Why Buyer's Agents add value

I am often questioned by potential clients as to why they should work with a Buyer's Agent.  

Here are 3 reasons why:

1. They represent your interests.  The whole point of a buyer's agent is to advocate for the buyer.  Prior to buyer agency everyone worked for the seller.  There was the Seller's agent and others were SUB AGENTS TO THE SELLERS AGENT.  With buyer agency you have someone who is actively working on your behalf.

2. There is no additional cost. Ironically as prior to buyer agency, for MLS deals the cost of paying all agents is borne by the Seller of the property.  Even though the Buyer agent works for you.  He/She is paid out of the compensation of the listing agent.

3.They do the work for you.  If you have a good buyer's agent and you let them know what you are looking for, they will shop for you.  They will be looking on the MLS, reaching out to other agents, and checking various online sources for properties.

Many buyers believe that they will get a better deal if they go directly to the listing agent and represent themselves.

Here are 3 reasons why that typically does not work:

1.  You do not receive representation.  You may think that when you and the agent sign the "consent to dual agency" form that they are working for you.  They are not, they are simply stating to all that they are representing both side.  They are working for the seller with whom they have a contract to sell the house.  Yes they need to tell you the truth when you ask a question.  But, they are not asking questions of the seller on your behalf.

2. You have to work harder.  Instead of working with a Buyers Agent, and working together to find you a property, you are replicating work that they are already doing.  It is possible that you might find a property with an alert before the buyers agent reaches out to you, but it is unlikely that it will be a different property.  If you make them aware of the property that you come across you can work together to purchase that place.

3. You are unlikely to get a better price.  Most Sellers Agents like to work with a Buyer's agent.  It allows them to focus on selling the house, and it adds a motivated professional who will work to help the seller with their end of the process which includes, financing, inspections and various walkthroughs.  A good Buyer's Agent will know the prices of other homes and help to negotiate and be your advocate during the process.  They are on your team