Acting as a buyer’s agent is a growing trend, but unfortunately it has not been adequately supported by the real estate industry that appears to be content to continue in the traditional mode of everyone works for the seller.
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I'm not sure I agree with your statement. Firstly saying "Acting as a buyer's agent is a growing trend" I believe is an incorrect statement. It's not a trend. Since the inception of the Buyer Representation Agreement some 10 - 15 years ago, agents have been protecting their buyer clients by being bound to represent their client's best interest. It's not a trend, it's been going on for many years.
Secondly I truly believe that when I'm representing a client in the purchase of a home it is their interests that I'm looking after, not the seller's. My job is to get the lowest price and best terms for my clients. My clients refer me and leave me great testimonials because I've done a great job for them.
Perhaps you've had a bad experience to come to your conclusion, and if so, I'm sorry. If you find a reputable agent to work for you, then perhaps you'll come to a different conclusion.
Best of luck ;-)
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There are many agents who act mainly as Buyer's Agents. In fact there is also a designation that can be gained ABR, which means Accredited Buyer's Agent under NAR.
I personally represent more Buyer's than Seller's and like to do so. I also agree with David about the "Buyer Representation Agreement" (In Alberta it is called Exclusive Buyer Brokerage), this allows you to definitively outline the representative capacity of the agent with the Buyer. And under agency you are provided with the same representative capacity as a Seller, where you work soley in their best interests at all times.
I believe the issue may be that it has not been adequately shown to the public at large, so that they understand that there is great Buyer representation. In addition, some of the longer term Realtor's may not have fully adapted to the changes that were brought forward with actually signing a Buyer up under Buyer Brokerage, as historically, you never had to contract with a Buyer to represent them.
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It's a growing trend because buyers continue to believe in the fundamentals of having a professional by his/her side, on the field to look for a probably once in a lifetime purchase. I'm confident working with any buyer to get the utmost satisfaction, my previous buyers can speak for themselves. On a last note, majority of us gets our future clients through previous clients, so there is absolutely no room for a disappointed client.
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Interesting point. Your opinion may be influenced by the fact that seller representation is so visible via a Realtor's For Sale sign. Not many people hang a sign on their lawn advertising the fact that they are buyers! Trustworthy Realtors (yes, there are some of us out there) offer fair representation to both Buyers and Sellers equally but in different ways. Furthermore, the Toronto area has been experiencing a strong Seller's market, indicated by the vast number of multiple offer and bidding wars on properties. The market is showing signs of stability and many Buyers (with fair representation) will be able to enjoy the opportunities of a stable market.
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I understand your question this way that the industry is supporting more the Sellers in regard to have more listings, and it's true, if you would not have the Sellers, the Buyers wouldn't have anything to buy, so the focus is on Listings: and as you know, these are bringing you Buyers!
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Buyer Representation has been around for some time and for most it is usually only signed prior to signing an offer. The most successful realtors will usually pre-qualify their buyers and will want some sort of commitment. I beleive it will become more and more common. If you are a competant, professional and explain your services well, you should be able to obtain a commitment from a reasonble and serious purchaser. If they still refuse then it is your risk to take. Best of Luck!
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I agree with everyone here that Buyer Representation has been around for many years. It is only now a consumer notices as they see this in Radio and TV ads and being advertised by CREA very well showing the importance of Buyer Agent. You must have heard about BRA shortform of Buyer Representation agreement. When you sign up this with the Realtor you know that you are getting the full attention of the Realtor and the Realtor is committed to find you a home which meets your requirements, budget and neighbourhood as he is solely working for your benefit and is accountable to you. The trust formed between the Realtor and the Buyer is great and this becomes a win-win situation.
Most of the Realtors do a wonderful job representing tbe Buyers as they would like them to refer to their family and friends. If they don't they loose out in the long term. -
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