Home Buying and Selling: Who Works For You?

More often than you’d expect, homeowners refer to the person they bought their insurance from as their agent. It sounds reasonable but it’s definitely not accurate. That person is the agent of the insurance company and they legally represent the company, not the customer. Even an independent agent who can place a policy with different companies is still an agent of the company.

A mortgage officer, in most cases is an employee and represents the company. And the same is true for a title or escrow officer. It’s important to understand the actual relationship to know what you can expect from them. Any business person who wants to stay in business must treat their customers fairly and with a high degree of service. As a customer, you should be able to reasonably expect honesty and accountability. The difference is that employees owe their loyalty to their employer and agents owe their loyalty to their principal.

An agent owes more than just honesty and accountability. The principal can expect complete disclosure, obedience, loyalty, reasonable skill and care and confidentiality from their agent. This advocacy is very beneficial during the buying or selling process to coordinate all aspects of the transaction. The agent can bring valuable experience to your side of the transaction to provide confidence that your best interests are being represented from start to finish.

Most states have a recognized procedure for the real estate professional to create a formal relationship between themselves and a buyer or seller. This requires a fiduciary/statutory responsibility that places the principals’ interests above the agent’s own personal interests.

In Massachusetts real estate brokers and salespeople/agents are required to provide consumers the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure form at the first personal meeting with you to discuss a specific property. The form explains the types of agency an agent can provide. Although, this has been mandatory for years, many buyers who have looked at properties with other agents often tell me they have never seen the form! Consumers have a right to know who an agent represents.


Additionally, while a home seller is required to sign a written agreement in order to list their home for sale with a REALTOR (member of the National Association of Realtors), it is also in a buyer's best interest to have a written agreement with an agent who is going to represent them as a buyer agent. It clarifies expectations so there are no surprises or misunderstanding about responsibilities and makes for a less stressful transaction. More about buyer agency...
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 About the author: Marilyn Messenger  is a local broker associated with Andrew Mitchell and Company, Concord. She has been representing buyers and sellers in Concord, Wayland, Sudbury, Maynard, and the towns west of Boston since 1993. She is a Certified Residential Specialist (less than 4% of Realtors have achieved the CRS® designation), an Accredited Buyer Representative and is an active member of the Real Estate Buyer Agency Council. Messenger is also a Certified Luxury Homes Marketing Specialist and a Million Dollar Guild Member. Visit www.MarilynMessenger.com.  

Home Buying: Written Agreements Benefit Home Buyers

Most consumers know that if they want to “hire” a real estate broker/agent to sell their home and represent their interests, they are going to sign a contract. Realtors® are not allowed to list a property without one. The contract clearly spells out the terms of the agreement including length of time, compensation, who the agent represents and each party’s responsibility.

While buyer agency is not a new concept - it has been legal in MA for almost two decades and a few years ago the law that governs agent-consumer relationships was updated to further ensure consumer protection - many buyers and some agents still don’t understand the benefits of a written Buyer Agency Agreement/contract.

Buyers often call to ask for help finding a home and many talk about their disappointing experiences with "their buyer agent." When asked if they had a contract with the agent, the answer is almost always “no”.  Well, of course they are disappointed! How did the agent know what the buyer expected? And were the buyer(s)' expectations realistic?

The benefit of a contract is that both the buyer and the agent know what to

Move-Up Buyers in Sudbury

expect and that each is accountable. The buyer knows which geographic areas the agent covers, they know how the agent is going to be compensated, and that the agent is legally obligated to act in their behalf.

Buying a home is a process that takes time, effort and tenacity; it's a long way from finding a house that suits your needs to getting to the closing table. Successful negotiations are based on trust, confidentiality, and mutual respect. Buyers, you are entitled to have a qualified buyer agent on your side to ensure you get the representation you deserve and a written agreement is the first step.

First-Time Home Buyers

While any agent can call themselves a buyer's agent, an ABR, Accredited Buyer's Representative, has additional training and is a member of the Real Estate Buyer Agency Council, the network that provides ongoing education and resources for representing buyers.

Before you start looking for a house find a qualified buyer broker/agent who will listen to you and respect your needs; one who knows the market in the area, knows how to negotiate, has a network of resources - lenders, home inspectors, attorneys, movers, etc.; and who will educate you so you can make the best decisions about your new home. Real estate is about relationships, so make sure you have your own agent who knows and cares about your well-being.

Visit www.marilynmessenger.com for easy homes searches and get the latest real estate news and community information about about Wayland, Sudbury, Concord, Maynard, Stow from your local real estate specialist. 
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Marilyn Messenger is an Accredited Buyer Representative/Buyer Agent and is an active member of the Real Estate Buyer Agent Council (REBAC). She has been representing home buyers and sellers for 21+ years. Marilyn Messenger is a top 1% recommended agent/broker on Trulia.