Uncovering the Truth: Buyer Agency
Over the years of teaching and speaking about buyer agency, I have learned one thing: it has a polarizing effect, similar to Number 4 with Packer fans or the reality TV Kardashian family. Without a doubt, buyer agency keeps the conversation interesting.
Before beginning, let’s review the basics. First, to be a buyer’s agent, you must have a signed WB-36 Buyer Agency/Tenant Representation Agreement. The buyer is then your client and you can provide them all the duties that only a client receives: negotiation, loyalty, information and advice, and disclosure of material facts. The WB-36 generally may be used to create a client relationship to help a buyer find a property to purchase or a tenant to rent.
When you strip down buyer agency to its bare bones, it’s a buyer’s opportunity to have an agent provide them opinions and advice regarding the properties covered under the agreement. When the buyer asks, “how much should I write the offer for?” A buyer’s agent can respond with a specific number or advice. This is in contrast to an agent working with a buyer customer, who can only respond in general terms, such as, “submit your best offer.” It’s all about the client relationship the buyer agency contract creates.
However you personally feel about the WB-36, just like all things polarizing, there are several urban legends surrounding it. We’ll review the top five. By: Cori Lamont
All Wisconsin agents must by default work for the seller and get the best price possible! They will advise the seller on the offer but can not help you (the customer) not their client!
Must negotiate and advise the buyer on their behalf!
Buyers must beware:
- Buyers must work with their buyers agent exclusively otherwise a full commission can be charged to the buyer
- Buyers should never give personal information to any other agent nor contact any other agent
- Buyers should not call other agents to see properties, even if they think they are saving their agent some time and effort
- Buyers must notify an open house attendee of their agency with another agent to avoid any additional charges
- Buyers should clearly define their must haves and deal breakers to help their agent streamline the showing process
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