1. Listing Agent:  Listing agents are real estate licensees who list and market properties for a seller.  Listing agents work for the seller.
2. Seller Agent:  Seller agents are real estate licensees who work for a listing agent but assist buyers.  Seller agents work for the seller through the listing agent.
3. Buyer Agent:  Buyer agents are real estate licensees who work for and serve the interests property buyers.  Buyer agents work for the buyer.

Wisconsin law states that a buyer agent only becomes a buyer agent when the buyers sign a buyer agency contract.  Buyers without contracts always work with a seller agent.  Here are the advantages and disadvantages of buyer agents and seller agents.

Buyer agent advantage:

• Your agent works for you and in your best interests, not in the seller’s best interests.
• Your agent owes a greater duty to you than to any other party

• The buyer may have to pay their agent upon completion of a sale.

• The buyer will not have to pay “their” agent.  Unfortunately, this is because the seller agent is not truly “their” agent.

• “Your” agent really works for the seller; they cannot do anything that is not in the best interests of the seller.
• “Your” agent owes a lesser duty to you (the buyer).

1. The duty to provide brokerage services fairly and honestly.
2. The duty to exercise reasonable skill and care in providing brokerage services.
3. The duty to provide accurate information about market conditions within a reasonable time if requested, unless law prohibits the disclosure of the information.  (Note that explaining this information and how to use it to the buyer’s advantage is not included.)
4. The duty to disclose in writing certain material adverse facts about a property, unless law prohibits disclosure of the information.
5. The duty to protect confidentiality.  Unless law or court order requires, no agent will disclose your confidential information or the confidential information of other parties.  (Note that what a buyer considers confidential and what the law considers confidential are often two different things.)
6. The duty to safeguard trust funds and other property the broker holds.
7. The duty, when negotiating, to present contract proposals in an objective and unbiased manner and to disclose the advantages and disadvantages of the proposals.

1. The agent will provide, upon request, information and advice on real estate matters that affect your transaction, unless released from this duty by the buyer.  (Not only does this allow the buyer agent to explain the information, but it also allows the agent to advise buyers how to use this information to the buyer’s advantage.  Contrast this with item #3 above.)
2. The agent must provide all material facts affecting the transaction, not just adverse facts.  (Buyer agents must explain positive aspects about the property, not just negative aspects.  For example, a seller agent cannot tell the buyer that a property is underpriced due to an upcoming zoning change.  Frankly, a seller agent should contact the seller through the listing agent to have them raise the property’s price!  Contrast this with item #4 above.)
3. The agent will fulfill the broker’s obligations under the agency agreement and will fulfill your lawful requests that are within the scope of the agency agreement.  (Buyers with a buyer agent may ask their agent to assist them in other matters relating to the purchase of property.  Buyers with seller agents may not make these requests.)
4. The agent will negotiate for their buyer, unless the buyer releases the agent from this duty.  (Seller agents work for the seller through the listing agent.  Because seller agents must act in the best interests of the seller, they cannot give advice regarding negotiation, seeking a lower price, etc.  Seller agents must encourage their buyers to always give their highest and best offer to the seller.  In contrast, buyer agents are able to offer negotiation tactics that work in the best interests of the buyers.)
5. The agent will not place other interests ahead of their buyer’s interests.  The agent will not, unless required by law or by court order, give information or advice to other parties who are not the agent’s clients if giving the information is advice is contrary to your interests.  (Seller agents work for the seller.  By definition, seller agents must place the interest of the seller ahead of their buyer’s interests.  In contrast, buyer agents place the needs of their buyers ahead of all other parties.)
6. If a buyer agent becomes involved in a transaction in which another party is also the buyer agent’s client, different rules may apply.  (In rare situations where a real estate agent lists a property and finds the buyer for that same property, certain special rules apply to avoid conflicts of interest.)

1. Duration of the agreement.  The contract specifies when the agreement begins and ends.
2. Type of property and price range sought.
3. Duties of the agent.
4. Confidentiality. Is there specific information or data that the buyer wants kept confidential?  The buyer may list any information that they want kept confidential, subject to state law or court order.
5. Additional provisions.  Special non-standard provisions may be specified in the Buyer Agency Contract.