A buyer’s agent helps organize your search, evaluate property information, prepare offers and coordinate a transaction. Before deciding whom to hire, establish the work you want help with and the terms on which it will be provided.
Clarify whom the agent represents
A listing agent generally represents the seller. Massachusetts also recognizes other relationships, including disclosed dual agency and facilitation, with different responsibilities. Do not assume that someone opening a door is your representative. Ask for an explanation of the agency disclosure and any proposed representation agreement.
Read the written agreement before touring together
Under the NAR settlement practice changes, an MLS participant working with a buyer must have a written agreement before touring a home together, including a live virtual tour. This is distinct from a blanket claim that every person entering an open house must sign an agency contract. NAR’s consumer guide says an unrepresented visitor attending an open house independently does not need a written buyer agreement simply to attend.
Discuss the terms you can negotiate
- Which services and geographic areas are covered?
- Is the agreement exclusive, and for how long?
- How can either party end it?
- How is compensation determined, and when is payment due?
- How would seller-paid compensation affect an amount you owe?
Compensation is negotiable. Do not assume the seller will cover it or that a particular fee is required by law. Ask for a worked example showing your possible responsibility.
Choose based on the help you need
Ask how the agent researches comparable properties, communicates deadlines and coordinates with your lender and attorney. You may purchase without hiring a buyer’s agent, but you should understand which tasks you will handle and which require qualified professional advice. An agent does not replace an attorney, inspector or lender.
Sources and further reading
- Massachusetts real estate consumer fact sheet
- NAR: written buyer agreements
- NAR: open houses and written agreements
Contact Brian McFarland at HFM Realty to discuss your next move.