The needs and services for a seller are radically different than those necessary for buyers. We have seen too many cases where a seller’s agent ends up compromising the services a buyer needs and the reverse is also true. For example, a buyer’s agent is on-call virtually around the clock. He or she needs to take personal downtime when the demands are light. But the most common times an agent is needed are on weekends, evenings, and for several days in a row – all day- when clients are in from out of town. In times like these, who takes care of the responsibilities for a seller to meet advertising deadlines, set up showings and follow-up? If seller’s agents are serving a seller well, when can they drop everything and work with a buyer for 8 hours a day for 3 days?
There are several functions in the real estate industry:
Listing and marketing property for a seller
Assisting a buyer to find property
Property Management for investment properties
Appraisers have their own licensure, as do property managers. One cannot do both or be a real estate agent at the same time. Historically, real estate agents represented only the seller who paid the commissions but they had ethical responsibilities to the buyer (disclosure, honesty, etc.). Traditionally, agents worked with buyers and sellers and often with both sides of a transaction.
Because of the increasing complexity of real estate, the greater demands on agents, and recognition that agents have become more sophisticated and able to take on more responsibility, real estate law changed in 2002. All agents had to increase their education and pass tests to become licensed as full brokers, not just agents of a Principal Broker.
It is for those same reasons that we believe there is an advantage to separate the responsibilities for representation of sellers and buyers. Some states have made this a legal requirement. While we do not think this is necessary, we do believe it is a wise practice. We believe a buyer’s agent provides a distinct advantage for home buyers by offeri