How is Power One different from other real estate agencies? Simply put, Power One looks out for the Buyer’s best interests. So how does Power One look out for me (the Buyer)? That’s a great question. Let’s first see how real estate brokers in Oklahoma operate. Oklahoma Broker Relationships In Oklahoma, there are two types of real estate brokers: the Single Party Broker and the Transaction Broker. A Single Party Broker represents you (and not the other side) in the real estate transaction. In other words, a Single Party Broker is your agent. He or she acts solely on your behalf and owes you the following duties: (a) diligence, (b) obedience, (c) accounting, (d) reasonable care, (e) undivided loyalty, (f) confidentiality and (g) full disclosure. A Single Party Broker will negotiate for you, provide advice throughout the transaction and always look out for your best interests. When representing a Buyer, a Single Party Broker is often referred to as the Buyer’s Agent. When representing a Seller, a Single Party Broker is often referred to as the Seller’s Agent. A Transaction Broker, on the other hand, does not represent either side in the transaction! The Transaction Broker is a neutral party (kind of like a Baseball Umpire)…they don’t negotiate for either side and they don’t look out for the best interests of the Seller or Buyer. Heck, they can’t even offer you advice on negotiation strategies! How do most real estate agencies operate? Are they Single Party Brokers or Transaction Brokers? Many real estate agencies now operate exclusively as Transaction Brokers…not Single Party Brokers. Although real estate agencies used to represent Sellers (not Buyers) as Single Party Brokers in routine fashion, a couple of bumps in the road caused most real estate agencies to become Transaction Brokers.
Bump in the Road #1: Legal liability for overstepping their authority as the Seller’s agent and legal liability for failing to fulfill their duties to the Seller. Getting sued makes a lot of people reconsider their business plan! Bump in the Road #2: Buyers began to realize that Realtors were acting as Seller’s Agents (see definition above) and didn’t look out for the Buyer’s best interests. Most real estate agencies scrapped the “Seller’s Agent” concept to keep Buyers happy. After all, you need Buyers in order to sell property! Okay…So what about Power One? Will Power One be my Buyer’s Agent? With one exception (see the next sentence), the answer is YES…We will act as a Buyer’s Agent (or Single Party Broker) for you, the Buyer. The only time we cannot act as your Buyer’s Agent is when you are interested in purchasing a property that Power One has listed for sale. In that event, we must act as a Transaction Broker out of fairness to the Seller (who’s our customer on the listing side). What will you ACTUALLY do for me as a Buyer’s Agent? Great Question! Here’s a starter list of what we can and will do for you: - Show you properties that fit your wants and needs
- Assist you with financing sources and programs
- Write a Purchase Contract that protects your interests
- Coordinate with your inspector, lender and title company
- Manage the closing process and help you solve any problems along the way
- Provide all known information about the Seller's motivations for selling
- Provide comparable market data to evaluate a sales price
- Help you formulate a negotiating strategy
- Keep information you provide confidential (unless disclosure is required by law)
As my Buyer’s Agent, can Power One show me any property listed for sale? We sure can! Whether it’s a Power One listing or another real estate agency’s listing, CONTACT POWER ONE TO SCHEDULE A SHOWING! With the owner’s permission, we’ll also be able to show you property for sale by owner (FSBO). Okay…What does all this cost me? Are you ready for this? THERE ARE NO OUT OF POCKET COSTS FOR OUR SERVICES! In the case of property currently listed for sale, Power One will be paid by the listing broker (via the listing commission). In other situations (such as a For Sale By Owner or FSBO transaction), our negotiated commission will be listed in the Purchase Contract as a Seller’s expense and paid by the Seller at closing. This sounds too good to be true! What’s the catch? There is NO CATCH! What you see is what you get with Power One. In order to get started, we’ll simply need to sign up a Brokerage Agreement (which is required by Oklahoma law). After that, we can start chasing down deals! TO GET STARTED, CONTACT POWER ONE TODAY!
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