Project Manager at The Economic Times | Posted on | Share-Market-Finance
What is a Buyer’s agent?
Project Manager at The Economic Times | Posted on
In our desi language it’s a property dealer who should ideally represent buyer’s interest. But such thing do not exist, atleast in India. This term is common in the US and other western countries but it does not have any significance in our country because you will never find them.
Since, we do have a habit of imitating the west, you might find some agents or organizations in India who call them buyer’s agent. They should ideally represent buyers fiduciary interests in a real estate transactions. But unfortunately, most of agents are neither concerned of buyer nor the seller. They are more keen in getting the transaction done.
Who pays to a buyer’s agent
Typically a seller pays some percentage of the transaction to the agent. It means the buyer gets all the services from Buyer’s agent for free.
What are key roles of a Buyer’s agent:
1. They work for the benefit of the buyers from the scratch of the process of purchasing a property
2. They are licensed professionals, who help the buyer in all aspects of property buying
3. They help buyers find best property available in the market without having any vested interest in any property or agency
Types of Agents
(I have tried to explain this through a quick infographic)
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