Agency Representation: What You Need To Know When Buying Or Selling A Home
What is agency representation in real estate? Yeah, I know it sounds boring. But read on and learn how important it is to understand it when buying or selling your home.
Most people have heard of an agent representing a professional athlete, film star, or musician. Those people aren’t trained in reading and understanding contracts, negotiating deals, and protecting themselves from unscrupulous or greedy business owners, so they hire a professional agent for these matters. Well, you deserve the same assistance and protection when buying or selling the most important, and usually most expensive, asset you’ll own in your lifetime. Real estate brokers and agents have been trained in all these areas to aid and protect you, their valuable client.
Can you buy or sell your home all by yourself?
Of course you can! And it’s so easy! Just click here to get an idea how simple it is (lol!). But most people want a trained, experienced professional to help them through the process. Especially when in most cases their services are FREE to the buyer. So I think it’s important for you to understand how it works.
Before entering into agency representation, all licensed Texas real estate agents are required to present to a prospective buyer or seller a form called Texas Real Estate Commission Information About Brokerage Services. This form explains the client/agent relationship. Click here to view it. Agents are also required to include a Texas Real Estate Commission Consumer Protection Notice link on their websites and social media. Click here to view it.
Once you select an agent
Once you select an agent to represent you, you will be asked to sign either a Listing Agreement as a seller, or a Buyer’s Representation Agreement as a buyer. These agreements establish agency representation between you and the agent’s broker. The terms of agency are spelled out in the documents, so be sure to have your agent clearly explain them to you.
Without giving all the details about those two agreements, understand they’re designed to protect you, the buyer or seller because you become the client of a knowledgeable agent to help guide you throughout the process of buying or selling your home. Your agent will explain that process to you and keep you on track and informed throughout, and encourage your questions so there are no surprises. As an agent, my goal is to do as much work behind the scenes as possible so you, my client, won’t have to worry about everything being done to keep the transaction moving forward. In fact, I’ve had clients wonder why I got paid because I “didn’t really do anything”! That was a true compliment!
Another advantage in using a licensed agent as a buyer is you don’t have to contact each agent listed on the sign in the yard of the homes you’re interested in to get information or view the homes. Your buyer’s agent can set up all appointments to view homes with you and get the answers to your questions. What a timesaver!
Let’s get you pre-qualified or pre-approved for a home loan and then let’s go shopping for your next home. Call me, Good News Bob, today!