Professional agents have begun working with buyers under exclusive agreement of representation where they do not represent sellers or seller interests. Similar to retaining an attorney, the home buyer client has a Realtor whose full fiduciary interest rests with the buyer client.
The fiduciary duties are:
In this scenario the agent is better able to represent the buyer.
The main benefits a buyer receives from an agent practicing Buyer-Brokerage is professionalism and a stronger negotiating position. In 1993 U.S. Sprint found that 232 of its relocating employees using a "Buyers' Broker" paid an average of 91% of a homes listed price, while those that used a traditional agent paid 96% of the list price.
"Buyer brokers: agents that buyers can call their own. If your real estate agent isn't a buyer broker, he works for the seller. Buyers no longer have to fend for themselves." -- U.S NEWS & WORLD REPORT
As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented by an agent. Wouldn't you want to have complete and fair representation in the real estate transaction? The real estate buyer agent is responsible to protect their clients' best interests. Research by the NATIONAL ASSOCIATION OF REALTORS has shown that when a buyer agent is used, the prospective buyer found their home one week faster and examined three more properties than those consumers who did not use a buyers agent.
Using a Buyers Representative offers the consumer many benefits.
Most importantly, the buyer would know that they are fully represented throughout the real estate transaction.