As a prospective buyer, when you sit down with an agent, you probably have lots of questions in your head but you don’t know how to ask them, and often times, wonder what is appropriate to ask. As a Buyer, you may be thinking, “Is this agent working in my best interest?” “Will my agent share what I am telling them with the Seller’s agent?” As your real estate agent in Naples, we want you to feel comfortable and rest assured that all your questions and concerns are answered, and more importantly, fully understood.
All agents at Equity Realty are full-time Naples Realtors. This isn’t a side job, or semi-retired position. Real estate is a career for all of us. We work around the clock for our buyers and sellers.
As Buyer’s Agents, most of us work in a Single Agency capacity. This means we work for you, the buyer, in YOUR best interest.
All agents will deal honestly and fairly, accounting for all funds, use skill, care and diligence in the transaction, disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer and lastly, present all offers and counter-offers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
That all sounds fair, so what’s the difference?
Most agents in Naples work in a Transaction agency capacity. This means the Realtor owes their customer limited confidentiality and obedience (see duty #6 on the Transaction Broker Disclosure) and are NOT required to be fully obedient and work in full disclose to their customer.
Contrastingly, a Single Agent owes their client FULL Confidentiality, Obedience and Full disclosure.
Since Equity Realty agents work in your best interest, we choose to work as Single Agents for you, the buyer, to get you the best terms and best price.
Let’s say you are buying a home for sale in Naples listed for $350,000 and your Realtor is working as a Transaction Broker. If you inform them that you want to offer $300,000 on the offer contract but you are willing to go up to $325,000, the Transaction Broker could inform the Seller that you may be willing to pay more than what is written on the contract. Quite the opposite is true if your agent was working as a Single Agent. An agent working in a single agency capacity for you would withhold the fact that you were willing to offer more and try their best to achieve you the original offer and only move forward with your direction.
Coach vs. Referee Example
To help buyers better understand this, think of the following analogy:
Transaction Broker Agency = Referee
Single Agent Broker Agency = Coach
It’s a basketball championship, your team is down 1 point, you have the ball and the clock ticks down, 10, 9, 8, 7… A referee cannot call timeout for you. They are managing the game for both sides. However, a coach would certainly call timeout and advise you on a play to win the game because your coach is working in your best interest.
Of course it is not as simple as this and each relationship and situation can be very different under altered
circumstances so be sure to understand what relationship your Naples Realtor is working for you and don’t be afraid to ask questions – a good agent should be able to field these tough questions to ensure you feel comfortable about the relationship you are developing.
Who would you rather have on your side? The referee or Bobby Knight?