Is there any difference between a client and customer in real estate? What is a buyer agency (representation) and buyer customer service?
Searching for a home, most buyers sign a Buyer Representation Agreement (BRA) after realtors explain them the difference. BRA is a legal agreement, but it is not a legal requirement to sign it with a realtor. Some buyers will ask, if it is not a requirement then why I have to sign anything? Here is an example:
You are a serious homebuyer, you walk into my Open House, you like the house, and a natural question is – what a seller is going to accept? If you understand that I’m a seller’s agent, what answer you expect to hear? The price is here, on a feature sheet, this is what they will accept.
Seller signed a contract with me and my brokerage. Seller is our client, and it is our duty to advise and counsel the seller on every step in home-selling process. We want him to get the highest price possible on most preferable for the seller conditions.
When you stepped into my Open House, and told that you do not work with a realtor, but you want to buy this home, you will be my customer (not a client, as I have a client already, the seller). I will honestly answer your questions, but you will not hear from me any professional advice that will protect your best interests.
Let’s look at the other situation:
You are a homebuyer, and you signed BRA with me. I’m your agent, you are my client. We walk together into the same Open House which is a listing of another real estate brokerage. You like the house, and you ask me what a seller will take. My clients’ interest are above anything except the law. I will gladly provide you information about recent sales and sold prices. I will share my professional opinion on the market conditions, and anything that can affect a purchase price including a seller’s motivation. You will have information from the most powerful tool of real estate that is called MLS. This information will save you thousands of dollars, and lots of time during purchase process. And as a buyer you have to pay me nothing for this services.
Tell me now what you are hoping to gain buying a house without a realtor?
If you need a professional advice on real estate purchase, I’m available to help you. Just give me a call and we will talk.