In Utah, we have several different types of Real Estate Agents, all offering their own level of professional services and representation. Here is a Brief Overview of 5 Different Types of Agents in Utah:
- Listing Agent also known as Seller's Agent: these agents are sometimes referred to as a "traditional agent." They are the most common real estate agent in Utah. They work on behalf of the seller and represent the seller's interests during a sale. They treat buyers as "customers" of the seller and the listing brokerage and not as clients.
- Discount Brokerage: agents who work for a discount brokerage are required to provide clients with the minimum service level of representation required by the State of Utah. Many discount brokers offer the ability to add additional services a la carte or the option to "upgrade" to full service representation. Agency level services vary between brokerages and may not provide buyers or sellers with the best outcome. Some discount brokerages offer additional services such as access to their technology and attorneys. They may have you sign documents that limit their responsibility should you have problems in your transaction, prohibit you from rating them poorly on review sites, and/or limit you from publicly sharing any bad experience you have working with them.
- Buyer's Agent: a traditional agent who assists a buyer during a transaction. They also list homes and represent sellers in other transactions, or even in the same transaction (thus becoming a dual-agent, see below).
- Dual-Agent or Limited Agent: an agent who works to assist in completing a mutually acceptable transaction between a buyer and seller. The agent cannot provide both parties with undivided loyalty, full confidentiality and full disclosure of all information known to the agent. They will only be able to offer limited assistance to both parties and cannot advise buyers with regard to negotiating the best price and terms since doing so would conflict with the agent's pre-existing obligation to represent the seller. Acting as a dual-agent or limited agent without written consent of both buyer and seller is illegal in Utah. If you want your agent to remain loyal to your best interest only, do not consent to limited agency. Require that your agent represent only you as their client and treat other parties as customers.
- Exclusive Buyers Agent (EBA): An agent who represents buyers ONLY and NEVER sellers. EBAs do not list homes and do not have sellers as clients. Homebuyer Representation, Inc. is the only Exclusive Buyer Agency in Salt Lake County and has been serving buyers only for close to 20 years.
Remember 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 $400,000+ home 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 have questions about buying a home in the Salt Lake area?
Don't leave things to chance. Get YOUR OWN agent!
Call or text us at (801) 999-8889 today for a free consultation.
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Salt Lake City, UT - Exclusive Buyer's Agents (EBAs)
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