Exclusive Buyer Agents vs "Traditional" Agents: What is the difference you ask? I’ll tell you. LOYALTY. Buyer agents, also referred to as buyer brokers, are loyal to their buyer clients. They work for buyers only. They tell you everything they know about a property and its seller, plus they have no interest in the property being sold.
“Traditional” agents are agents who work for real estate companies who have an established custom of both listing homes for sale and helping buyers find homes. (You know the companies I’m speaking of….) They are great at what they do and have a volume of homes for sale and a huge client base. Sounds great, doesn’t it? But with that volume of housing inventory and both seller and buyer clients, you’re bound to face many conflicts: With the agency representing seller being the same agency representing potential buyer, Do you really know who is looking out for your best interest?
Along comes the Massachusetts Mandatory Disclosure requirement, requiring agents to disclose who they represent before showing you a home. What is this you ask? Well, if your agent has not provided you with the Mandatory Disclosure Form, demand it now. You have a right, by law, to know who your agent is really working for.
ASK: ask if your agent is an exclusive buyer agent, representing buyers only.
ASK: ask if the office they work for is also an exclusive buyer agency, representing buyers only.
If the answer is “no,” or if you see “designated” agency checked on the MA Mandatory Disclosure Form, BEWARE…. The agent or office representing you may also represent sellers' best interests.
HOW can you make sure your interests are protected? EASILY. Make sure you work with an exclusive buyer agent. Better yet, find an agency, such as Find.a.home Buyer’s Broker, where you will get an exclusive buyer agent plus an attorney looking out for your best interests at all times!
Oh and by the way, Find.a.home Buyer’s Broker provides exclusive buyer agency and legal services related to your purchase at no cost to our buyer clients. How do we do this? We get our fee from a split in the same commission offered to all real estate agents.
Any questions?
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