Exclusive buyer's agents are professionals who work for real estate companies that do not list properties for sale or represent sellers. Working with these agents will help you avoid conflict of interests that can occur when two property investors are interested in the same property listed for sale. The property may be listed by an established buyer's agent or the company the agent works for.
According to the National Association of Realtors, 9 out of 10 home buyers use real estate agents. Although many people use the terms listing agent and buyer’s agent simultaneously to mean the same thing, there are distinct differences between the two. A listing agent represents the seller, while a buyer’s agent takes care of the buyer’s interest in the negotiation and closing process.
An exclusive buyer’s agent will assist the buyer in filling out necessary paperwork, bargain with the property seller, negotiate contingencies, and facilitate the homes for sale inspection process.
Exclusive vs. Dual
Although an agent can be both a buyer’s agent and a listing agent at the same time, many agents today specialize in various aspects of real estate brokerage. This trend towards specialization led to the rise of the exclusive buyer’s agent.
You can select an agent who represents both sellers and buyers. Nevertheless, beware of dual agents who offer you a house they are also listing to sellers. The agent may have conflicts of interest. Consider working with an exclusive buyer’s agent who will put your interests first.
It is important to know that not all real estate agents and real estate companies are exclusive buyer’s agents. In addition, home buyers have a right to choose a real estate agent of their choice. Exclusive buyer’s agents can help save you time and energy in the home purchase process.
Working with a Buyer's Agent, ct.gov
Real Estate Brokers and Salespeople Consumer Fact Sheet, mass.gov