The Consumer Federation of America says when interviewing agents to buy a home “make certain at least one is a Buyer Broker that works exclusively with buyers!” 99.99% of so-called “buyer agents” work for brokers who gladly list homes and represent sellers!
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Warning: Agents and brokers are flat out lying to you if they say they are “Exclusive Buyer Agents” if their brokerage represents any sellers! They are NOT EBA’s! Unlike traditional real estate agents who represent the seller of the properties they show, Exclusive Buyer Agents work exclusively to represent real estate buyers. What is this all about?
A Conflict of Interest
There’s a natural conflict of interest between the home buyer and the home seller because they have different needs and adverse interests:
How can one agent (or even a multi-agent brokerage) really represent both buyer and seller and not have a conflict of interest? They can’t!
It’s essential to use an Exclusive Buyer Agent for any type of home purchase. Only Exclusive Buyer Agents work for an Exclusive Buyer’s Broker. The brokerage never represents sellers or has listings to sell – EVER! Beware of so called “buyer agents” who work in traditional real estate offices. They CANNOT do what we do!
The Hidden Real Estate Danger – Avoid Double-Dipping, Insider Trading, Conflicts of Interest
Most home buyers don’t know which home they are going to buy eventually before they start. Makes sense, right? So even if a buyer knew that a traditional broker didn’t have any homes they were interested in currently and wanted that broker to be their “buyer agent” what happens if an ideal home gets listed 10 days from now? Now there’s a future conflict of interest! Why take that risk in the first place?
Realize that the homes traditional real estate agents have listed for sale are the same homes they legally represent the seller too. They are not your real estate agent. In fact, the listing agent has a legal responsibility to pass any helpful information on to the seller — financial and emotional information about you that weakens your bargaining position! When the brokerage gets both sides of the “deal”, they can make twice the money! So there’s a huge financial incentive for agents and brokers to show you their own inventory first.
Recall the Wall Street scandals of Enron, World Com and their ilk? Disgraceful. Unfortunately (and deceptively), many agents advertise themselves as so-called “buyer agents” because they don’t directly represent the seller of the homes they will show you. They claim that they are “designated buyer agents”. However, there is still a conflict of interest because they work for the same agency that is selling the home. That makes about as much sense as using a lawyer who works for the same law firm who also represents the opposing side!
Why would you want to work with a seller’s agent, dual agent, or designated buyer agent when it doesn’t cost anything to have your own Exclusive Buyer Agent represent you?
If you are looking for Metro Columbus Ohio real estate within the next two years contact us for a free consultation!