Buyer’s Agency
The experience of buying a luxury home can be exhilarating – if you know the process and have the right team. One of the most misunderstood, or perhaps downplayed areas, is choosing a qualified buyer’s agent. When most people begin their search they find a property they would like to know more about. They call the number on the ad or email the agent associated with the Internet listing. By doing this you are contacting the seller’s agent, a person with the fiduciary responsibility under the law to represent the SELLER. The agent’s objective is to get his/her client the highest price in the shortest time. You have a choice in this matter.
Most commissions are paid out of the seller’s proceeds. Therefore, you do well to consider having an exclusive buyer’s agent agreement with an agent who knows the luxury homes market. This ensures that you have someone looking out for YOUR best interests. The buyer’s agent will guide you every step of the way.
How can you identify an experienced luxury home buyer’s agent from a regular agent? Check the credentials. The National Association of Realtors has a designation known as ABR (Accredited Buyer’s Representative,) which is a minimum requirement. Accreditation from an organization such as the Institute for Luxury Home Marketing which trains and tests agents specifically in luxury home sales and marketing, assures you of an agent’s educational competence. Finally, look at their record. How many homes have they sold, and how do their clients rate them?
Don’t settle for just any agent, and do not underestimate the agent’s value to you in making this this important investment. Do not, under any circumstances, choose the agent who listed the home. They have one goal: Selling that house. Not the more important objective of finding YOU the right home.