Buyer's agency has broadened the definition of REALTORs® in terms of what they do and for whom. Because the seller pays the commission for both the buyer's agent and the selling agent, both agents actually are working for the seller with the fiduciary responsibility to get the highest price possible for the seller. But the new consumerism has changed that paradigm - buyers want representation, too. That has spawned an entire sub-specialty for agents - those who choose to work exclusively with buyers.

No longer concerned with farming a territory for listings, buyer's agents focus instead on referrals and relocating buyers. They farm corporations, relocation firms and advertise with a wider net to catch not only the in-town buyer, but the transferee as well. Then they are challenged to keep the buyer either by contract or by providing such service that the buyer remains loyal.

Most agents continue to concentrate on listing homes - working with sellers to prepare and present their homes to an ever-changing marketplace. Also working by referral, these agents tend to develop specialties such as a neighborhood, type of home (historic, vacation home,) and price range - luxury, starter, or move-up. With more competition, the seller's agent must work harder to establish an expertise and reputation in their chosen specialties.

Seller's agents also encounter buyers who call from or yard signs, run across the home on the Internet, or attend an open house. Seller's agents are often asked to represent both sides in a dual agency transaction, or if the seller's home fails to suit, they are able to take the buyer and show them other homes, thus becoming the buyer's agent.

Whether an agent is working for the buyer or seller, both sides work hard to make the real estate transaction happen. The seller's agent works to put the home in the most favorable position to sell quickly and at the highest price possible. The buyer's agent works to find the buyer the best home in the market that will fit their needs and at the lowest price. The skill at negotiating the contract separates the professionals from the part-timers, for it is negotiation that keeps the deal from falling through.

But each side has its pitfalls that can prevent the deal from closing. Unreasonable sellers, buyers who buy from other agents, stonewalled negotiations, sellers and buyers who don't tell the truth, the emotional and financial sides of the transaction, and much more can all add up to deal-breakers - some preventable, some negotiable, some not.

So who works harder at making the deal - the buyer's agent or the seller's? What is the most difficult aspect of representing the buyer or seller - marketing yourself, farming for business, building a business, working the deal, handling the emotions of the buyer or seller, negotiating or closing? Where do you put the most effort in a transaction? Where do you feel you really earn your commission? We invite you to write your thoughts to our editor - .

Published: August 24, 1998

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