Coldwell Banker Residential Brokerage

Rye, NY | Rye Brook | Westchester County | Real Estate | Homes for Sale | Houses for Sale

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Buyer Agency versus Seller Sub-Agency

In New York State there are 2 kinds of agency relationships for buyers, the first one is seller’s sub-agency and the second one is Buyer’s Agent. Let me be very clear – I only work as a Buyer’s Agent, the reasons are listed below.

In Seller’s sub agency, the licensed salesperson with whom the buyer is working with to look at houses, possibly spending 2 or 3 months of weekend and evening times, confiding personal information to…. that agent is working in the best interests of the seller. Actually that salesperson is legally bound to disclose to the Seller’s Agent any and all confidential personal and financial information that the agent has acquired during their time working with the buyers. The seller’s sub agent is also duty bound to help the seller’s agent procure the highest possible price in negotiations with the seller. The seller’s sub agent also cannot give advice, council or judgment as to price, condition, or market value or CMA’s (Comparative Market Analysis) unless that analysis supports the asking price and to do otherwise can lead to an agent losing his or her license to ever practice real estate again.

The Buyer’s Agent – in stark contrast to a seller’s sub agent, the Buyer’s Agent has fiduciary responsibilities only to the buyers. Those duties are obedience, loyalty, disclosure, confidentiality, accountability, & reasonable care. I won’t go into the minutia of each duty, (I’m afraid I would put you to sleep), but trust me when I say all these duties are for the buyer’s protection. I would never help a family member to purchase a house as a seller’s sub agent, and I could do no less for any buyer that was under my protection. Yes I think of all my buyers, whether they are first-time home buyers or retirees’ ready to downsize, under the blanket of my Fiduciary duties to make sure all my buyer’s are fully informed to facts, risks, market prices, taxes, home conditions, neighborhood conditions, and school information.

I am fully committed to my clients as their Buyer’s Agent. I try to arrange my schedule to meet their needs, I call or email them within a few hours of a new listing becoming available, and I let them know about homes, which are not yet on the market that might fit their needs. I am not restricted to the “Do Not Call List”. I can call anybody who might have a home for sale, because I have a special agency relationship with my buyers. I am not restricted to only our Multiple Listing Service to find homes. I can find homes by “for sale by owners”, I can print a want ad for a particular type of property, and I can canvas neighborhoods and send letters to homeowners trying to find a property for my clients. Once a property is found then the purchasing process begins. There is market analysis, pricing, negotiations, paperwork, contracts, inspections, financing, appraisals, moving considerations, attorneys and finally the closing. I go over each step my client, no detail is overlooked.

There is a commitment that must also be made by my clients. The first one is exclusivity. My clients will work only with me. Why you ask? For a couple of reasons… 1. Our MLS has all the homes available, we do not have “exclusives” in our area. 2. I want all the advice you will receive (from well meaning people) to only come from me. I have the knowledge, expertise, & credentials to back up whatever I say or show my clients. 3. It says to all the seller’s agents that my buyer clients are committed, serious, and financially able to purchase. True professional seller agents are not even offering seller commissions on the listing sheet. Which means they only want to work with buyer agent clients.

The other commitments from a buyer that I ask is… do not go into an Open House without letting me know first. I will call the Sellers Agent and let them know you will be coming and to extend you every courtesy. I also don’t want my clients to give any information to any other agent about themselves (however innocent it may seem), I also ask they don’t reveal any likes or dislikes to the Open House agent. All questions about the property needs to be funneled through me to the Seller’s Agent. The same goes for any “For Sale by Owner” property that you would like to see. I will call them and set up a showing and represent my clients the way that I would for any property on the market. Internet usage – please use my personal web site for all searches. If you see something of interest, click on it and the program will immediately send me the request which will be sent to my blackberry and I can look into the property and get back to you in a very short period of time.

If you are ready to begin, please contact me and we can get to know one another and go over any question or concern about any part of the process you might have. I hope you will choose me as your agent. I cannot guarantee that we will find your “perfect” house, but I do guarantee my services and commitment to your needs in a knowledgeable professional manor. All I can promise is that I will do for you what I would do for myself.