Why Be An Fiduciary Buyer Agent?
Five Reasons To Be An Fiduciary Buyer Agent
Fiduciary Buyer’s Agent addresses one of the biggest issues facing the real estate industry. In response the real estate industry has responded with education, designations, and a change of climate to help agents and brokers meet consumer demand for fair representation in the real estate transaction. The buyer becomes a client instead of a customer. Well this will not work.
So what does a Fiduciary Buyer’s Agent do?
Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.
Assist the buyer in determining the amount that they can afford (pre-qualify) and show properties in that price range.
Assist in viewing properties and either accompany the client on the showings or preview the properties on behalf of the client to insure that the identified specifications are met.
Research the selected properties to identify any problems or issues to help the consumer in making an informed decision prior to making an appropriate offer on the property .
Advise the client on structuring an appropriate offer to purchase the selected property.
Present the offer to the sellers agent and seller on the clients behalf.
Negotiate on behalf of the buyer client to help obtain the identified property.
Keep in mind that the buyer agent will be doing so with their clients best interests in mind.
Review and explain all legal documents to their buyer client.
Recommends and assists in securing appropriate financing for the selected property.
Provide a list of potential qualified vendors e.g. movers, attorneys, carpenters if these services are needed by the consumer.
If this list of duties appeals to you, then here are five reasons why you should consider becoming a buyer’s agent:
#1 – Stand out from the competition as a Fiduciary
Over one million people in the U.S. are licensed to sell real estate. Fewer than a thousand are Fiduciary Buyer Agents.
The real estate practitioner has so much competition that many agents are deciding to stand out by specializing in a particular niche.
#2 – Sharpen your business focus
By serving only one side of the transaction, you can save time and money and become more of an expert on your “side” of the transaction.
You can focus your business on one targeted customer – the buyer. Instead of being all things to all people, you can now concern yourself only with buyers’ needs. This will make advertising your services much easier. You can then target specific newspapers, magazines, the Internet to promote your services. Drive your point home with buyer-targeted stationery, business cards, and your own Web site.
#3 – Become a true Fiduciary advocate for your clients
Fiduciary Buyer’s agents, whether they are paid by the buyer or paid out of the proceeds of the transaction, become true advocates for their clients. Their ethics are no longer compromised by traditional agency practices. Since Fiduciary buyer’s agents only work for buyers, they can’t force in-house listings on their clients, or represent the seller as a sub-agent, unbeknownst to the buyer. The ethical dilemmas are removed.
They can use their skills to search for homes beyond the traditional MLS to foreclosures, REOs, and for sale by owners, opening a wider range of choices for their clients.
Fiduciary Buyer’s agents can be paid by contract just as listing agents are, and the contracts are enforceable in most states.
#4 – Do it because it’s rewarding
As a Fiduciary buyer’s agent you will take part in the American Dream – helping someone own their own home. A consumer buys property perhaps one to three times in a lifetime. You have the opportunity to make each of those experiences enjoyable and profitable for your clients.
#5 – Take the next step
Becoming a Fiduciary buyer’s agent may one day be to your advantage. More and more states are legislating statutes to protect the buyer, effectively ending sub-agency as practiced by many traditional agencies. This means that with a written agreement, the Fiduciary buyer’s agent represents the buyer exclusively. This is just the beginning.
Careers as a Fiduciary Buyer Agent In Florida.
Thinking of a career in Real Estate? visit Florida Real Estate University to get started.
Currently a “buyer agent”?
Want a career with integrity?
We are affiliated with a Florida Licensed Real Estate School
Life Charter Member since 1995: National Association of Exclusive Buyer Agents
Membership in NAEBA include with your agent package
Consider the advantages of becoming a True Fiduciary! As a Fiduciary Buyer Agent you can offer complete loyalty to potential home buyers without having a conflict of interest with sellers or builders of homes for sale.
Call Vinnie De Rosa for a confidential interview today! 888.783.3781