When dealing with any realtor, you’ve got to understand what The National Association of Realtors (NAR) is. It is an organization that governs the ethics of realtors around the globe, they require in their “Code of Ethics” that realtors disclose who they are working for at the first meeting between a realtor and a seller or buyer, and that all realtors abide by the code of ethics which puts the best interests of the client first and has agents act in a moral, ethical and earnest manner towards those who they deal with.
Many home purchasers who go in alone trying to purchase a home all by themselves find themselves upset with the way things normally work whereby real estate agents are representing the seller, and no one is representing the person coming to potentially purchase the home because they often end up being toast as the people they are negotiating with have far more experience than they do. For more tips on effective negotiating so this doesn’t happen to you in-case you decide to do some negotiating, I suggest using the internet to find the answers.
As a result of this lack of experience compared to the competitor, many home buyers prefer to have a trained, experienced real estate professional representing them in their real estate transactions. It is for this reason that many home buyers choose to hire a buyer’s agent. Similar to the way someone looking to sell their home works with an agent, a buyer typically enters into a contract with the buyer’s agent, though this isn’t mandatory, you can get away with just hanging around with them and having them represent you without any formal contract whatsoever. If, however, you do get a contract with a buyer’s agent, the contract should stipulate what services the buyers agent will provide, and what compensation the home buyer will give to the buyer’s agent if they successfully help them to purchase a home, or in some cases how much you’ll compensate the buyers agent. Buyer’s agent compensation is usually a percentage of a home selling price, you can often break buyer’s agent contracts mutually by telling them you no longer need their services, or, according to the rules of the contract you signed.
If you’d like to know more about the roles of buyers agents, you can google it, ask your local buyers agent or check out some videos on the topic.