Why Buyers Must use a Buyer’s Agent after 2018 – BC Buyers Agency Agreement.
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by Richard Morrison
- February 17, 2021
- Buyers
- 0
We have always said that Home buyers should always have their own agent. But now, as of 2018, BCFSA (BC Financial Services Authority) has mandated that dual agency is not allowed.
This means that you NEED an agent representing your side because the listing agent is only allowed to look out for the Seller’s interest and cannot even advise you on pricing. The good news? They are free!
Quick Answer:
When buying a home, it is important to take the time to find a buyer’s agent who is knowledgeable and experienced. An experienced agent can make the process of buying a home much smoother and less stressful. Before making a decision, it is important to do research and interview potential agents to ensure the best fit for the buyer’s needs.
Here is a snippet from the Council’s website:
Restriction on dual agency in trading services
5-16
(1) A brokerage must not engage in dual agency.
Source: https://www.bcfsa.ca/industry-resources/real-estate-professional-resources/knowledge-base/guidelines/use-dual-agency-exemption
Searching for the perfect home can be a very confusing process, especially for first time home buyers. Your mind will most likely be racing with all sorts of questions.
What is my price range? Where should I be looking? How do I know how much to offer?
When trying to determine a suitable price range, many buyers are unsure of where to begin looking, and how much to offer. A buyer’s agent can help alleviate any confusion and provide the necessary guidance throughout the entire process.
Furthermore, it is important to understand the importance of having a buyer’s agent, rather than calling the listing agent to view homes. That being said, here are some of the benefits of using a buyer’s agent:
Buyer’s Agents Do Not Charge and are free!
Hiring a buyer’s agent costs nothing! For this reason alone, it would be a wise choice to make use of one. Most buyers mistakenly believe they need to pay an agent fee. Therefore, they don’t take advantage of all the benefits a buyer’s agent can provide.
However, in a residential real estate transaction, the seller pays the full commission which the listing agent and the buyer’s agent split. So the service of a buyer’s agent is completely free for the buyer.
READ MORE: How are Buyers Agent paid?
Full Access to the Listings on MLS.
It is beneficial to use a buyer’s agent when searching for a new home since they have the most up-to-date and accurate information available. Browsing through sites such as Zillow is a great way to get ideas of what is available, however, the data provided may not always be accurate.
With houses now selling in a matter of days and multiple offer situations, you need to find out immediately when a new home hits the market that meets your criteria. An agent who deals with buyers can have access to the Multiple Listing Service (MLS) and provide you with an account. By doing so, you will be able to have the same information they do. The MLS is a site agents utilize to showcase their listings to other real estate agents.
Representing Your best interests.
When you hire a buyer’s agent, you are getting a professional who is trained to help you find the perfect home. They will have your needs in mind when submitting an offer, rather than the seller’s. Throughout the whole process, the buyer’s agent will be there to provide assistance. A Buyer’s Agency Agreement is typically signed to outline the relationship between the buyer and the agent. This agreement includes the duties of loyalty to the buyer, promoting the best interests of the buyer, and maintaining confidential information from the buyer. Essentially, you will receive the same services a seller’s agent would provide to the seller. It is important to have a buyer’s agent on your side so that you can be sure your best interests are taken into account.
Realtors will Plan, Schedule Your Showings, and Buy you a Coffee.
Imagine how convenient it would be to have someone else take charge of planning and scheduling viewings for all of the houses you’d like to check out. That’s exactly what a buyer’s agent does. If you’re interested in five different properties, they’ll map out the best route and book each showing with the listing office. Your buyer’s agent will either drive you or meet you at each home, making it very easy for you. Not only that, but this also gives them the chance to get to know your wants and needs in a house. This way, they can see what you love and don’t love about each home you view. This will help them find properties that you might be interested in. Wouldn’t it be great to get an email or a phone call from your agent in the morning saying “Hey, there’s a new house on the market that looks like something you’d like to see?” A listing agent, on the other hand, won’t know much about you or what you’re looking for; they’re just there to let you inside the home.
Realtors will Explain The Fullness Of The Buying Process.
Purchasing a home is usually the most costly purchase a person will make during their lifetime. There are many different stages that must be completed between receiving a mortgage pre-approval and signing the closing documents. The process is much more complex than most people realize. It is essential to find a professional who can take the time to go over the entire process with you prior to starting your house search. Buyers should be aware of how the process works before they start viewing homes. When your buyer’s agent knows what you are able to afford, they will inform you of the price range you should stay within. They will also help to explain how showings work, the details of writing winning offers and the importance of an inspection.
Buyers should interview Realtors just like sellers do. This is a person who you will be spending a lot of time with and who will be representing you in one of the largest purchases you ever make. If you are searching for the ideal home, it is important to select a qualified and compatible buyer’s agent. Ensure that the person is knowledgeable about the area you are interested in moving to. Investigate their qualifications by reviewing their website, qualifications, and reviews. Even if a friend or family member has recommended them, still conduct an interview and your own research. We hope this advice provides you with an understanding of the value of using a buyer’s agent.
Conclusion
In conclusion, when considering the purchase of a home, it is important to take the time to find a buyer’s agent who is knowledgeable and experienced. The process of buying a home is complex, and the assistance of a qualified agent can make the process smoother and less stressful. Be sure to do your research and interview potential agents to make sure you have chosen the best one for your needs.
Sources:
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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