Why Should I Use My Own Buyer's Agent?  

Buyer’s Agency has not always existed in Tennessee, or anywhere in the country, for that matter.  Since the seller typically pays the commission to both agents in a transaction, it was the practice for both agents to be representing the seller exclusively, leaving the buyer to fend for themselves.  This practice seemed one-sided, so buyer’s agency laws were created, allowing the buyer to also receive representation and consultation from a real estate professional.

Buyer’s Agency Defined

In terms we can all understand: “I represent you exclusively from the signing of the Buyer’s Agency Agreement, all the way to closing.”  In the event you choose to make an offer on one of the numerous listings available, I take on a title called designated agent.  However, our relationship does not change.  I still represent you exclusively--I just have a title.  However, there is one exception to the rule.  If you choose make an offer on one of my personal listings, then I must become a middleman known as a facilitator.  I will continue to treat both you and the seller fairly and honestly guiding you both to closing.  Other than this one exception, I will represent you exclusively from today until closing.

Advantages to You

While all real estate agents are required to treat you fairly by law, once an agency agreement has been established that agent has special obligations to you:
  1. Care: The agent must exercise a reasonable degree of care while transacting business entrusted by the client.
  2. Obedience:  The fiduciary relationship obligates the agent to act in good faith at all times, obeying the client’s instructions in accordance with the contract and the law.
  3. Accounting:  The agent must be able at all times to report the status of all funds received from, or on behalf of, the client.
  4. Loyalty:  The duty of loyalty requires that the agent place the clients interests above those of all others, including the agent’s own self-interest.  Confidentiality is a demand of this loyalty.
  5. Disclosure:  The agent has the duty to keep the client informed of all facts and information that could affect the transaction.  This includes information revealed to him by the seller’s agent and/or seller (unless the seller is in an agency agreement with the same real estate consultant.)