Work With The “Right” Agent
If there is one thing that homebuyers need to do right, it is hiring and working with the “right” agent. Home buyers can work with agents who represent the seller, agents who represent the buyer, or agents who try to represent both the seller and the buyer at the same time (referred to as dual or designated agents).
Which of these sounds best to you:
- Agents who represent the seller, by law, must look out for the seller’s best interest and work to get the highest price and best terms for the seller.
- Agents who represent the buyer, by law, must look out for the buyer’s best interest and work to get the lowest price and best terms for the buyer.
- Agents who attempt to work for both (dual or designated agents) must remain neutral. They may not provide the duties of undivided loyalty or full disclosure to either party and by law they can not give you any information which could be detrimental to the seller’s position.
Finding a buyer’s agent:Nearly all traditional listing agents now call themselves buyer agents. In other words, you could work with a buyer’s agent who also takes listings, represents sellers, and is with a company that takes listings and represents sellers. This isn’t necessarily a problem unless you are interested in a so-called “in-house” listing. That is when the buyer agent that you are working with, and to whom you have given confidential information, switches to being a dual or designated agent. Working with a buyer’s agent at large real estate companies greatly increases your chances of wanting to buy an “in-house” listing. If you are going to work with such an agent go with one from a small real estate company to reduce your chances of the agent becoming a dual agent.
Exclusive Buyer Agents only represent buyers, never take listings or represent sellers and thus, give you the best opportunity to be properly represented regardless of which property you are interested in buying.