Corinne Guest - Barrington Buyers Broker

Why Work with a Specialist Buyer’s Representative

If you are in the market to buy a Barrington home you've got choices. Choices about who you'll want to represent you for your purchase. This is often a confusing subject and so my goal here is to help you understand what these choises are called and what they mean to you.

Before we start let me address buyers agent v buyers broker. In Illinois there will no longer be any agents from May 1st 2012. We must either be brokers or managing brokers. So I will no longer refer to agents as we are now all brokers.

Real Estate Agency is governed by the real estate law in Illinois. Here are your choices:

1. No Agency - Simple this means you do not want to work with any broker at all. It's the "Do It Yourself" version of buying a home.

2. Dual Agency - You will be working with the listing broker of the property you want to buy and he or she will also be representing the seller.

3. Single Agency - You decide to hire a broker to work on your behalf. You do not work with the listing broker - the one that has the property you want to buy listed for sale.

What does each mean to you a buyer and what are the benefits for each?

1. No Agency - This is likely the easiest to understand. You are on your own. No one at all to help you. From start to finish it's all you.

  • I guess if it's what you really want to do, you'll see that as a benefit. You might think you'll get a cheaper property. You might think it'll save you money. Let me ask you this. If you knew it would cost you nothing to have your own broker and that the property will cost you the same, do you see the benefit?
2. Dual Agency - Although legal in Illinois you have to wonder if it's the best thing for you, having the listing broker, who has been hired to sell the property for the best possible price, now work for you as well.
  • Often buyers see the benefit of dual agency in two ways. First it's easier to work with the broker who has the property listed. Second they think they might get the property cheaper. Addressing the first I wonder why anyone might think contacting and dealing with multiple brokers to view homes before choosing one is going to be easy. Secondly the answer is very unlikely. Rarely is compensation reduced because only one broker is working both sides.
Dual agency as I said is legal in Illinois but there are a few things the dual agency broker cannot do for you the buyer. These are important facts and actually relate the the things a buyer actually wants the most. Inside information and getting a deal.
  1. Cannot disclose confidential information about the seller without the sellers permission.
  2. Cannot disclose the amount the seller would accept without the sellers permission, except that the asking price would be accepted.
  3. Cannot recommend an amount you the buyer should offer, or any terms of the offer. This includes making counter offers.
3. Single Agency - Perhaps you don't like the idea of having to seek out your own broker, but ultimately you will save more time as your broker will be responsible for doing all the running around, phone calls, scheduling showings and so on. Of course it always helps if you can identify a broker that advertises that they specialize in buyers and shows testimonials and experiences to support the statement. As your buyers broker most of my blog is about buying homes or relocating and buying homes. After all it is my passion.
Let's look at the benefits.
  • My compensation is nearly always paid by the listing brokerage under their agreement with their seller. 
  • We'll look at any property on the MLS, advertised by FSBO sellers, or in the newspaper, even unlisted
  • I will negotiate my compensation direct from the sale if there is no other broker involved.
  • Only one broker to provide all the information needed to start looking at homes.
  • Let me contact the listing broker for every home you want to see and set up appointments for us. 
  • You'll be accompanied to every property and I will be available to you for guidance as a home buyer.
  • If you have questions about any home, I'll find the answers.
  • If you have any questions about the process you can ask me over and over, I won't mind and I won't get impatient.
  • Let me help you with the right contacts for financing, attorneys, home inspectors, everything to get your purchase to the closing table.
  • My job is to monitor your transaction from start to finish, making sure deadlines are met, making sure no-one drops the ball.
  • You've only one phone number to remember - Buyers Broker Corinne: 847-363-3686.
Back to Dual Agency - Remember those three things a dual agent cannot help you with?

1. Whatever I find out about the sellers pricing, I am duty bound to let you know. So if they let something slip, you'll know it.
2. If I learn anything about what terms the seller will accept, I am duty bound to let you know. Again if they let it slip to me, you'll be told.
3. Finally - yes I can recommend how to structure your offer, make counter offfers, change terms, and how to come up with a winning strategy.
 
If there is one thing in my real estate practice I do not do, it's dual agency. Personally I don't agree with it. I want all my buyers to get the best agency representation they can have. Single agency.
 
So when you are ready to start your home search, contact your buyer broker specialist and let me take the stress out of the process. Oh and just in case it matters, I got my Accredited Buyers Representative Designation with Relocation Speciality eight years ago, and have been really enjoying working with buyers ever since. You can email me or call 847-363-3686.
 
As a final summary it's important to understand what is not dual agency but is often confused to be dual agency. If I act as your listing broker for one house and your buyers broker for a new house, that is NOT dual agency. The distinction is actually easy. There are two houses, not two clients.

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