When it is time to purchase a home, finding the right realtor can be an overwhelming proposition. As you interview potential realtors most of them will be personable and competent, but once they are hired, how can you can be confident they will work hard to find the best home for your circumstances.
Agency and How it Impacts Buyers
Realtors work with clients in one of three capacities. Understanding these capacities will help you select the right realtor.
A realtor can be a buyer’s agent, a seller’s agent, or a dual agent. One who works strictly for the buyer is a buyer’s agent. As a seller’s agent, they work for the seller, and a dual agent works for both the buyer and seller.
Many agents will represent clients differently from case to case. If they are listing and showing the home, they will be a dual agent. If they are showing another agent’s listing, they will be a buyer’s agent. If someone else is showing a home they have listed, they will act as a seller’s agent. Agents in a dual agency firm in North Carolina, even when representing a buyer, are considered dual agents.
The challenge with this chameleon approach to real estate is that the buyer often does not understand the power and significance of each role of agency. This may not provide the best representation for the buyer. Today’s real estate market is very different than it was a few years ago and there are substantial advantages to finding a realtor who is specialized in how they will represent clients.
Why an Exclusive Buyer’s Agent (EBA)
An EBA’s only obligation is to the buyer. They have no sellers to make happy, so there is no temptation to waste time showing listings that don’t meet the buyer’s needs in an effort to create “traffic” for their seller client.
EBA’s will listen to what the buyer’s needs are, will weed through all the available listings, and will make recommendations based on what might interest the buyer. This creates more work for the buyer’s agent, but saves the prospective homeowner mountains of time.
Having an advisor during the home buying process is critical in today’s market. An EBA will help guide the prospective buyer to homes that will provide not only an amazing place to live, but provide a profitable investment as well. They will help them look past cosmetic issues and focus on the bones of the home, the location, and the resale potential. They will recommend the appropriate service providers to ensure the buyer has the best assistance available to make an informed decision. It is easy for a buyer to be swept away by great staging and not notice potential issues with the home – things like structural issues, the roof or old HVAC system, and other headaches that the buyer can inherit if the home’s true value is not carefully considered.
Consider that every agent who has committed to being an Exclusive Buyers’ Agent has willingly turned away half of his potential business when he decided to skip working with sellers so he could best serve buyers. Odds are that agent feels “a calling” to help buyers find the right house and acquire it at the best terms possible. Isn’t that the kind of agent you want handling the purchase of your home?
Having a specialized buyer’s agent – an exclusive buyer’s agent – in their corner can give prospective homeowners a clear edge in the largest purchase they may ever make.
If you are in the market to buy a home or just considering your options, it costs nothing to learn more. Call or email Linda for a free, no-obligation, no pressure consultation – 910.409.3519, Linda@LindaMehner.com.