For BUYERS in a Real Estate deal, WHO is in YOUR SIDE?
When you start looking for your home, you look in the paper or search the internet and see a home you want. Then you go to the office it is listed with, or call the listing agent directly. After all who would know the most about the home and get you a better deal than the one closest to the seller? So you are taken to see the home and make an offer, and get the home.
But was that agent working for you? NO, THE AGENT HAS ONLY ONE CLIENT, THE SELLER. Every word you said was related directly to the seller in order to get the HIGHEST price possible for the seller. You mentioned it was nice and if pushed, you would go to an xxx limit. The agent knows the seller’s bottom line and know knows you can be pushed higher than that. So who made out on that deal? Not you! Since you disclosed all of your personal information, it was relayed directly to the seller. And this is not only true of the listing agent, but all the other agents who show you a home, because they are all obligated to the seller of any house they show you. Unless you have your own Buyer’s agent you are at the mercy of the other agents. You need someone YOU can trust.
When you first go into a real estate office they make you sign a form that states this, but do you really understand? It is like going into court and both attorneys are on the side opposite you.
Now if you were truly represented in this deal, the agent would have worked hard for you to get the best price. But only an agent who is a Buyer’s Agent can do that, one you have signed an exclusive contract with, and not only can they negotiate better for you, but when they find our pertinent information about the seller or the house, that may help you bargain, they are OBLIGATED TO YOU. Only a buyer’s agent can protect your information.
The buyer’s representative also brings to the table market conditions, neighborhood conditions, schools, attractions and other local matters as well as a general overall knowledge about the transaction, all from the buyer’s perspective.
And finally, all agents have access to the same housing database. Only office exclusives are unavailable from that list. But as a buyer agent, that agent is also allowed to bring you to these exclusives, while a regular agent can not other than agents from that particular office. So by running around with different agents, you are really wasting your time. A buyer agent can and will set you up on an email notification list and everyday a list of homes that fit your particular criteria will be sent for you to view. You can choose which homes you want to see ahead of time. So next time you are tempted to run back and forth between agents, think of the advantage of knowing one that will work only in YOUR BEST INTEREST!
While there are online brokerages like Redfin and ZR, this is one reason why you might prefer a buyer agent you know. While their rates might be lower, a really good agent might be able to get you a lower price in the first place.