Too many consumers have no idea that when they contact an agent listing a home, that agent must do everything possible to achieve the best outcome for the seller. As a result, these consumers have no one involved from the beginning of the transaction who can advise them on negotiating techniques, price points or the acquisition of an appropriate loan.

This year Congress is considering a range of measures to better inform consumers of their rights and responsibilities in the home buying process, I hope Congress will include clear, transparent and mandatory real estate agency disclosure language in its legislative vehicles as they move forward. 

 I believe that clear, consistent and transparent real estate agency disclosure will help consumers better understand that there are many types of real estate agents, each of whom have responsibilities to different parties in a real estate transaction. It is certain that common sense suggests that when an agent is representing a seller or, in the case of dual agency both parties, neither the buyer’s nor seller’s interests are fully served.  Consumers must have all the facts in hand in order to make clear informed decisions.

While the states have attempted to better inform consumers through state disclosure laws, inconsistencies in these laws, as well as lack of compliance and enforcement, have left most home buyers in the dark. Future homebuyers in Alabama can be confused by all the representations made by REALTORS, while all are legal here are some of the terms used - Buyer Specialist, My Buyers Associate, My Buyer’s Team member, etc…, all the while these agents are working for an agency which takes listings and may very well be the who personally has current listings to sell.  In fact, three studies by the National Association of Realtors since 2002 show that only about 30 to 35% of home buyers actually receive agency disclosure statements at their first meeting with a licensee, a level that is virtually unchanged since it was first revealed by the FTC in their 1983 study.

I think that at a very minimum, consumers should know what kind of agent they have and who specifically that agent is responsible to in the transaction.  Jimmy L. Manley, J.D., Broker/Owner of The Buyers Agent of Huntsville is supporting language that will bring transparency to the process by:

• making clear all types of agency representation available;
• providing consistent definitions of agency throughout the country;
• clarifying the time and method of disclosure;
• obtaining written confirmation from the consumer that they have received and understand the information; and,
• providing for enforcement with significant penalties

These are only suggestions to help keep the consumers informed about Agency relationships in the Home buying process.

If you want an agent who is only representing you through out the transaction, you need an “Exclusive Buyers Agent”. We are rare in fact we make up less than 1% of the entire group of licensed REALTORS.

The Buyers Agent of Huntsville is proud to be part of that 1% of REALTORS that have chosen to serve buyers only. You may contact us by clicking here.