Thursday, November 21, 2013

What is a Buyer's Agent?

The Law of Real Estate Agency is required to be given to a client, prior to signing any real estate documents. It describes the client's legal rights in dealing with a real estate broker. It defines a "Buyer's Agent" as meaning a licensee who has entered into an agency relationship with only the buyer in a real estate transaction. An "agency relationship" is created by written agreement relating to the performance of real estate brokerage services to a client.

A licensee owes to all parties to this agency relationship, the following duties, which may not be waived:
(a) To exercise reasonable skill and care;
(b) To deal honestly and in good faith;
(c) To present all written offers, written notices
and other written communications to and from
either party in a timely manner;
(d) To disclose all existing material facts known by
the licensee and not apparent or readily
ascertainable to a party;
(e) To account in a timely manner for all money
and property received from or on behalf of either

I am a residential and commercial investor myself who often works as a Buyer's Agent. The Buyer's Agency Agreement is used as the written contract between my brokerage and my buyer clients. It means that I work for them and for their interests, rather than for the Seller's interests. My job is to protect the Buyer's interest in a transaction, to maintain confidentiality about their financial situation, and to try to get them the best property that meets their needs at the lowest price.

I have marketed residential properties for Tenants In Common or fractionalized ownership, as well as investing in multi-unit rental properties. One of my specialties is short-term furnished room rentals, which basically turns a rental house into a multi-unit income-generator. I am also active with the local real estate investors association, and enjoy working with other investors. 

I specialize in the Seattle area, and I am a Zillow premier agent, which gives me access to many real estate resources. This benefits both my listing and buying clients, by increasing exposure through more effective marketing.

When I work with a new buyer client, I plan to meet to learn more about what the client wants from the real estate they hope to buy. We can develop a specific list of buying criteria in order to set up an automated search for them. We can discuss market opportunities, and start identifying properties that might work for them. I have my laptop with me, so we can set up a real-time search.

If clients are working with a lender now, I ask them to bring any pre-approval letters. And if they will be a cash buyer, just be advised that a seller will want to see proof of funds. If clients need referrals to any lenders, I am happy to make recommendations.

If you or someone you know is thinking about buying real estate in the Seattle market, please contact me at I can refer buyers to excellent buyers agents in markets outside of Seattle as well. Please feel free to contact me at or by calling my recorded real estate hotline at 888-621-4999.

Happy Investing!

1 comment:

Robert Davis said...

Great article! Thanks for sharing!