Unlike some other provinces in Canada, Newfoundland is one of the provinces that still permits Dual Agency
What is Dual Agency you ask?
A dual agency is when a real estate salesperson represents both the buyer and seller for the same transaction.
Is it a Good Idea to Buy with the Listing Agent, or is it better to have your own Buyer's Agent?
The listing agent is required to disclose to you that they will be putting their vendors interests first nor do they have any obligation to act in your best interests. The listing agent is hired by the seller, and their job is to get the best possible price for the property. The listing agent can also prioritize the buyer's best interest, whether its on price, home inspection, etc. Like I said their first obligation is to the Seller. You may not get the best deal if you try to negotiate directly with the listing agent.
Buyer agents are licensed real estate professional who represents your interests in the transaction. They can help you find the right property, negotiate the best deal, and guide you through the entire home-buying process. A competent buyer's agent will have your best interests in mind, always!
Selling Agent and Listing Agents Role in a Real Estate Transaction
The listing agent's job is to use their extensive resources to effectively market the property and answer any questions related to the listing.
On the other side of the transaction is the buyer's agent, who represents the buyer's interests and helps them find them a home. The buyer’s agent can help with searching, setting up showings, asking the right questions and negotiating on the buyer’s behalf.
Finding a Buyers Agents
To find a buyer's agent that is right for , start with asking friends and family for recommendations or searching online for agents in your area. Look for someone who is experienced, knowledgeable about the local market, and genuine.
Once you've found an agent you're comfortable with, it's important to establish clear communication and trust in that agent, remember they are there to help you through one of the most important decision you will make. Be upfront about your budget, preferences, and timeline, and be willing to listen to their advice and guidance. Remember that the buyer's agent works for you, and their goal is to help you find the right home and make the best possible deal.
If you're considering buying a home, it's essential to weigh the pros and cons of working with the listing agent and ensure you have a clear understanding of the agent's obligations to the Vendor and the risks of dual agency.
If you have any questions about buyers' agents, consider connecting with us, we have over 25 years experience between us . Working with both home buyers and sellers, we will work with you from start to finish and guide you through the process. Our goal is to ensure you feel confident in your purchase or sale.
We operate in an industry built on trust. This can only be achieved through communication and great experiences - from the first contact until the closing of the transaction and beyond!
Contact us today, we will help guide you HOME!