What is an Exclusive Buyer’s Agent?
What is an exclusive buyer’s agent? And why should you work with one? There are a lot of questions you’ll want to know the answers to as you start the home buying process. One of the most important questions, though, is how to find the right person to represent you during the process of finding your dream home. An exclusive buyer’s agent is a real estate agent who represents only buyers. They never take listings, which means they always have the best interest of the buyer in mind.
How is an exclusive buyer’s agent different from a traditional real estate agent?
On the surface it may seem that there aren’t many differences between a traditional real estate agent and an exclusive buyer’s agent. They can both help you find a new home. However, traditional real estate agents can represent both buyers and sellers, sometimes at the same time. When an agent represents a buyer and a seller at the same time, it’s called dual agency. When this happens, there’s potential for a conflict of interest. While you, as the buyer, want to pay the best price for your home, the seller also wants to receive the most for their home. An agent who is representing both the buyer and the seller can’t give advice on negotiations. There’s also the potential for unethical business practices. Trulia compares dual agency to one attorney representing both the husband and the wife in the divorce.
Why should you use an exclusive buyer’s agent?
As an exclusive buyer’s agent it is our responsibility to get the best price and best terms for our clients. We’ll stand by you through the entire home-buying process, from start to finish. Just like a traditional real estate agent, we’ll help you search for homes based on the criteria you set, and we’ll schedule tours and join you to view homes. In addition, with you as our main focus, we’ll help make sure you get the best price for your home, and we’ll help you through the process of contracts and inspections.
Using an exclusive buyer’s agent doesn’t cost you anything. Typically, the listing agent will split his or her compensation from the sale, which is a percentage of the home sale and is covered by the seller. Exclusive buyer’s agents can also show you homes that are for sale by owner. In this case, the seller must agree to allow the agent to be involved in the process and will pay a small percentage of the sale as compensation.
Check out this video from the National Association of Exclusive Buyer’s Agents for more information on using an exclusive buyer’s agent.
Ready to get started on the process of finding your new home? Contact us to set up a consultation!