1. You Become A Client (Not A Customer)
According to the National Association of Realtors, If you work with the seller's agent, you are not a client, you are a customer. "As a customer, a buyer is not represented by [the] agent... the agent cannot negotiate on the buyer's behalf nor reveal to the buyer any confidences of the client, the client is the seller."
If instead, you hire an agent to represent you and your interests, your agent CAN negotiate on your behalf and CAN reveal to you anything they learn about the seller or the home that could benefit you in negotiations, or which could change your mind about proceeding with the purchase. You are no longer a customer being sold something, but you become a client, with professional representation on your side in the purchase of the home. Your interests are being looked out for and protected, not the seller's.
While many seller's agents say they can "help you" buy the home, you will not be receiving agency-level representation if that agent represents the seller. An Exclusive Buyer's Agent specializes in representing buyers only in real estate transactions. This level of representation is invaluable.
Ronald Huth, Broker at Buyer's Choice Realty in Massachusetts explains, "Why use an EBA [Exclusive Buyer's Agent]? It's the difference between a specialist and a generalist. It's a counselor/advocate vs. a salesperson. It's caring service vs. a quick commission. EBA's have collectively saved home buyers multi-millions of dollars in home purchases. It's someone who finds fulfillment in helping a buyer rather than helping themselves to a double commission. It's the only buyer's agent who can give buyers undivided loyalty all the time. It's buyer agency without a conflict of interest. It's someone who works for you as though they were negotiating the property for themself. Why would anyone want to buy a property any other way?"
2. You and only you are being represented
Hire an agent specifically to represent your, and only your, interests and you'll create a contractual relationship where the agent must remain loyal and accountable to you and not to any seller.
Only an Exclusive Buyer's Agent can offer you this highest level of representation. Agents that list homes have contractual obligations to promote those properties to buyers, including you. There is also increased financial incentive for them to show and sell you specific homes. An Exclusive Buyer's Agent does not practice dual-agency, which is legal in most states. (Dual-Agency is when a single broker represents both buyer and seller in the same transaction.)
An Exclusive Buyer's Agent will be on your side and only your side throughout your transaction. Exclusive Buyer's Agent John Rygiol, Broker of Buyer's Broker, Inc. in Seal Beach, California gives us some insight into the mindset of an EBA. "I strive to offer the same fiduciary service that the client would expect from his attorney or CPA. I only represent one person, the Buyer."
3. An Exclusive Buyer's Agent is legally obligated to try and get the best deal for the buyer
By law, a seller's agent must work in the best interest of their client. Their client is the seller. A seller's agent cannot negotiate on the buyer's behalf. They cannot suggest or recommend pricing information that would be damaging to their client. Any information they provide to you with regard to the home and the pricing should have been prepared with the intent to get the seller the highest price and best terms.
Likewise, by law, an Exclusive Buyer's Agent must work in the best interest of their client. Their client is the buyer. EBAs do not have sellers as clients and will focus on getting YOU the best price and terms. They can suggest courses of action in negotiations that will benefit you. Information they prepare is for your benefit in making an informed decision regarding value, offer construction and negotiation strategies. They don't have an obligation to justify a seller's pricing or terms or to try and sell you any particular house(s).
4. Less hassle, less stress and a better outcome
If you choose to work with an agent whose primary specialty is to sell homes for the highest price and best terms in the shortest amount of time as possible, you'll likely endure a significant amount of stress and pressure. These objectives generally align with a seller's best interest.
However, if you choose to hire an Exclusive Buyer's Agent, their specialty and focus is to help you buy the best home at the lowest possible price and best terms, according to your timeframe.
Through specialization and experience, they have streamlined the process in a way that gives the buyer the best experience. When you hire an agent whose business model aligns with your goals, you'll have a lot less pressure and you'll be able to enjoy the exciting process of buying a home.
5. Truly on YOUR side
Exclusive Buyer's Agent Stephen Israel, President at Buyer's Edge - Real Estate for Home Buyers in Bethesda, MD summed it up nicely when he said, "Our most important job is to help our clients evaluate all of their options correctly. This is made far simpler because we are not pushing properties. We look at locations, neighborhoods, transportation issues. Through thorough comparable research, we help them understand the values in the neighborhood. We are duty bound to tell them all of the positive and negative things that we see. We assess the quality of construction, the resale-ability of a home and tell our clients what we believe the value is and why."
Exclusive Buyers Agents do not list homes and will not ask you to limit your level of representation. They will be 100% on your side during the transaction, representing YOU, negotiating on YOUR behalf and protecting YOUR interests.
- Do you have excellent credit?
- Do you plan to purchase a home for $250,000 or more within 60 days?
- Do you have a good down payment, or are you paying cash for your next home?
- Do you want an agent on YOUR side throughout your transaction?
- Do you simply have questions about how things work?
Don't work with just any agent. Get YOUR OWN agent!
Or call us at (801) 969-8989 today for a free recommendation.
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Salt Lake City, UT - Exclusive Buyer's Agents (EBAs)
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