Reasons to Work with a Local Buyer’s Broker

Published on Nov 12, 2014 | by Patricia Karchemny



Since the new Real Estate Brokerage Act came into force on May 1, 2010, buyers are no longer represented in a real estate transaction when dealing directly with the listing broker. This is one of the many reasons it is so important to have your own representation and work with a buyer’s broker when looking to purchase a property.

The job of a buyer's broker is not to "sell" any particular property, but to represent the best interests of the buyer throughout the home buying process. They will advise the buyer even if it means pointing out reasons not to buy.
 
1. Your buyer’s broker will pay full attention to your needs to make sure you find the home that is right for you whereas the listing broker’s mandate is to sell their client’s property.

2. The listing broker will give you just the facts but your buyer’s broker will perform due diligence and intensive research, which will help eliminate costly mistakes or uncover hidden surprises.

3. Your buyer’s broker is there to protect and guide you. Your broker will negotiate on your behalf, thus avoiding any conflict of interest.
 
4. Your broker will work to solve problems to your advantage and satisfaction whereas the listing broker is focused on closing the deal. This is especially important if the building inspection reveals any issues with the property.

Contrary to popular belief, commission costs are the same regardless of who sells the home. There’s no cost to you, the buyer. The Buyer’s broker is paid from the commission as previously agreed to by the seller in the listing agreement. As a matter of fact, studies suggest that a buyer’s broker helps buyers save both time and money.        

You should also choose to work with a local broker who will be able to highlight the pros and cons on the pricing of various neighborhoods, discuss schools, shopping areas, resale values, commuting times and options, as well as other important considerations when buying a home.
                
Each area has its own idiosyncrasies; some are known to have red ochre, pyrite, septic tanks, and others still may have infrastructure drawings with highways planned to run right through them in the future.

Using a local broker also means benefiting from local professionals on your broker’s "team," i.e. notaries, lenders, home inspectors, pest control companies, roofers, electricians, plumbers, etc. These individuals understand the local rules and regulations.
 
Your buyer’s broker is there to help steer you through the home buying process while smoothing out bumps in the negotiations. Think of your buyer’s broker as a partner who helps you make informed decisions as you look to buy your next home.

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