Home buyers often believe that the real estate agent that they call or email works for them. It is important that buyers know that the real estate agent that they contact in response to an advertised listing or new community  typically works for the seller.  A real estate agent owes specific duties and loyalties to their clients.  Clients have typically signed either a buyer’s representation agreement or a seller’s listing agreement.  If you do not have a contract with your agent buyer beware, “anything you say can and will be used against you in a negotiation”.  We thought it would be helpful to breakdown the types of real estate agents that you will encounter as a buyer.

Exclusive Buyer’s Agent

Exclusive buyer’s agents represent the buyer 100% of the time.  Exclusive Buyer’s Agents do not represent the seller’s interests and the Exclusive Buyer’s Agency the buyers agents work for do not take seller’s listings. The exclusive buyer’s agent is obligated to obtain the best price and terms on behalf of the buyer. Exclusive Buyer’s Agents are a buyer’s best option.

Seller’s Agent

The seller’s agent lists properties for sale and is obligated to represent the seller’s interests. The seller’s agent is obligated to obtain the best price and terms on behalf of the seller.  The seller’s agents are responsible for marketing the seller’s property to attract interest from buyers.  Seller’s Agents are a seller’s best option.

Dual Agent

Dual agency occurs when real estate agents working for the same real estate agency represent both the buyer and the seller in the same transaction. There is a tremendous amount of risk to both the buyer’s and the seller’s best interests in a dual agency transaction. Buyers should make every effort to avoid dual agency.

Buyer’s Tips

  • Ask questions, make sure that you know who the real estate agent represents and that your interests as a buyer are protected.  We put together a list of 7 questions every buyer should ask a real estate agent before inquiring into any property for sale, more.
  • Don’t call us, we’ll call you.  What every buyer should know about open houses, for sale signs, and listing ads, more.