Buyer Representation and Buyer Agency
Wisconsin Agency Law provides for different types of relationships between buyers and real estate agents:
The Traditional Buying Process
In the “traditional” buying process, where the real estate agent works with a buyer, but without having an agency contract with the buyer, that agent, by law, is working on behalf of the seller/listing brokerage. The agent working with a buyer in that situation, without an agency contract, must still be fair in his/her dealings. However, without an agency contract with the buyer, that agent cannot provide the buyer with certain critical advice, such as giving a professional opinion of price or negotiation strategies.
Buyer Representation
Buyer Representation (Buyer Agency) was created in response to buyers’ desires to have agents work in their best interests, as opposed to the sellers’ best interests. First Weber was one of the first brokerages to embrace buyer agency, and First Weber agents are encouraged to work as Buyer Agents for buyers if at all possible.
Designated Agency
Designated Agency means that a buyer under Buyer Agency with a broker will continue to receive full client services even when dealing with a seller client working with another agent in that same brokerage. First Weber, a full service broker to both buyers and sellers, offers Designated Agency to better serve both buyers and sellers.
The Benefits of Buyer Representation
| Service Provided: | Buyer Representation | Traditional Buying Process |
|---|---|---|
| Express a professional opinion of the seller’s asking price, based on a Comparative Market Analysis prepared for you | Yes | No |
| Recommend and assist you with negotiation strategies for best price and terms | Yes | No |
| Negotiate exclusively on your behalf throughout the transaction | Yes | No |
| Critique a seller’s property beyond disclosing defects | Yes | No |
| Advise on, write the offer, and draft provisions in your best interests | Yes | No |
| Protect your confidentiality | Yes | Yes |
| Treat you honestly and fairly | Yes | Yes |
| Respond honestly and accurately to questions concerning the property | Yes | Yes |
| Provide community data and current market conditions | Yes | Yes |
| Present contract proposals in an objective and unbiased manner | Yes | Yes |
| Accompany you to the closing and assist you throughout the process | Yes | Yes |
| Disclose “adverse material facts” about the property | Yes | Yes |