Under the former way of doing real estate, the seller traditionally paid all agent commissions and the agents were considered the seller’s employees and owed their primary loyalty to the seller, whether in Eden, Utah or anywhere in North America.
With changes in the market as a whole and in client expectations arose the fairly new concept of a “buyer’s agent.” This new entity known as a “buyer’s agent” started out on the front end proclaiming loyalty to the buyers and is typically compensated at least in part by the buyer upon the closing of the sale of a home.
This new arrangement permits the agents to be in a position of true negotiation for each side. Because there is less-or no-monetary allegiance between the buyer’s agent and the sellers, the buyer’s agent can deal at “arms length” with the sellers, having no real relationship with them. This new system has stood the real estate community, both in Eden, Utah, and the rest of the country on its ear, however, as participants are struggling to establish their new operating procedures. The majority of real estate firms, in Eden, Utah and everywhere, are still operating under the “old” guidelines, while at the same time honoring the new “buyer’s agent” classification in residential real estate transactions. Some real estate offices now offer a buyer’s agent within their office to work with buyers who come to them on one of their listings. This is a win-win for both parties, as each agent can do their fiduciary duty.
The Eden, Utah listing/seller’s agent still has the responsibility to show the home for sale on behalf of the owner/seller. As inducement to an Eden, Utah buyer’s agent, the listing agent often offers to co-operate with the listing if the buyer’s agent brings a willing buyer to purchase the listed property. The seller/listing agent may still choose to pay commission to the buyer’s agent, but often the buyers now assume that entire responsibility when purchasing a home.
The listing agent has always demonstrated loyalty to the sellers especially, to get the most qualified buyer for the home and to preserve any confidences of the sellers throughout the transaction. The presence of a buyer’s agent now gives the seller of the property greater confidence that the seller’s secrets will not be disclosed, and the purchasers of a piece of property added comfort through the tailored representation that is now uniquely theirs. Buyers who have benefitted from the use of a “buyer’s agent” have reported that they have felt more fully taken care of, with their needs more specifically met. Especially in a situation with difficult and unforeseen problems affecting the purchase of the home, the new “buyer’s agent” scenario can eliminate any conflict of interest trouble which sometimes threatened to derail the purchase or sales of homes in the past.
Being able to have an independent advocate when purchasing an Eden, Utah home in the form of a “buyer’s agent” provides greater reassurance in the real estate closing setting. Buyers now feel that they have a genuine professional on their side, with no real ties to the other side as they purchase and finance their dream home.
Darin Mich'l is Owner/Broker of PPR Real Estate located in Eden Utah, Servicing Powder Mountain, Snowbasin, and Wolf Creek Utah in the Ogden Valley Utah. For the Valley's Best deals: I specialize in Short Sales, Repossessions, Home auctions, Bank Owned Sales, REO, FHA and VA sales, Call me at 801-888-1800 or email me DarinMichl@gmail.com
I have represented many real estate transactions over the past 25 years and referrals are the #1 reason they call me. Call me and Let's get started today or shoot me an email
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