The Importance of Buyer Representation – Episode #71

Back in the day, Buyer Representation did not exist and therefore Realtors always used to represent the Sellers best interest in a transaction. Today we have Buyer Representation and we applaud our industry for bringing this in for several reasons. In this episode I interview Tim Syrianos, the Broker of Record and Owner of Remax Ultimate Realty Inc., Brokerage. We discuss the importance of Buyer Representation and how it impacts customers, clients, and investors. It is so important to educate Buyers and Sellers about “Working with a Realtor” and understanding who is working for who in a transaction. There are major differences between being a Customer versus a Client. To name one major difference: {Under Buyer Representation, the Sales Representative is obligated to provide Fiduciary duties to the Buyer-Client which in all cases, apply to: Accounting, Competence, Confidentiality, Good Faith/Full Disclosure, Loyalty and Obedience. Therefore, the Buyer can feel secure to divulge information without the fear of harming their negotiating position. The Sales Representative must treat the Buyer-Customer fairly and not misrepresent. Provide factual information but is not obligated to provide counseling.} The impact is probably most obvious with Investors as they are in a position to do a lot more due diligence when it comes to financial details, Seller motivation, negotiating terms, economic fundamentals, market influences, and much more.

By having a working knowledge of the options available to you as a buyer, my hope is that you will have a better understanding of how to begin the process of buying a property, either as a ‘Buyer-Client’ or ‘Buyer-Customer’ therefore having the confidence needed when making this all important decision.