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Want To Be a Client or a Customer?

Want To Be a Client or a Customer?

Client Customer
Confidentiality: under buyer agency, the buyer can feel secure to divulge information without the fear of harming their negotiating position. If the buyer is a customer, all information gained about that buyer will be shared with the seller to enhance the negotiating position of the seller.

Buyer’s Needs: under buyer agency, a sales rep. is obligated to pay full attention to all of the buyer’s needs. This can include, but is not limited to, financial, timing, motivation, familial etc… This representation will come without an obligation to match the buyer to a seller-client’s property. If the buyer is a customer, then the sales rep. is not obligated to satisfy any particular needs other than dealing fairly, honestly and with integrity with the buyer-customer.

Full Access: under buyer agency, it is the responsibility of the sales rep. to ensure that the buyer has access to the entire market. This includes private sales, expired listings, exclusive listings etc… As a buyer-customer, the sales rep. is acting as a sub-agent and has no such obligation to the buyer.

First Opportunity: under buyer agency, a buyer client should know that he/she will have first access to any new opportunity that comes up. Be it via MLS, or any other means at the broker’s disposal. A buyer-customer may have access to all potential properties, but only after the buyer-client has been given first opportunity, and not if it conflicts with the buyer-client’s desire for a property.

Educating the Buyer: under buyer agency, the sales rep. is obligated to assist the buyer in making an objective comparison of all competing properties, comprehensive enough for the buyer to make an informed decision as to the value of the property in question, and to make an offer accordingly. Acting as a sub-agent, it is the obligation of the sales rep to present comparable facts that protect and enhance and value of the property in question.

Price: under buyer agency, the sales rep. is obligated to present all sales statistics in order for the buyer to make the most informed pricing decision, irrespective of the asking price. Under sub-agency the sales rep. must provide price information to the buyer that supports the seller’s listing price.

Clauses: under buyer agency, the sales rep. is obligated to provide counseling on the protective clauses for the buyer-enough time to arrange financing, home inspection and insurance clauses etc… Under sub-agency the sales rep. must negotiate clauses that are in the best interest of the seller,
which may include, but are not limited to closing dates, chattels or the seller finding suitable accommodation.

Financing: under buyer agency, the sales rep. is obligated to assist the buyer in finding the most suitable, or best financing available for the buyer. Under sub-agency, the sales rep. is obligated to negotiate the best financing clause in the interest of the seller.

Negotiating: under buyer agency, the sales rep. is obligated to provide negotiating strategies and techniques that are in the best interest of the buyer. Under sub-agency, the sales rep. is obligated to provide the seller with strategies and techniques that are in the best interest of the seller.

Previous Offers: under buyer agency, the sales rep. must share all known details of previous unsuccessful offers, or any other information that strengthens the buyer’s negotiating position. Under sub-agency the sales rep. must share knowledge of previous negotiations the buyer has been in, enhancing the negotiating position of the seller.

Personal Information: under buyer agency, any knowledge of any personal information about the seller must be shared with the buyer, including but not limited to the price the seller is willing to accept, a price that has already been accepted or rejected, and the sellers motivation. Under sub-agency the sales rep. must share information about that buyer which may include but is not limited to; financial information and ability and/or willingness to change closing date.

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