Madison Buyer Representation
Buyer Agency Basics
Real estate agents in the state of Wisconsin are bound by law to be fair, honest, and skilled in the delivery of real estate services. In addition to these and other basic standards, the buyer agency/tenant representation agreement outlines the specific duties that are owed to buyer clients. When you enter into a buyer agency agreement, you create a client relationship with our real estate brokerage. As our client, you receive some very important benefits.
3 Important Buyer Agency Benefits
- We provide you with the advice that is important to your transaction. For example, when you are our buyer client, we can provide you with our professional opinion of a property's true market value.
- We work for you and carry out the duties that are important to you. Because you are our client (and the seller is not), it is our duty and obligation to advance your goals over the goals of any other party in your transaction.
- At your direction, we negotiate on your behalf. For example, not only do we help you negotiate your purchase price, we also help you formulate the earnest money, financing, inspection, testing, and other contingencies that you put forward in your offer. We negotiate all of these contingencies on your behalf as we advance the goals that matter most to you.
More Buyer Agency Perks
As our buyer client you receive priority status for evening and weekend showings, which helps you see your favorite properties on your timeline and your schedule. We can also help you locate unlisted properties, FSBOs, and expired listings.
Madison Buyer Representation: FAQs
- How long does a buyer agency agreement last? There is no standard timetable. The agreement lasts for as long or as short as you want it to last. You can select a timeframe that works best for you and your individual situation.
- Who pays a buyer agent's commission? In almost every case the seller pays the buyer agent's commission. All properties listed on the South Central Wisconsin MLS (Multiple Listing Service) state the commission amount the seller is offering to pay the buyer brokerage. Every seller with a full-service or flat-fee MLS listing will pay your agent's commission.
- Do FSBO sellers pay the buyer agent commission? Most "for sale by owner" sellers will pay your agent's commission. A small minority will not. We can clearly spell out in your agreement how the commission will be handled for this small subset of transactions.
- Do I need a signed buyer agency agreement in order to schedule a property showing? No, you don't need an agreement in place in order to tour a property. At Mad City Dream Homes, we believe strongly in "service-first". We work to understand your real estate goals and earn your trust. Before you sign your agreement, we want you to feel comfortable with the real estate team that's helping you. Once we've established that trust, you can sign the agreement and formally select our team as your buyer representative.
- I've just met my Mad City Dream Homes agent for the first time at a property showing. Can the agent give me her professional opinion of the home's true market value? Per Wisconsin state law, the agent's default client relationship is with the seller. Technically speaking, the agent represents the seller even when the agent is not the listing agent for the home! She cannot provide you with a professional price opinion or help you formulate a negotiation strategy without first entering into a client relationship via the buyer agency agreement.
- I'm working with an agent, but we haven't signed a buyer agency agreement yet. Can the agent provide me with market data that will help me evaluate a home's true market value? Yes, the agent can provide you with sold listing and market data, but she cannot advise you on how to interpret the data until a buyer agency agreement is in place.
- I like a home and I want to submit an offer. Should I work with the listing agent to draft my offer? Remember the listing agent works for the seller and is contractually obligated to serve the seller's best interests. Although you could choose to submit your offer through the listing agent, we recommend you submit your offer by working with a buyer agent whose job is to serve and advance your best interests.
- Do I need to sign a buyer agency agreement in order to submit an offer? There is no requirement to enter into a buyer agency agreement: however, 100% of our clients do end up signing the agreement. All of our buyer clients sign the agreement because they want the advocacy and advice that comes with buyer representation.
Our Buyer Representation Guarantee
We focus our time and expertise on finding you the right home at the right price while protecting your best interests every step of the way. If for any reason you are not 100% satisfied with our service, we will terminate your buyer agency agreement upon your request. When you work with Mad City Dream Homes, you don't need to worry about being locked into a long buyer agency agreement.
Please fill out the form below and one of our buyer representatives will be in touch to help you get started with the purchase of your new home.
*Your information will never be shared with any third party.