John and Diane, along with all real estate agents and brokers in our offices, follow strict ethics standards and agency laws that call for fair, ethical and honest treatment of Buyers and Sellers in real estate transactions. That you can be sure of in every instance at Eliason Realty!
Properties listed for sale on our website represent properties throughout our Greater Northwoods Multiple Listing Service where the seller has entered into a Listing Contract with us or with another cooperating broker to sell their property. Upon entering into that contract, the listing broker and its agents have a fiduciary responsibility to look out for the Seller’s interest.
As a BUYER, you have the option to contract with a real estate agent and develop that same level of fiduciary responsibility and trust with your sales agent or you can opt to work with and negotiate with the listing broker and their agents when purchasing real estate.
When a Buyer enters into a Buyer Agency Agreement with a real estate agent, they can be assured their interests will be served first and foremost. Before you pick up the phone or email to request a showing of a particular property, please contact us. We will be glad to spend time with you and explain the different agency representation options that are available to Buyers and which may work best for your specific situation.
Agreeing to work with a Buyer’s Agent will likely not cost you any more than other options, but it will give you peace-of-mind and confidence you’ll appreciate in your next real estate transaction.
Frequently Asked Questions About Buyer Representation
Q: What typically goes into an agreement for buyer representation?
A: Like any contract, a buyer representation agreement needs beginning and ending dates. It also has an acknowledgement of your willingness to be represented by the company and its agent, as well as the amount, if any, that you'll pay for real estate-related services. Buyer agreements may also indicate whether you'll work with only one company/agent or several.
Q: What is an Agency Disclosure?
A: An Agency Disclosure is a state-required document, disclosing to you as a principal-in this case, the buyer-in a real estate transaction whom the agent or agents in the transaction represent. A state's Agency Disclosure simply notifies you of that state's agency laws; it does not obligate you to work with any particular agent or broker.
Q: How are buyer's agents compensated?
A: The buyer and real estate agent come to terms on which services the buyer needs and the way the agent will be compensated for providing these services. In most cases, a fee or commission is based on the seller's proceeds of sale and shared between the seller's (listing) and buyer's (selling) agents. In some cases, the buyer makes a direct payment to his or her agent.
Buyers sometimes pay their agent/broker directly for finding and purchasing a home. If a broker charges buyers a direct fee, it should be outlined in an exclusive agency agreement that the buyer signs when engaging the broker.
Payment arrangements vary, depending on market conditions, customary practices, and consumer expectation. Some eager home buyers offer an incentive to give their real estate agent additional motivation (generally a cash bonus when title transfers) to find them the "right" property.
As you interview prospective agents and weigh their respective services, consider which compensation options and terms will get you in the home you want and meet your individual needs.