What is a Buyer's Representative?
Defined most simply, a Buyer's Representative (also a Buyer's Rep or Buyer's Agent) is an advocate for the buyer - not the seller - in a real estate transaction. Real estate laws and regulations vary from state to state, but buyer's representatives usually owe full fiduciary (legal) duties, including loyalty and confidentiality to their buyer-clients and work in their client's best interests throughout the entire transaction.
What is the standard compensation structure for real estate professionals?
For the most part, real estate professionals are compensated by commission, based on the home's selling price. Commission rates are not standardized, as does how the sales commission will be divided between the agents on the selling and buying side of the transaction. There is consistency, however, in how commissions are paid. When a seller signs a listing agreement, their contract is with the brokerage firm. Typically, the seller's representative - and your buyer's representative - will be paid by the listing brokers after the transaction closes.
What services can I expect?
This depends on what level of service you have established as a home buyer.