It is time that Buyers have the same representation that Sellers have always enjoyed.
You are probably thinking, “Well I have an agent”. But do you really? Did you know that by default ALL Real Estate Sales Representatives work for the seller? You might think that the agent who is showing you all of those homes is working for you, but they aren’t! That is unless you have an agreement in writing with them stating that they are representing your interests.
Read below to learn more about what a Buyer’s Agent is and why it is important that you have one.
Why is it important for home buyers to use a dedicated “Buyer’s Agent” when purchasing a home?
Most likely, unless you’ve bought real estate south of the border, “Buyer’s Representation” is a new concept for you. Buyer’s Representation (or agency as some people call it) is common in the US, but is relatively new in Canada.
Think of me as your own personal shopper & negotiator for real estate, who can take you to virtually every “store” in the area to find you just the right place — and when you find it, I negotiate hard on your behalf to get it at the best price and terms for you. Best of all, my services don’t cost you a penny extra (except in a very unique instance, see How I Get Paid, below).
Below are some answers to questions typical questions people often have about Buyer’s Representation
1) Are you a “regular” real estate agent?
Yes. I am a licensed Real Estate agent in the province of Ontario, Canada. As a Realtor, I have full access to the MLS which means I can show and sell every property listed on the MLS by other Realtors here in Ontario.
2) How do I get paid?
In most cases, I’m paid a portion of the sales commission that is paid to the listing Realtor. This forms part of the fees paid by the seller of the property
3) Is there a conflict of interest if I’m paid a straight percentage of the sales price?
No. Remember as a Buyer’s Agent my legal and ethical responsibility is with you NOT THE SELLER. At first glance however, it may appear that if I’m paid a percentage of the sales price, that would motivate me to get you to pay the highest price possible for the house. But first, consider the money involved. A 4% commission on $10,000 (the difference between, say a $170,000 sales price and a $180,000 sales price) is $400, which, in the big picture, is very little. In the long run, I’m going to make a lot more than that extra $400 if you’re a happy client that refers other buyers to me.
4) What are the benefits of working with a Buyer’s Agent versus a traditional seller’s agent?
The obvious, of course, is that I represent, you, the Buyer, and not the Seller. But there are a number of other advantages.
No Property Bias While listing agents certainly can show you anything that is Multiple Listed by other agents, there is a financial incentive to them to show you their own listings first. If they sell you one of their own listings, they earn a bigger commission.
Unbiased Opinion of Properties Listing agents are prohibited, by their fiduciary responsibilities to the seller, from telling you that they think their listing is overpriced, for example. I will. I will provide you with area pricing data, historical sales data and my professional opinions about all aspects of a property, and not only price! If I don’t think a property is right for you, I’ll definitely tell you.
Expert Price Guidance I spend considerable time helping you shape an offer — reviewing comparisons, estimating likely appraisal value and projecting future marketability with minor repairs or updating. When a seller’s asking price is way above what I think a property is worth, I will ensure that this is reviewed with the listing agent and your best interests are served.
5) Can I not work with lots of other agents as well?
No. I work with a limited number of clients at any given time. I make a significant commitment to each of them to find them a house. All I ask in return is they make a commitment to me. However, I do not ask that you make that commitment until we’ve spent time together and agree that there is a “fit” between us. Our first, and sometimes second, time out together is “on me”, so I can get a good idea of what you’re looking for, you get a better feel for the market, and we both can determine whether there’s a basis for an ongoing relationship.
6) How do we start working together?
Send me an email about what you’re looking for (soldwithkim@gmail.com), or better yet give me a call at 613-812-1444. If you’ve been searching the internet, send along the MLS numbers of houses you’ve found that caught your eye. Please include a general budget range — I certainly won’t hold you to it, nor only focus on properties at the upper end of your range, but knowing what price range you’re thinking of helps focus my efforts. If you send an email, please include a phone number, as I’ll want to spend some time with you on the phone. Over the phone, I can get a much better sense of what you’re looking for and what might work for you.
From there, I’ll research listings and email some to you to take a look at. We can discuss what you like and don’t like, and I can give you my opinions on them.
The next step is for us to go out together to look at houses. If you are new to the area it may also be a good idea to review different neighbourhoods so you can get an idea of the market, different price points, settings and styles.
At that point, we can discuss whether you want to retain me as your Buyer’s Agent, the specifics of an exclusive buyer’s agent relationship, and whether you prefer working with me on an exclusive or non-exclusive basis.
Now it’s time to find your perfect home! I look forward to a successful home search with you when you choose me as Your Buyer’s Agent!
