By Elliott Topkins, Esquire
9/22/11
ears ago, real estate business was conducted in a much different way. There was no real estate person representing the interests of the buyer. There was the listing agent, who had an agreement with the seller to market the property at an agreed upon price, and then there were seller’s agents, professionals to whom the buyer worked with to review real estate which was in the domain of the listing agent. The seller’s agent did not work for the buyer; the seller’s agent was another “arm” of the seller.

Today, everything has changed. The concept of the “buyer’s agent,” which began elsewhere in the USA and has drifted East, is firmly entrenched in our profession. Buyers now can truly have “their real estate broker,” and that person can work for them, and not have any conflicted loyalties. The only thing a buyer needs to do is enter into a buyer’s agency agreement with the buyer’s agent, and the relationship is established. In almost all circumstances, the buyer does not pay extra for the services of the buyer’s agent. The commission for the transaction continues to be paid from the funds paid to the listing agent by the seller.

In my experience, there are a few important criteria for those of you who will be choosing a buyer’s agent to work with.

• Chemistry. Your buyer’s agent will be a person with whom you will probably establish an extremely close relationship. A good buyer’s agent is always on the lookout for properties which may be suitable for you. Sometimes, your initial introduction will be through a presentation of the property on the Internet. If the first pass seems positive, you will almost certainly want to visit the property and “kick the tires,” so to speak. Try to determine whether you would be comfortable spending many, many hours with the buyer’s agent. The personal interaction between you and the buyer’s agent is a critical aspect of the process.

• Knowledge and experience. Do not be afraid to ask a potential buyer’s agent about his or her experience in a neighborhood, or price range, which interests you. Ask for references of people the buyer’s agent has worked with. Speak to those references and more or less ask them “was it good for you?” Bear in mind that a smart buyer’s agent will refer only pleased former clients, but the fact that those people exist is a positive sign.

• Have the buyer’s agent propose a precise game plan for moving forward. Your time is valuable. Make sure that the buyer’s agent you select presents a program that works for your lifestyle and situation.

• Ability to negotiate. Remember, the buyer’s agent is working for you. Get the sense of how forceful the person is. Try to determine whether this person “knows the market.” Ask about prior, recent sales and techniques the buyer’s agent used to make the transaction happen.

Selecting a buyer’s agent is not an exact science. It is, however, extremely important to find the “right one.” My experience has been that you will know, very early in the game, when you find that person, if you use the criteria set forth above.

(Mr. Topkins is an attorney with Topkins & Bevans, Braintree Executive Park, 150 Grossman Dr., Braintree, MA 02184. His blog can be found at http://realtorsresourceblog.com. His telephone number is 617/596-3184 and his e-mail address in etopkins@topbev.com.)