PURCHASER'S AGENT -What is a Purchaser's
Agent? |
WHAT IS A PURCHASER'S AGENT? That's a very good place to start! To fully understand the importance of having your own professional representation when purchasing any type of real estate you must first gain some understanding of "Agency". Agency is a legal term that carries major consequences. Simply stated "agency" is a relationship through which one person acts on behalf of another. That "agent" then becomes an extension of, or adjunct to the person being represented. Every trade in real estate (sale, lease, rental or other disposition of) constitutes two parties: a Seller who has a property that she or he wants to sell; and a Buyer who has the desire to own such a property. A small portion of Seller's today attempt to sell their own property through For Sale By Owner ,"FSBO"as it is called. However, the greater majority of people when approaching such a major financial transaction choose to have professional representation. Realtors are professionally trained and educated individuals who must meet certain educational requirement in Ontario. Many Realtors choose to work with Sellers to List their property and in so doing enter into a relationship of agency with that seller to market and sell their property. Within the relationship of agency are what is called "fiduciary" responsibilities which are obligations held by the agent to her/his client (the Seller). Under this relationship the agent owes the Seller their primary allegiance including: Full Disclosure; Confidentiality; Competence; Good Faith; Obedience; Accounting. It is also generally understood that agents owe third parties (you the Purchaser) the ethical duty to be honest, the legal duty not to misrepresent and to exercise due care when answering enquiry's or giving information. It is important to emphasize that Realtors are professionally trained sales people educated and equipped with skills designed to "get you to purchase" the products that they present you. I know, because I was long known as one of Toronto's most effective high pressure condo salesman dating back to the 1980's when I entered the business selling the prestigious Queen's Quay Residences for Toronto's world renown Reichmann Family. To answer the question "What is a Professional Purchaser's Agent" we must first address what is a Purchaser's Agent then deal with the Professional designation. A Purchaser's Agent is a Realtor who enters into a relationship of Agency with someone looking to purchase a property. All of the legal "Fiduciary" obligations are then owed to the purchaser. If as a purchaser you want Full Disclosure of all pertinent facts . . . be sure you have your own Agent! Under NO other circumstances can you achieve a balanced or level playing field. If you see an ad for a condo that interests you and call the number associated with that ad, the Realtor that you are talking to owes full obligation to her/his client, the Seller. This applies to new residences and resale residences equally. The key adjective here is Professional because any Realtor (from the most recent Ontario Real Estate Association graduate to the 30 year veteran in the industry) can call her/himself a "Professional". Every condominium in Toronto is a unique property and every condo has premiere suites and what we in the business call dog-suites. To truly represent yourself as a Professional one really must have an intimate knowledge and awareness of absolutely everything that the market has to offer. I have known of purchaser's using a sibling, friend or relative to handle the negotiations for them to "help them get going in the real estate business". As well meaning as this may be, you may be exposing yourself to loss or sacrifice due to your agent not having the industry-specific expertise to protect your investment. It may prove more beneficial for you to lend them some money to get going in this demanding profession and leave the professional work up to a professional. You don't learn this business over night. On this web site you will see that I personally have traveled to each and every condo development (new and resale) and photographed each (my photos are my signature to assure Purchaser's that I have inspected the development and am familiar with the neighborhood and adjacent properties). I work seven days a week, fifty two weeks a year from early morning to late at night keeping myself abreast of developments in the industry, visiting new condo development sites and working with my clients. I offer a truly unique service to my clients in that I conduct a thorough comparative market analysis of each property that I find for my clients prior to them wasting their time traveling to viewings or open houses. I also conduct a thorough client needs and wants analysis personally with every client. I never shuffle you off to a subordinate regardless of the price of condo you are looking for. The absolute BEST thing about my services to my clients is that MY SERVICES ARE FREE TO YOU ! ! ! You see, conventional real estate has long held that co-operating Realtors (who brought Buyers but who continued to work for the Seller) would receive a percentage of the commission that the Seller paid their Agent. The Agent of the Seller pays for my professional services to you even though I represent ONLY you and your interests. Why would you choose to walk into a Seller's camp (sales site or office) and consider making such a major purchase without adequate professional council? Charles "Laurie" Hanes |