What Is Buyer Agency and Why Is It Important?

Roanoke Real Estate Podcast with Damon Gettier

You may have heard of a buyer agency agreement, but what is it? Essentially, this agreement establishes a consensus between a buyer and real estate agent. It affirms the exclusivity of their relationship, meaning if a buyer purchases a home within a certain period of time, they have agreed to do so through a specific broker. It’s important to realize that this agreement is with the brokerage, not the agent. So if you realize at any point that you’re unhappy with your current agent, you can certainly switch to another. All it takes is a phone call to the brokerage to explain your situation. “A buyer agency agreement is with the brokerage, not the agent.” This agreement also benefits the agent. It ensures that they will be paid for their time and energy at the end of the transaction. Ultimately, this agreement puts everything that’s been verbalized onto paper. In the state of Virginia, you are legally required to obtain a copy of any agreement you sign during a real estate transaction. So, if you are thinking of purchasing a home, I highly recommend you do so with a buyer agency agreement in place. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.