7947 Brantingham Road
Greig, NY 13345
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Who Do You Want Us To Work For?
Agency is one of the more talked about issues in the Real Estate business today.
An agent is a person who works for the best interests of the person who hires them. A fiduciary agent (which is the highest level of agency possible, and which is what a Real Estate broker/salesperson becomes) is a person who exclusively works for the best interests of their employer (e.g. the seller or buyer, in a real estate situation).
[Here is an excellent explanation of what the National Association of Realtors (NAR) says about fiduciary agency. Note particularly the part that says: This duty obligates a real estate broker/salesperson to act at all times solely in the best interests of his principal, to the exclusion of all other interests, including the brokers/salespersons own self-interest. (Italics are ours.)]
The most well-known situation is where a Real Estate broker is the fiduciary agent of the Seller: they have formally been employed by a Listing Contract.
The less obvious (but very common) situation is when a broker works extensively with a prospective purchaser. If the buyer and broker spend a lot of time together, and then look at property that is listed by another firm, who does the broker that the buyer is working with legally represent?
The answer is: by New York State law, without a contractual agreement with the buyer, the broker that the buyer is working with is automatically a subagent of the listing broker which means that they are employed as a fiduciary agent of the Seller. This is true even if they do not know the Seller!
The conclusion here should be obvious by now: the ONLY way that Adirondack Real Escapes can specifically work for your best interest in a real estate transaction, is if you employ us to do so. This employment is with a signed, written contract.
This agreement is called a Buyer Broker contract, and as consumers throughout the country have become more educated about their rights, the Buyer Broker arrangement has become very popular.
What advantages are there for you to hire us as a Buyer Broker?
1) You will be shown more properties (e.g. FSBOs),
2) we can tell you more about any property we show you,
3) us working for you will save you money, and
4) you will get extra free services as a bonus.
What other properties can we show you as your agent?
As your agent we can now show you not only every property listed by other brokers, but also all properties on the market that are For Sale By Owner (FSBO). If we are not your agent, we can not show you FSBO properties.
Why can we tell you more when we are your agent?
If we are the agent of the Seller, we have to act exclusively in the Sellers interest. It should be plain to see that it is against the law for us to then volunteer anything negative about their property. There is no such restriction if we are your agent in fact the opposite situation exists: we must tell you any problems that we are aware of about the property. A BIG difference to you.
How would you save money when you employ A.R.E. as your agent?
To start with, you absolutely must know the true value of a property before beginning any negotiation. One of our free services as your agent is to offer to provide you with a written, accurate, and extremely comprehensive market valuation for ANY Brantingham waterfront property. No other local real estate firm normally offers any service equivalent to this...
Since we have been involved with hundreds of real estate sales, we are not only very knowledgeable about real estate transactions in general, but we are also skilled negotiators. Usually we will be able to come up with purchase offer ideas that will save you money.
Lastly, the A.R.E. Purchase Offer, in our opinion, is the best around. All it takes is one small oversight on a purchase contract to cause you considerable time and money. We try to minimize this possibility.
What are the free additional services A.R.E. offers for such transactions?
You have probably already noticed that we have an unusual amount of informative hand-outs (like this one). We have several more for people submitting offers through us. They deal with topics like: mortgage money available locally, what property tests are advisable, things you should do before a closing, local contacts that you would find useful, etc., etc.
We also help you by suggesting honest and affordable local contractors to do any property work needed... If you decide to rent your property, we can give you leads for a local property manager. We also provide free tenant referrals... Lastly we also offer assistance and/or referrals with other real estate related issues (e.g. property taxes), and financial planning...
What is the cost for you to hire A.R.E. to work for you?
Usually nothing! In the case of putting an offer in on another brokers listing, the Seller has already agreed to pay a commission. And since the commission would have been split by two brokers cooperating, it is now split exactly the same way except we are now your agent instead of a sub-agent. As such, there is no financial change to anyone involved. You pay nothing in either case.
When submitting an offer to a FSBO, the normal situation is that the commission (buyer broker fee) is paid by the Seller and is specified in the Purchase Offer, as part of the price you have agreed to pay. In any case, you take this commission into account when making your offer.
What if you find a Brantingham waterfront property on your own?
Although possible, this is extremely unlikely. In any case, we are not hired to find property, but rather to be available to put together a transaction that is in your best interest. So if you do hear about a property that we are unaware of yet, then immediately tell us about it and we will take care of the rest for you like determining its accurate value. Calling us in this situation is no different from calling your lawyer to help also. It is in your interest to do so, as we are both working for you.
Why wouldnt you always hire A.R.E. as your agent?
A.R.E. can not act as a Buyer Broker in dealing with its own listings, as we have already been employed by the Sellers of those properties. (You will be clearly informed of those cases.) Otherwise, there is no reason that we are aware of.
As in hiring anyone to do anything, a consumer should always make sure that the person they are employing not only knows what they are doing, but also that they will perform to their committments in a professional manner.
If you have carefully read through the other pages of this website, it should be quite obvious that we do know what we are doing here and our objective is to exceed your expectations. Of course, we are more than glad to give references concerning prior Buyer Broker clients.
Please read the interesting September 2003 Money magazine article about Buyer Brokerage. One of the startling facts it reports is: The National Association of Realtors latest profile of home buyers reports that roughly 43 percent have a written agreement that their broker is representing them... Serving as a buyers agent is the fastest-growing part of the Realtor business.
We would also strongly recommend that you read this informative article, written by the American Bar Association, about real estate brokers and agency.
Please let us know if you have any other questions on this extremely important matter!
[Send an email to A.R.E. to get a PDF copy of our Buyer Broker agreement. If you do not have the free Adobe (Acrobat) Reader application (for reading PDF files), go here to download it.]