonna happen. Contracts are in place well before buyer showed up! Dual agency, and Disclosed "Limited" Dual Agency is what we term it here in Oregon, is a bad thing for the consumer.
Thanks Carla. Although these buyers are in the minority, some do believe they are better of dealing with the Seller's agent only.
James a very good post. I believe as you do that interest rates will rise and that the current price levels will have to adjust before we see the next big rise. In any market that is ready to correct you have a very frantic period of buying. In our local makret this frantic period has lasted almost all of 2009. Can the correction be far?