Every state has regulations on how Realtors interact with buyers. Vermont is unique with how that interaction occurs. When you first meet with a Realtor, you are deemed to be a customer in the eyes of the state. A customer is a person or persons you may show property to, however, do not have a contractual arrangement with. This means there is not confidentially between you and the agent. The agent can answer questions about the property and provide resources such as mortgage companies, inspectors, or other contractors in real estate. The agent is not allowed to provide opinion of price that doesn’t support the seller’s price or other brokerage services that are reserved for a client status.
A client is deemed to be a person or persons that have entered into a contractual agreement with a buyer or buyers to represent them in purchasing a home. It’s very east to become a client. There are a few documents that need to be signed. The documents consist of establishing a fee for service, length of time, property being sought after and other legal provisions. Once signed, the buyer or buyers enjoy the benefits of representation from the agent and firm.
It should be noted Vermont does not recognize dual agency as a form of representation. Dual agency is the process of which the agent represents both the seller and the buyer in the same transaction.
Some of the benefits include price analysis, assistance searching for a property, negotiations on offers and/or building inspection items, interpretation of pricing and market conditions, writing offers, providing resources for real estate professionals, showing properties, trusted confidant, strategy advisor, closing coordinator, record keeper, and many other benefits that can be discussed.
If you are purchasing a home for the first time, it is beneficial to have a first-time buyer consultation with the agent prior to viewing properties. The consultation consists of explaining the details of purchasing a property from getting pre-approved, costs associated with purchasing a property, steps of making an offer, process once the property goes under contact and finally what to expect for a closing. The agent also will explain the market conditions, tactics and advice on how to be competitive in a multiple bide offer situation.