
WHY A GOOD DC BUYERS AGENT MATTERS
We're a bit biased on this one, buuut... it's true that in addition to the many advantages gained by working with a Realtor with lots of expertise and experience, your home search will be less labor-intensive and stressful, and more successful! We'll tell you why. And when you're finished reading, get in touch to start your DC real estate journey!
BUYER AGENCY
Buyer Agency protects buyers and ensures their DC real estate agent works in their best interests, not the seller’s, providing the duties of loyalty, care, confidentiality and other fiduciary duties. Agents who are not acting as Buyers Agents are effectively subagents of the seller.
1. YOUR TIME IS VALUABLE
- Screening and reviewing listings in real time
- Performing market and property research
- Arranging tours and touring
- Researching and drafting CMAs
- Drafting, packaging and negotiating offers and contracts
- Attending inspections, additional visits, walkthroughs and settlements
- Engaging in communication with listing agents, developers, lenders, title companies, home owner associations, contractors and vendors, and more
- Supervising execution of contract provisions
- Boiling everything down to client communication.
Even if you had the expertise and tools required to do all these things well, it’s doubtful you’ could devote the time and attention necessary to your home search and transaction.
2. WE'RE EXPERTS
- We've trained in the laws, practices and protocols of DC real estate for over a decade. How much training have you had?
- We transact in DC neighborhoods daily, garnering information that benefits our clients in the process.
- We have specialized tools and resources necessary to making informed decisions and executing successful transactions. We spend thousands of dollars annually for the software, hardware, memberships and resources that allow us to provide you with accurate data, real time on and off-market property listings, hidden listing information accessible only to agents, access to homes for sale (both on and off-market), the knowledge and brokerage technology that enhance your search and transaction and reduce risk, as well as immediate access to brokers, title attorneys, business partners and other experts.
3. YOU'RE PAYING FOR IT ANYWAY
- It’s contractual and the terms are set before the listing ever goes on the market or is advertised for sale. The seller and listing agent sign a listing agreement that includes a percentage for the listing brokerage (representing the seller) and the selling brokerage (representing a buyer) based on the list price of the home. *Note that the agreement is between the seller and brokerages–not individual agents.
- Let’s use 6% total commission as an example. The listing broker lists the property for sale at the agreed upon price, offering the selling broker (buyer broker) a split of the 6% commission, usually 50%, but this can vary. The selling brokerage split is advertised in the listing. Now the home is sold to a represented buyer. The listing brokerage earns 2.5% and the selling brokerage earns 2.5%. The individual agents earn a percentage of that commission, in a sum based on the contracts they negotiated with their brokerages when they joined them. All parties to a sales contract would have to agree to amend it, including the brokerages.
- Let’s say now that the home is sold to a buyer who is not represented by a brokerage/agent. According to the terms of the GCAAR contract boilerplate, the listing brokerage keeps the full commission. The seller is still paying the full 5% so there is no savings to the seller based on lack of representation for the buyer.