Before buyers were able to use their own representation, all agents in the transaction represented the seller. Regardless of what broker the agent worked for, they were a sub-agent for the seller. So, even if you thought you were being represented you were not. Sort of like having one lawyer represent both parties in a lawsuit. Buyers were not represented, at all!
Many buyers are unsure of where the loyalties of the buyer agent are since in Oregon, the seller pays all real estate fees. The reality is that Portland buyers agents get paid from listing agent. Listing agents share a portion of their commission with Portland buyers agents who bring a buyer to their listing.
The vast majority of listing agents use the Multiple Listing Service(MLS) to advertise the home they are listings. The MLS was created to share listing data between real estate brokers. It behooves a listing agent to use the MLS to get more potential buyers eyes (and hopefully feet) on their listings. So regardless of how big or small the brokerage is, any home listed on the MLS will be seen and marketed to buyers by all buyer agents in every company.
The buyers agent must work or act in the best interest of the buyer. That is logical, many buyers don't realize by dealing with the listing agent without representation the listing agent is working in the best interest of the seller. Think about it, who is paying the listing agent?
The buyer agent must make an on-going and continuous effort in good faith to find the buyer a home. Just because they find you one
A buyers agent must keep all your information confidential. If you are unrepresented and use the listing agent, anything you disclose to the listing agent can and should be revealed by them to their seller if it helps the sellers position.they think is right does not mean they stop offering you homes. Even when you write an agreement on a home they should be making you aware of any homes that might be of interest. Although you might be in an existing contract a good agent will keep you informed just in case something crops up with this property under contract that causes the deal to fall apart. The listing agent for a property that interests you has no interest in telling you about other properties and only wants you in this deal.
Still today, many buyers want to remain un-represented as long as they can. They ignore all the benefits that a Portland buyers agent can give them.
- Confidentiality of their motivations and finances
- Negotiation skills
- Customer service
- Lists of services (contractors, doctors, groups, etc...)
- Process of a Portland real estate purchases
- Relationships with other agents and how that will facilitate a transaction
- Accessibility to ANY home listed in the MLS
- Portland buyer agents local knowledge of neighborhood/area/city
While the list of benefits is much longer than above, the most important factor is that a Portland Buyers Agent is working for you and your best interest. They do not work for the seller!
He can be reached at 503.961.2181 or by e-mail at firstname.lastname@example.org