Are you considering purchasing a Newport Beach home for sale? If you are, and are considering working with a Realtor, here is an important consideration for you. Many Newport Beach real estate agents, and brokers utilize Buyer/Broker agreements. When you sign this agreement, you are committing yourself to working with that real estate agent.
Not all Realtors utilize buyer/broker agreements, and will work with an agreement that you are working together.
The advantages to having a buyer/broker agreement are to ensure that the agent who spends the time scheduling appointments, showing you homes, and guides you through the real estate process gets compensated for their time. Buyer representation agreements are similar agreements that you may sign when you hire other professionals. It is a business relationship, and some agents do utilize them.
I have used buyer/broker agreements from time to time, however I appreciate the loyalty of my clients and customers. Understand that Realtors do not get paid for open houses, scheduling appointments, showing homes, printing out buyer tours, preparing comparables, writing real estate contracts, guiding you through the process and marketing. Realtors get paid when they either sell a home, or rent a home.
When you have decided to work with a Realtor, they may ask you to sign a buyer representation agreement. This agreement also ensures that your Realtor is 100% committed to you as a Newport Beach home buyer. The Real Estate market is an interesting industry, and sometimes buyers will jump ship to work with another agent who is their “sister´s husband´s cousin who works part time at selling real estate”.
At the end of a day, you want a full time professional Realtor to guide you through the process.
I have had potential buyers tell me they would like my assistance in finding a home, and one of the first questions I ask, is if they are working with someone. I recently had a scenario when the potential buyer was working with someone but wanted to “work with me too”. I explained that I do not work that way, and in fairness to the other agent, it was not fair to that person either.
If you have any questions about a buyer/broker agreement, or the Newport Beach home buying process, please contact me.