Do I really need a Buyer Agent? ...YES!

Buyer Agent Duties

Information and Counseling

  • Explain the forms of agency (who represents whom in a real estate transaction—see Arkansas Real Estate Commission Info on Representation) and how different relationships may affect the level and type of service a Buyer may receive from a real estate agent. 
  • Offer to enter into a written Agency Representation Agreement with the Buyer. The agreement will include beginning and ending dates, fee structure and payment method, and the responsibilities of both parties. 
  • Pledge absolute confidentiality to a Buyer when representing him/her. 
  • Counsel the Buyer regarding his/her financial qualifications and assist the Buyer in finding and working with mortgage lenders.
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Searching for a Property

  • Discuss preferences in terms of size, styles, age, floor plans, and develop a property profile. 
  • Search the entire real estate market, including the Multiple Listing Service (MLS), properties “For Sale by Owners,” and new homes (where appropriate) which may be offered by builders directly to the public. 
 

Contract Offer 

  • Inform the Buyer about any defects or problems he/she has observed or discovered regarding the property. 
  • Prepare a Comparative Market Analysis (CMA) to determine the property’s fair market value. 
  • Explain the alternatives available to the Buyer in each section of the Arkansas Real Estate Contract (offer to purchase). 
  • Advise the Buyer to seek legal counsel where appropriate. 
  • Prepare the offer to purchase in a manner which will protect the Buyer’s interests. 
  • Develop negotiation strategies with the Buyer. 
  • Counsel the Buyer regarding the time requirements in the contract and encourage the Buyer to have a professional inspector inspect the property if the contract is accepted.

After the Offer to Purchase is Accepted

  • Counsel the Buyer about home inspections, provide the names of real estate inspectors, and encourage the Buyer to be present during inspections. Arkansas law prohibits real estate agents from recommending a particular inspector. 
  • Explain options available to the Buyer regarding items in the inspection report. 
  • Notify the Seller or the Seller’s Agent in writing of inspector’s findings and the Buyer’s choice of any options available to Buyer. The Arkansas Real Estate Commission provides a form for Buyers to request repairs of the Seller which they wish to have completed before closing, up to the monetary limit stated in the Real Estate Contract. 
  • Maintain contact with the title company, mortgage company, and Seller’s Agent to ensure that the Buyer’s interests are being protected. 
  • Review the settlement statement with the Buyer to check for errors prior to closing (if possible) or at closing. 
  • Attend the closing with the Buyer and be prepared to answer questions the Buyer may have.