There are several roles that REALTORS can play in who they represent and they vary from state to state. In some states, a real estate agent always represents the seller (as a sub agent) unless they have entered into a specific Buyer Representation Agreement with the buyer. In other states, agents are transaction brokers, not representing either buyer or seller. In yet another twist, there are some states that allow for buyer agents, seller agents, dual agents, AND transaction agents.
Confused yet? If you are relocating to New Orleans, there are only a couple of things you need to know about agency. In Louisiana, agents are assumed to represent the person they are working with, whether they have a buyer brokerage agreement signed with them or not.
Now, most agents work with both home buyers and home sellers. Occasionally, an agent will represent both the buyer and seller sides in the same sale, but we have a company policy that prohibits practicing dual agency (one agent representing both sides). Instead, we recommend that you work with a buyer’s agent.
What Is A Buyer’s Agent?
A true buyer’s agent works only with home buyers. They are well versed in the local real estate market (as every agent should be) and have a slew of behind-the-scenes professionals just waiting to help you with the purchase of your home. Lenders, home inspectors, termite inspectors, roofing contractors, plumbers, HVAC technicians…you name it and they usually have someone at their fingertips that can assist you with any issues that arise during your home purchase.
A buyer’s agent spends a lot of time viewing homes, so they are the most knowledgeable about what upgrades and improvements that you can expect in the neighborhood of your choice and in your budget.
A buyer’s agent works tirelessly to ensure that you are getting the home you want at the best price possible and on the terms that work for you. It’s difficult (actually, it’s almost impossible) to expect that same level of service from an agent who is also representing a home seller.
Finally, the services of a buyer’s agent are included in the commission already being offered by the listing agent. There is no cost to you, but the benefits of having your own representation are priceless.
When you work with an experienced and professional buyer’s agent, you get more than just someone who opens doors to homes for you. You gain an advocate, who can educate you on the buying process, the local real estate market, and how to get the most bang for your buck when choosing a home. You get someone who is vigilantly protecting your best interests through the entire transaction.
If you are searching for a buyer agent in the New Orleans area, please contact us. Professional and experienced, we are experts at putting the fun in your home search.