While most people approach a real estate agent when they are looking to purchase real estate, it pays to remember who real estate agents work for. It is easy to think that they are there to help you find a property to buy, but truth be told, that’s not it at all. Real estate agents have a very specific job, and it is to represent the vendor in a real estate transaction.
So while you may approach a real estate agent looking for a good deal, the fact is that it is their job to get the highest possible price for listed properties for the current owners – not to help you to bag a bargain. If you really want a little assistance in finding a property to purchase, then there are people whose job it is to represent the buyer – buyers agents. I like buyers agents because they do all the heavy lifting in looking for real estate and present you with a shortlist of properties that fit the brief you have provided to them. All that is left for you to do is to inspect them and see if you like them.
Too many people go looking for real estate in agents’ windows and half expect the agent to find a good deal for them. Please, remember that this is not what real estate agents actually do. Their job is to present a home on behalf of a vendor and to sell it for the best possible terms (and highest price). In contrast, a buyers agent works on behalf of the buyer (that’s be you) and secures a deal for the best possible terms (and lowest price). Real estate work often conflicts with the work of buyers agents, but it doesn’t have to be that way. The work of real estate agents is after all, completely separate. If anything, they should work closely together for their mutual benefit (and they often do).
So next time you are out shopping for real estate and listening carefully to what the real estate agent says, remember who they work for – it’s not you! This is one of the first things taught when you learn how to become a real estate agent. Apart from the legalities of property law and the practicalities of contracts, inspections and commissions, it all comes down to serving the vendor – because they are the ones who are paying the bills.