Hi JItty-
Paul gave a good response. Here's how we view our roles as Buyers Agents:
Agents at Redfin Real Estate work as a Buyer’s Agent, representing your best interests at no cost to you when you are buying a home through Redfin.
Why does Redfin do this?
We believe that everyone deserves to have equal representation when making a home purchase. A great majority of real estate agents represent the seller in New York, which means that their fiduciary (or legal) responsibility is to the seller of the property, even if they are taking you, the buyer, to see the home.
How do I know if someone is working for the Buyer or the Seller?
A New York State Agency Disclosure must be presented to you for your signature the first time you meet an agent in New York. On that disclosure, the agent you are meeting is required to inform you whether they are representing the seller or you, the buyer while showing you this home.
When I go to an Open House, who is representing me?
It’s safe to assume that, when walking into an Open House or when calling a Listing Agent, that the Listing Agent is representing the seller. In other words, it’s their job to get the best price for the seller on that house. They are not allowed, by law or **Realtor Standards of Practice, to be dishonest with you, however they are not required to fully disclose all material facts and are not obligated to protect your best interests in the negotiations. When working with a Sellers Agent, your best interests are not being represented.
But they are so nice to me and are happy to show me the house?
Yes, of course they are; they want to sell the property and get both sides of the commission. At Redfin, we believe that a single agent cannot both list and sell a home and provide equal representation to both buyer and seller. Our agents will only represent one party on a transaction as to not create a conflict of interest.
I hear that some Buyers Agents charge their Buyer’s commission.
Yes, there are some agents practicing Buyer Agency that require you to sign a restrictive Buyer’s exclusive contract that requires the buyer to either pay either part or the entire commission at closing if the seller’s agent is not offering what the buyer’s agent wants to make on the transaction. We, at Redfin, do not require this. We only ask you to sign our Buyer Agency Agreement when you have an Accepted Offer on a property. The Agreement allows you to opt out by a simple email if you choose. The Redfin Commission is paid out of the proceeds of the transaction. We do not ask you to pay any additional part of a commission.
**Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS ®
Duties to Clients and Customers Effective January 1, 2012
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly.
Regarding minimums and agent choices, if we don't serve your area, we might be adding it soon. Give us a call and we will help direct you to someone else if we can't assist you on that particular home.
Regards,
Mike
