Buyer Beware: Signs of a Professional Real Estate Agent as a Buyer’s Agent

How can you tell if your buying agent is providing a high level of representation? What should you expect from the Realtor® you hire to represent you in the buying process?

First, you should know that unfortunately, not all real estate agents understand the responsibilities of a buyer’s agent and may not even obey the local and state laws under which they practice. The role of a buyer’s agent did not even exist several years ago, but that is no excuse for any licensed real estate agent today to claim negligence, as it is their duty to understand and practice in accordance with all real estate laws. local, state and federal to maintain your license to practice.

Buyer Beware: Who is a Buyer’s Agent?

A buyer’s agent represents the best interests of the buyer, not the seller. In some states, such as the Commonwealth of Massachusetts, every real estate agent is required to explain to home buyers or sellers the types of agency relationships available and the buyers’ right to work with a buying agent who represents their best interests. It is not only required to explain agency relationships; but the Commonwealth of Massachusetts requires consumers to sign the Massachusetts Licensee-Consumer Relationship Required Disclosure form at the first meeting before discussing any specific property with a buyer or seller.

Not all states require a mandatory agency disclosure during the first meeting and according to the National Association of Realtors® 2007 Profile of Home Buyers and Sellers; only 30% of all profiled buyers signed an agency disclosure statement during their first meeting with a real estate agent.

The percentage is staggering because it means that 70% of buyers surveyed did not sign an agency disclosure statement during the first meeting or discussion to understand how the real estate agent was working with them and who they were representing in the transaction.

Additionally, 68% of all profiled buyers reported interviewing ONLY ONE real estate agent to act as their buying agent.

The choice is yours, as consumer protection laws provide increasing protection for homebuyers. Check local and state laws before meeting with a Realtor® or real estate agent to make sure you understand your responsibilities under the law.

If they don’t meet these requirements during the first discussion or meeting, then the message is clear. Find a Realtor® who will act in accordance with all agency relationship laws to ensure your best interests are protected, starting from the first meeting.

Even if your state doesn’t require a reporting agency by law, ask for one! Buying a home can be the most expensive purchase you’ll ever make…protect your best interests and establish your standards of practice and service before you hire a Realtor® to represent you and your best interests.