The 10 most F. A. Q.s about Exclusive Buyer’s Brokerage:
- Why
do I need an exclusive Buyer’s Broker when searching for an
Inn/B&B property?
Answer: An exclusive Buyer’s Broker represents only you,
the buyer.
- Why
is that important?
Answer: My dedication is totally to you, the buyer. I do not
have any listings and I do not have any real estate allegiance to the
seller. Therefore, I have no conflict of interest and I am only
concerned about your best interests. In turn, a seller’s agent (the
listing agent), represents only the seller’s interests.
- Does
this mean that I
have to pay for your services?
Answer: NO! My services are available at no additional cost
to you.
- How
is a Buyer’s Broker paid?
Answer: I am paid by the proceeds at the time of closing –
I help you the buyer find the property that meets your needs and the
seller’s agent and I become co-brokers on the property and share the
commission as paid by the seller. In the rare occurrence, in the
Inn/B&B Business that the owner is selling their own property, I
would ask the seller to compensate me for bringing them a buyer.
If
this type of compensation is not available, I would ask for your
participation.
- If
it is so important to work with a Buyer’s Broker, why not any Buyer’s Broker?
Answer: The Inn/B&B business is a very specialized
business and you the buyer are best served by working with a Buyer’s
Broker who understands all facets of this unique business and only
specializes in Inn/B&B brokerage.
- Are
you going to try to sell me only
properties that are represented by your agency?
Answer: No, my loyalty is to you, my Buyer client. I will show
you any property that I feel will meet the needs that you have described
to me.
- Can
you show me any Inn/B&B property in the state?
Answer: Again, because my loyalty is to you the Buyer, I
am free to show you everything in the state that you would like to see
and I will direct you to anything that meets your requirements
- Since
I have learned that the seller’s agent is representing only the
seller and their interests, can I ask for buyer’s representation
after the listing agent has shown me a property?
Answer: Yes, Maine Real Estate law allows you to have
representation at any point in the process. As I am sure you can
understand, it is most advantageous for you, the buyer, to be represented
right from the start of your property search.
- As
a Buyer’s Broker, are you going to be as knowledgeable about the
property as the listing Agent?
Answer: It is my duty to my Buyer Client to be as aware as
possible about all aspects of a given property. If I do not have
all of the answers up front, I will research the situation until I can
provide an appropriate answer to the question.
- As
a buyer, I am still concerned that the Buyer’s Broker is going to
try to push me toward purchasing a property that may not be in my
best interests, such as being too expensive, more than I
can handle as a business, etc. etc...
Answer: There is no reason that I am going to pressure you to
buy a property that does not meet your needs. Actually, I am not trying
to sell you anything. I am working with you and for you to find the
Inn/B&B property that will best suit you. My loyalty to you will be
there even if we do not find the perfect Inn for you. But if we do, my
loyalty will remain far beyond the closing.
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