What’s the Deal With Buyer Agency?
Buyer agency can be a tricky subject to understand, and it is often a very misunderstood topic. To make it even more confusing, agency varies from state to state, so depending on where you are purchasing, this could look very different.
I’m going to break down how it works here in Wisconsin. Wisconsin is considered a Seller’s State. If there is a property for sale in the MLS (aka the Multiple Listing Service, which is the master database of real estate listings), an agent showing you the property automatically represents a Seller unless you have a Buyer Agency Agreement signed with that agent. The Buyer Agency Agreement is a state-approved form that allows your agent the ability to represent your interests in a transaction instead of the seller’s interests. What is so lovely about buyer agency in Wisconsin is that it doesn’t cost you anything. How cool is that? Since Buyer Agency is free, there is no disadvantage to getting paired up with a real estate professional to help you through the purchase process. In fact, there are incredible advantages of getting paired up with an experienced agent. The right buyer’s agent will:
- Candidly explain the real estate buying process in detail.
- Educate you about the market in your search areas.
- Help you explore your financing options and refer you to expert mortgage professionals.
- Regularly search the market for homes that meet your search criteria and budget.
- Set you up with live listing notifications and helpful search resources.
- Email your home criteria to other agents in the area to locate “off-market” or “coming soon” properties.
- Schedule showings and coordinate property tours at a time convenient for you.
- Provide detailed analysis and data to make sure you are paying an appropriate price for a property.
- Strategize with you to create an offer for a property with the current circumstances in mind.
- Negotiate the best price and terms for you.
- Take care of all the legal documentation.
- Refer you to other professionals (inspectors, title companies, etc.) that can provide advice and service.
- Assist you in working through the contingencies of your offer according to schedule.
Buying a home is a complex task with lots of intricacies, emotions, legal documents, people, and personalities involved. Outside of this, it is likely one of the most significant purchases you will EVER make! Don’t try to tackle the process alone. An experienced real estate agent can bring so much value to the table!