At every business deal there are at least two parties. This is valid also for real estate business. These parties are represented by seller and purchaser. In case of real estate transactions, the seller is represented by real estate agent. Who represents behalf of the purchaser? Usually nobody, which can be a big mistake.
Who is purchaser representative?
It is a professional from real estate field who represents only the purchaser’s interests. Representative deals with the purchase of the property to prevent conflict of interests.
Your representative helps you all the way through from the beginning to the end with all matters concerning property. According to your criteria he looks for specific property and its price estimate. He also checks ownership and then asseses the property to either recommend you the purchase or not.
Representative works together with a lawyer to draw purchase contract or the lawyer only reviews the contract prepared by the opposite side. Next step is a takeover of the property.
One of the main responsibilities of the purchaser representative is to negotiate the best conditions possible. Due to the fact that the representative knows real estate market very well thus property prices, it is not difficult for him to negotiate appropriate price. Therefore the price can be considerably lower.
Representative does not only save your finances but also time. Moreover you do not have to stress over paperwork.
It must be a rule that client interests come first. Representative must provide the client with all important information even in cases when it would mean a reason to withdraw from purchase.
What is the pay of purchaser representative?
In the Czech Republic the pay is derived as % from purchase price (usually 1%). It can also be fixed price for each errand. Although most often the price is determined by % from the discount the representative negotiated (it is often around 50%). The bonus is usually much lower than the amount the purchaser saves thanks to this service.
Purchaser representative comes to our market
Services of purchaser representative (buying agent) have been very common abroad for many years. In the Czech Republic it came first in 2012. Very often the service found its fans and it is being used more and more often.