Most people think that the agent they are working with is working for them. But unless they are working as your Exclusive Buyer Representative, they could likely represent the seller.
Types of Agents
Traditional Agent: (Listing or Seller’s Agent) Works on behalf of the seller and represents their interests during the sale. Most agents are Traditional Agents.
Buyer's Agent: Usually a Traditional Agent who assists the buyer during a transaction.
Exclusive Buyer's Agent: An agent who represents buyers only and never sellers in a transaction.
Dual-Agent or Limited Agent: An agent who works to assist in a transaction. The agent cannot provide both parties with the full duties of agency including undivided loyalty, full confidentiality and full disclosure of all information known to the agent. An agent acting as a Dual Agent is often called a "facilitator." Their interest is that the sale closes.
The BEST Reason to Use an Exclusive Buyer Representative
You Become A Client, Not A Customer
According to the National Association of Realtors, “As a customer, a buyer is not represented by an agent… the agent cannot negotiate on the buyer’s behalf nor reveal to the buyer any confidences of the client, the client is the seller.” Without the benefits of using us as your Exclusive Buyer Representative, you become just a customer to the seller and their agent.
You and Only You Are Being Represented
By signing a buyer agency agreement, you establish a contractual relationship with us. This makes us legally accountable to you and not to any seller. Sellers have their agents watching out for their interests and we protect yours.
The seller’s agent is legally obligated to get the most money for the seller. Can the Seller's Agent who is contracted to work in the best interest of one party also work in the best interest of the Buyer? They can not. A seller’s agent, by law, must work in the best interest of their client, including giving information about the buyers to the sellers. Exclusive Buyers Agents work in your best interest. Our goal is to get you the best price and the most savings possible.
"You can't have partial loyalty. An agent either works for you or works for someone else." - CONSUMER REPORTS Feb '94
As your Exclusive Buyer's Agent, we have been very successful in negotiations and typically save our buyers thousands of dollars at the table. See Some Actual Savings HERE
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Information here is about buying a home in Utah.
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Should you use a buyer’s agent? The vast majority of buyers don’t and that’s unfortunate. The only way to get an agent really on your side is to use an exclusive buyer’s agent. I wholeheartedly suggest you look for one when you get ready to buy. - TIPS AND TRAPS WHEN BUYING A HOME - Robert Irwin
"Don't ever buy a property directly from the listing broker. Having your own agent will help you get the best price and terms. It won't increase your costs, because your agent shares the commission with the listing broker. This percentage amount is previously determined in the listing agreement and will be paid according to that agreement, usually from the escrow when the sale closes." - Hume Publishing's SUCCESSFUL REAL ESTATE INVESTING
"You can be candid with a buyer broker without fear of aiding the seller; in turn, buyer brokers will use what they can ferret out about the seller to your benefit." - US. NEWS & WORLD REPORT
“Most agents who show you homes don't represent your interests. They work for the seller, and their object is to sell the house at the highest possible price.” - USA TODAY
"Though some buyers assume that the agent who shows them a house is on their side, in fact, it's just the opposite.
" Legally, the agent usually represents the seller and is obligated to get the seller the best possible price and terms.
" This is not true, however, when the buyer hires a broker to represent him or her."