A survey conducted by the Federal Trade Commission in 1983 revealed that 71% of Buyers incorrectly thought that the agent/subagent showing them property was looking out for their interests, when in actuality the salesperson was working for the seller. In reaction to this confusion, state legislatures eventually passed laws that required real estate agents to disclose what types of representation they could offer. It was the intent of this legislation to help real estate Buyers (and sellers) make informed decisions on the type of representation appropriate for them.
Addressing the need to clarify real estate relationships, the Wyoming State Legislature has defined three agency relationships for Buyers, one of which must exist for a real estate agent to be involved with a real estate Buyer. With the near disappearance of subagency (seller’s agents showing real estate to Buyers), only two of these relationships are practiced in Teton County, Wyoming. These relationships are:
1. Intermediary (Non-Agent) – Both the Buyer and the Seller sign written agreements acknowledging that the Intermediary (non-agent) is the advocate or representative of neither party. The intermediary agent’s purpose is to serve as “conduit” so that the Buyer and seller may negotiate their transaction.
An intermediary owes no fiduciary duty either to Buyer or seller and is not allowed to negotiate on behalf of the Buyer or the seller.
2. Buyer’s Agent – The Buyer’s agent signs a written Buyer’s Agency Agreement with the Buyer and owes the “utmost of good faith, loyalty, and fidelity” to the Buyer.
The Buyer’s Agent is an advocate for the Buyer.
The Jackson Hole real estate market is a complex market where economic influences and property location can cause demand for homes in one market segment to be expanding while another market segment is contracting. It is, therefore, easy to understand why people purchasing real estate in Jackson Hole need a representative and advocate in the real estate buying process. This is the case, whether you are looking to move to Jackson Hole for the life-style rewards and potential financial return experienced by so many in Teton County, or are a “local” who is looking for advice on what is not only a substantial financial investment, but is the place that will be called home.
The service of Buyers representation comes at no additional cost to you, the Buyer. As real estate commissions are typically paid through cooperative agreements with the seller’s agent, the Buyer can obtain our services without additional expense.
Buyer’s Representation is the clear choice for anyone thinking about buying Real Estate in Jackson Hole, Wyoming.
As an example, consider the fact that an agent acting as an intermediary cannot provide you with a market analysis or advice on making an offering price – unless it supports the seller’s asking price! Put Us to Work for You!
|Services Provided||Intermediary Client
||Buyers Agent Client|
|Providing advise and counsel||0||X|
|Pointing out reasons certain properties may not be appropriate||0||X|
|Promoting your best interest||0||X|
|Passing on information to enhance your bargaining agreement||0||X|
|Assisting you to form contract in your best interest||0||X|
|Negotiating best price for you||0||X|
|Providing accurate information||X||X|
|Assisting with financing||X||X|
|Monitoring escrow and closing||X||X|