Realtors are œspecial agents who are employed by people to assist them in buying or selling of a home. Perhaps I™ve watched too many James Bond movies and the œspecial agent tag appeals to me, but I have lost track of the number of times that I have run into buyers and sellers who do not understand the relationship between them and the real estate agent.

Let™s be candid. Realtors are employees of either sellers or purchasers of homes. Their duty is to get the best price, terms, and conditions for their client. It is easy for people to understand the agency relationship between the listing agent and the seller. After all, the seller is paying a commission to the agent if and when the house sells.   So if you are a buyer and you call the agent listed on the sign (me included), remember that he/she works for the seller. The agent™s duty is to be fair and honest, but his interests must lie with the seller.

So what™s a buyer to do? Find an agent to represent you!! Employ someone to be your buyer™s agent. You are the personnel director of œMe, Inc. and your job is to find someone who has your interests in mind. Interview agents. Find someone you are comfortable with and you trust. Sign a buyer™s representation agreement with him. Then put him to work. If it doesn™t work out, remember you are the boss. Give him the pink slip and find another.

Why do you need an agent? Because they know more than you do about real estate. If   your agent doesn™t, you have hired badly. I did 61 transactions last year. I hope that I learned something.

April 9, 2008