Issue Date: March 4, 2007

A Buyer's Agent Works on Your Behalf

By Jody Zink
Licensed Realtor in Ohio & Michigan

When you're driving around in your car looking at homes for sale, you'll probably find a few you'd like to get inside. Generally there are two ways to have an agent show you the property. You can either call the seller's agent whose number is on the sign. Or you can call an agent that represents you as a buyer. The difference is calling someone whose job is getting the highest possible price for the seller, versus someone who is working on your behalf as a buyer.

Now before anyone gets in a huff, let me just say there's nothing wrong with calling the seller's agent. After all, they're probably most familiar with the property. When a buyer calls the number on one of my listings, I explain to them that I while I do represent the seller, I can still help them with purchasing the home. I absolutely owe both parties fairness and honesty.

Herein lies the beauty of the Realtor Multiple Listing Service (MLS). It's where real estate brokers work together, sharing all their listings with all the other real estate brokers. It gives buyers access to every listing. It gives sellers more than 1500 Realtors working to sell their home. This cooperative Realtor network is the greatest value to the consumer.

The advantage for buyers is they only have to work with one real estate agent. There's no need to call the listing agent for every property. Once a buyer finds someone they can trust and is comfortable with, they can develop a relationship with them and access any listed property. An agent that agrees to represent a buyer's interests must: follow the buyers lawful instructions, be loyal to the buyer, promote the buyer's best interests, disclose material facts to the buyer, maintain confidential information and account for any money they handle in the transaction.

Understanding the role of real estate agents and brokers can be a little confusing. That's why when an agent shows you property, they're required to give you some Cliff Notes on the subject. The “Consumer Guide to Agency Relationships” explains who represents who in a real estate transaction. By law, agents must ask you to sign a Receipt of Agency Policy form, acknowledging that you've received this important information. Your signature does not obligate you to work with that agent, unless you choose to do so.

Don't wait until the next time you're driving in your car and a property catches your eye. Get a real estate agent on your speed dial now.

Jody Zink is a licensed REALTOR in Ohio and Michigan with the Loss Realty Group. Her column appears every other week in the Toledo Free Press. She can be reached at jody@jodyzinkrealtor.com or 419-725-1881.