Up until the 1990s, if you were using a Realtor® to help you look for a home, that Realtor was technically representing the seller. Fortunately, in 1995, Buyer’s Agency was established. This provided a way to stipulate that the buyer’s Realtor truly represents the buyer and their interests, not the seller.
This is an important distinction, even today, because it gets to the heart of why you want to sign an Exclusive Right To Represent Buyer Agreement with your Realtor before he/she takes you out to look at homes. Without it, your agent would technically be representing the seller and can’t have substantive discussions with you about a fair price for the homes you’re visiting, the condition of the homes, or potential areas of negotiation.
Why wouldn’t you want to have a Realtor representing you?
After all, buying a home may be the largest financial investment you’ve ever made. Plus, the Seller has a listing agent looking out for their interests. In order to navigate the complexities of making an offer — and put yourself in the best position for getting the home of your dreams — you’ll want someone advising you as well. And typically, you as a buyer don’t pay commission to your agent; the seller does.
So whether you want to visit open houses — or have someone do the legwork of finding homes that meet your criteria and set up appointments — be sure to have a Buyer’s Agency Agreement in place to protect your interests. You’ll know what services your Realtor will provide on your behalf and you’ll decide how long you’d like him/her to provide those services for you. Much about this agreement is standard for the Northern Virginia area, but there’s options to tailor things to your needs as well.
Bottom Line: Don’t be an unrepresented buyer.
We’d love to represent YOU in your next home search, so please reach out to us with any questions you have. We can schedule a time to chat about your needs and what you’re looking for. Even if you’re moving out of the area, we can do some vetting and help refer you to a trusted Keller Williams Realtor anywhere in the U.S. — or even overseas.