Buyers Agent vs Facilitator- Who represents my interests the best
The Tennessee Real Estate Commission (TREC) has very specific guidelines for licensed agents about how individuals in a real estate transaction are represented and we wanted to help you understand the differences:
- There are two ways a licensed agent can work with you– as a Buyer’s Agent, or as a Facilitator/Transaction Broker.
- It can get complicated figuring out which role can do what, but basically it breaks down to this:
- A Buyers Agent can give you opinions, share their expertise and is bound to represent your interests and your interests only in a transaction. When you work with a Buyers Agent you are a client.
- A Facilitator/Transaction Broker can give you information that is publicly available if you ask for it. A Facilitator/Transaction Broker does not represent you, and buyers working with a Facilitator/Transaction Broker are considered to be unrepresented in the transaction. When you work with a Facilitator/Transaction Broker you are a customer.
- To engage a REALTOR® as your buyers agent, a written agreement is required. In general, this agreement says that the agent will agree to assume the additional responsibilities of representing your interests in the transaction, and agree to share their opinions and expertise, if you agree that they will be your only agent in the area for any real estate you would purchase within the time frame specified, and that you would agree to compensate the agent at closing for any difference between the commission they work for and the amount offered by the seller. This is almost always zero for the Terrell Team, but it could be .5% to 1% of the selling price in some cases where an unusually low commission is offered by the seller.
Ask Your Agent for more information, or email us at firstname.lastname@example.org