Buyer Representation

In the state of Wisconsin, a buyer can chose to work with an agent in one of 2 ways, as a 'sellers agent' or as a 'buyers agent'.

Buyer representation occures when a buyer enters into a contract with a real estate agent allowing that agent to represent them. A buyer may not enter into a contract with more than one real estate agent.

Seller agency occures at all other times. In Wisconsin, the default agency is "seller agency".

The Multiple Listing Service (MLS) is a service that real estate agents use to 'list' your property. It is also an agreement from that lister to pay the commission (which amount is stated in the MLS for all agents to see) to the agent who brings in the buyer. For this reason, unless there's a signed buyer agency agreement, all real estate agents work on behalf of the seller.

Now there is also a period called pre-agency. Perhaps you've just met an agent and don't know yet if they are a good match for you. The pre-agency period allows the agent to act in a neutral state. Once negotiations begin, you do need to decide how you wish to be represented.

Why chose buyer agency? In most cases, you get all the knowledge and negotiating power of a professional real estate agent at no cost you. Remember, if the house is listed, the seller pays the commision. What if it's not listed? The commission can be negotiated to be paid by the seller, the buyer, or a combination of both. The percentage amount varies, my particular amount is either 2% of the sale price or what is offered on the MLS, whichever is greater.

Also, with an agent working on behalf of you, they are able to negatively critique a property, make suggestions of a purchase price, compare similar properties that have sold, and overall work with your best interests in mind, getting you the best price and terms.

How do you know which agent would be good as a buyer representative? Look for one that has the ABR Designation (Accredited Buyer Representative). This agent has specific training and experience in working with buyers. I earned my ABR in my first year as a real estate agent.

To learn more about buyer representation, please email me and I will send you some information.

About me

This is the launch of my blogging! I have decided to blog about real estate to hopefully reach out and help people for all their real estate endeavors. The Internet is a great source of information, and today the majority of home buyers and sellers will search online first before contacting a real estate agent. My intent is to be your online source...your "online real estate agent" who's here to answer questions, give you valuable information, websites to visit, all without being that "harassing" real estate agent! No one wants to be bothered, and I understand that.

So, why me? Here's some information about myself...

I am a licensed real estate agent with Century 21 Reich & Roberts Associates. We are located at 161 West Sunset Drive in Waukesha WI. This office has been servicing Waukesha and surrounding counties for around 40 years.

I personally have been involved in real estate for almost 4 years. I started off reading and learning about investing in real estate. The book that got me going is none other than Rich Dad, Poor Dad by Robert Kiyosaki. I chose this broker (Dick Roberts) at this Century 21 office to be my agent because of his vast knowledge in the local housing and rental area. One of his first questions he asked me was "Are you interested in becoming an agent?", to which I quickly replied "No!". I didn't think I could do those 'crazy realtor hours'! Well, after a few years of searching, and searching, and researching, and running numbers, viewing hundreds of duplexes, triplexes, single family homes, making offers, counter offers, and accumulating 3 rental properties, I decided that yes, I am interested in becoming an agent! I was previously a stay at home mom with no idea of what I would do once the kids got older. I wanted to contribute financially to the household, which is why I decided to get into real estate investing. And after doing those 'crazy realtor hours' inadvertently for a few years, I was able to realize that this was my calling. This was my passion. I loved the research, the hunt, the crunching the numbers, the negotiating, and finally the accepted offers.

In March of 2006 I obtained my real estate license. Since then I have also acquired my ABR Designation. The Accredited Buyer Representative Designation is a nationally recognized designation awarded by the Real Estate Buyer's Agent Council, Inc. (REBAC) to REALTORS who meet the specified educational and practical experience criteria.

I am also a REALTOR (registered trademark, sorry I haven't learned how to make this symbol yet, any help would be appreciated!) Only real estate agents who have chosen to join the National Association and abide by its strict Code of Ethics can call themselves
REALTORS(registered trademark).

All of my affiliations are:
National Association of REALTORS (NAR)
REALTOR(registered trademark) (someone help me please!)
Wisconsin REALTORS(R) Association (WRA)
Women's Council of REALTORS(R)
Real Estate Buyer's Agent Council Inc. (REBAC)
Wisconsin Apartment Association (WAA)
Waukesha Area Apartment Association (WAAA)
Metro Milwaukee Multiple Listing Service

I hope this sets a good background of myself and why I do what I do. Any questions or comments are welcome!

Be sure to visit my website at http://www.sarah-steelman.com/ !