What Is a Buyer’s Agent & Why Should I Have One?
In Montana, there are three basic types of agents in a transaction:
- Seller’s Agent or Listing Agent - This is a the agent who has the listing. They have a contract with the seller that outlines the terms of the listing and any commissions that will be paid upon sale of the property. The listing agent works for the seller. This is important to remember when you’re attending Open Houses.
- Buyer’s Agent - This person represents the buyer in a transaction and works on behalf of the buyer’s best interests. If the property is listed by an agent who participates in the local Multiple-Listing-Service or MLS, the seller’s agent will pay the buyer’s agent a commission based on what has been agreed to in the contract with the seller and advertised on the MLS.
- Dual Agent - This person tries to represent both the buyer and a seller in a transaction. While sometimes this works out well, it can be very challenging to fairly represent both sides at the same time in a negotiation.
So Why Should I Have a Buyer’s Agent?
- They represent your best interests in a real estate transaction. This can result in both TIME and MONEY saved for you!
- Since a Buyer’s Agent doesn’t represent any particular house, they are in a better position to act as your ADVISOR and less like a salesperson.
- An experienced Buyer’s Agent knows the area and the market. They can help you identify potential homes and provide information on what a home is worth in the current marketplace.
Frequently Asked Questions for Buyers
