Types of Buyer Brokerage Services
Typically, buyers will engage a Realtor as an exclusive standard agent. A standard agent is required to perform specific duties for his or her buyer client. These duties include:
- Negotiate terms and conditions of a real estate purchase contract
- Prepare written offers and counteroffers
- Promote your interests
- Maintain the confidentiality of your personal and financial information
- Account for any money received, in which you have an interest
There are other types of buyer brokerage services. These include limited service and independent contractors. A limited service agent will perform some but not all of the duties of a standard agent. An independent contractor is a form of non-agency representation, whereby your Realtor would perform only the specific tasks stated in your brokerage agreement. Your Realtor can explain these to you, so you can choose the type of representation appropriate for you and your transaction.
Why it Matters:
Purchasing a home or investment property is a significant and complex financial transaction, especially in today’s real estate market. So, choosing someone to guide you through this process is an important decision. Virginia Agency law requires that all real estate licensees enter into written brokerage relationship agreements with their clients. The intent of this requirement is to ensure that Buyer and Seller are aware of the types of representation available to them and the terms upon which the representation will be rendered.
When you engage a Realtor as your standard agent, you have a professional advocate working on your behalf. Your Realtor can offer you the benefit of solid business experience and training. Realtors have access to timely market information, can negotiate solely on your behalf, reduce your stress and save you money.
For more information, download this brochure.