There is often confusion regarding what buyers' agents do, and how they get paid.
California is one of the more progressive states in the nation with regard to serving buyers in a real estate transaction. In this state, it is possible for a realtor to represent the buyer, and yet receive payment for this service from the seller. In other words, it doesn't cost the buyer anything to have a fiduciary relationship with his or her own realtor. As a buyer's agent, I'll be working exclusively on your side, without a fiduciary responsibility to the seller.
My job is to protect your best interests at all times. My services won't cost you a penny (the seller will compensate me for my efforts, even though I will be representing you, not the seller).
My primary motivation is not the commission that I will earn today, but the commissions I will earn tomorrow when you come back to me for your next transaction, or refer friends and colleagues to me. You need only read some of the testimonials from my existing clientele to realize that this is true.
To begin with, I'll suggest how you can educate yourself in order to become a well-informed buyer. I want you to make smart decisions, so that you will be happy with your purchase, satisfied with my service, and eager to do business with me again. It's simple -- because I value referrals from satisfied clients, you can expect me to provide a very high level of service, whether your purchase is big or small.
I'll share my ideas, resources, experience and market information from the beginning. I'll get you onto the inside track and provide the facts and analysis you need to make well-informed decisions. I'll make certain that you're always in the strongest possible position, allowing you to have maximum control with respect to other players. I'll help you evaluate complex financing options. Instead of blindly responding to deceptive 'bait-and-switch' advertising, I'll network with my colleagues and use the MLS to find the right property for you. When we find it, I'll give you the tools to decide what it is truly worth, taking into account all of the many factors that affect value.
Next, I'll negotiate to obtain the property you want at a price you're comfortable with. At the same time, I'll ensure that all of your best interests are protected. Remember, you cannot rely upon a listing agent (seller's agent) to do this for you, since the listing agent has a fiduciary responsibility to the seller. Also keep in mind that a real estate transaction involves far more than just dollars and cents. Your goal should be to keep your options open and maintain control over what happens, regardless of how much you're paying for the property.
Once your offer has been accepted, I'll help you through the escrow, coordinating financing and inspections, and continuing to negotiate on your behalf as other issues arise. At the same time, I'll make certain that the other parties to the transaction meet their obligations so that you can meet yours. This is where the bulk of my work occurs, and again, you cannot depend upon a listing agent to look after your best interests at this critical stage of the process.
And finally, my favorite part: congratulations on the purchase of your new home!