While searching for articles about the importance of hiring a buyer’s agent, I found this football comparison.
Think of the Listing Agent of a home as the coach for the “home team.” Now think of the Buyers Agent as the coach of the “Visitors Team.” Before 1993, the coach of the home team tried to get his team to win and the visitors coach could give compromising and confidential information (like reasons they want the house, motivations, final offer/price) to the home team to “win.” Now after 1993, the buyer’s agent, or the only goal of the coach for the “visitor’s team” is to help his team win the game by providing the following 6 characteristics:
1.“Undivided Loyalty” – The agent is prohibited from advancing any interests harmful to the client’s interest.
2.“Obedience” – The agent is required to act, following and abiding all lawful instructions, subject to the client’s continuous control and not making decisions for that client without expressed permission
3.“Reasonable care and diligence” – The agent is required to protect the client from foreseeable risks of harm or damage.
4.“Confidentiality” – The agent is prohibited from communicating personal information about the client that was given to or acquired by the agent.
5.“Full Disclosure” – The agent is required to disclose honestly all information concerning the transaction that might affect the decisions a client makes.
6.“Accounting” – The agent is required to promptly report to the client all money and property received and paid out.
