by Barbara Gressens, Broker/Owner

As you embark on your journey to purchase a new home, you owe it to yourself and your family to be knowledgeable about the home-buying process. After all, this is one of the biggest financial decisions you will ever make.

First and foremost among your concerns should be the selection of a real estate agent to help you navigate the process. You may not be aware of it, but there is a difference among real estate agents and your understanding of this difference can be the determining factor in the success of your home-buying experience.

Essentially, there are three types of real estate practitioners. These include: listing agents, buyer/dual agents and exclusive buyers’ agents. While all three types make every effort to represent their clients fairly, there are critical differences in the ability to demonstrate loyalty, obedience, disclosure, confidentiality, and responsibility that buyers need to know.

• Listing agents are known as traditional agents and are the most familiar type of real estate professionals. They are marketing specialists representing the interests of home sellers. You are typically aware of listing agents from their signs in yards and Open House announcements. They determine the value of the home, market the home and negotiate for the best terms and price on the seller’s behalf.
• Buyers/Dual agents are agents who work for a traditional firm representing both the buyer and seller. It is important for the buyer client to understand the limitations created by a dual agency relationship prior to entering into an agreement with that agent/agency. A dual agent must treat buyers and sellers fairly and equally; however, it may be difficult to advance the interests of both the buyer and the seller because of their competing interests. With dual agency, it is possible to lose your most important advisor and advocate. If both buyer and seller agree, in writing, a designated agency may be created for properties sold by the firm representing the buyer.
• Exclusive buyers’ agents are real estate professionals representing the buyers’ best interests in the home buying process. They determine the home’s value and formulate the negotiation strategy to get the best price and terms for the buyer, advise buyers of their best options after the home inspection and represent the buyers through the closing. Exclusive buyer agency insures no conflict of interest.

In summary:

When a buyer works with an agent whose firm lists property, the buyer might find his or her interests are compromised due to the agent’s relationship with the opposing side, the seller.

Because exclusive buyers’ agents work 100 percent on the side of the buyer, they will point out potential issues in the prospective property and even advise the buyers to not consider a property.

Buyer brokers have the buyer’s interest in mind. They act as a personal advocate, hunting for the right house and haggling with the seller’s agent. In fact, a 1992 study by a national long distance phone company found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%. -Diversion Magazine for Physicians

Choose to work with the Buyer’s choice to be the Buyer’s voice.

Contact an Exclusive Buyer Agent REALTOR at Buyers Advantage Group Realty who can help prepare you for home ownership. We can get you started taking all the right steps towards a successful home purchase while helping you save money. Call for a no obligation presentation of our services and the home buying process. Remember, having a buyers-only-agent does not cost you extra. There is a difference and the difference is your advantage.

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