Finding the Right Real Estate Agent
In order to find the best house to buy, you need to start by finding the right real estate agent. There are three different types of real estate agents, all of which operate differently from the other. You want to make sure you find the one that is going to best represent you as the buyer, without the risk of a conflict of interest. See what the differences are between the three types of real estate agents, and which will be the best fit for you.
The Listing Agent
A listing agent is a real estate agent who represents the homeowner, or seller, during the sale of their home. Their ultimate goal is to work in the best interest of the seller, and to get the most money that they can for the home. While a listing agent may also represent the buyer, this may not be the best option for the purchasing party. Because the listing agent primarily focuses on selling the home, they have less interest in getting the best deal for the buyer. This means that the buyer could be taken advantage of by being overcharged and under-represented.
A listing agent that represents the seller as well as the buyer is also creating a conflict of interest. As a comparison, you wouldn’t hire a lawyer to represent you in a case if they also represented the opposing side in the same case. Legally, they can’t because it would create a conflict of interest otherwise known as; Dual Agency. Using the same real estate agent to purchase a home that is also responsible for the sale, creates a situation in which the interests of the differing parties are incompatible. For a buyer to use a listing agent as their representative means that their best interests will likely be overlooked.
The Buyer’s Agent
To fully understand how a buyer’s agent operates, it’s important to first know who/what a broker is. A broker is the agent at the head of a real estate company. The broker is responsible for ALL the agents and every deal done at their brokerage. The deals are actually all done through the broker’s license. A real estate broker by defnition is: the agent that arranges business transactions between a seller and a buyer for a commission of the sale. Buyer’s agents are typically then licensed through a brokerage whose main goal is to act as the middle-man for a buyer and a seller. If they are selling a house, they want to find the buyer too, so they can make twice the money. In most of these transactions, the traditional broker is already contracted with the seller in the transaction that a “buyer’s agent” is “helping” the buyer through. Although buyer’s agents technically represent the buyer during a purchase, they are still employed through the broker who represents both sides of the deal. This means that at a dual agency brokerage; their buyer’s agents are also creating a conflict of interest because while they’re representing you, the buyer, their firm is also working on the seller’s behalf to complete the transaction.
Buyer’s agents are also encouraged by their brokers to push the property interests of the brokerage. More often than not, a buyer’s agent will show homes to potential buyers that are listed under their brokerage, as they are often more familiar with these, which limits the buyers opportunity to see other homes that may better suit them. In this case, the buyer’s agent isn’t working in the best interest of the buyer.
The Exclusive Buyer’s Agent
An exclusive buyer’s agent provides exclusive representation for buyers ONLY. They are single agency brokerages who are certified to represent buyers, and buyers alone, and are not legally allowed to represent sellers. This means there is absolutely no conflict of interest. An exclusive buyer’s agent works solely with the buyer without limitations. They also provide unbiased realty advice, and keep the buyers best interests in mind during the entire deal.
Exclusive buyer’s agents also have access to all the same listings as any other agent in the business. They’re able to show their buyers homes from the Multiple Listing Service (MLS), foreclosures, For Sale by Owners, and other investment properties for sale. Opportunities are endless with exclusive buyer’s agents, and with no conflict of interest, there’s no need to worry about whose side their on. The buyer is always represented 100% with an exclusive buyer’s agent. No hidden agendas and no properties they are pushing to be sold.
Finding the Right Real Estate Agent with Remaklus Realty
Remaklus Realty is an Exclusive Buyer’s Agency that focuses solely on representing real estate buyers throughout the buying process. They will help you with market research, loan qualification, inspections, negotiations, escrow, insurance and closing processes through every step of the buying process. Not only is Remaklus Realty dedicated to finding their buyers the best homes possible, but they are also dedicated to getting their buyers the best deals possible as well. They work with their buyers best interests in mind, which makes them the ideal real estate agent to work with. Connect with Remaklus Realty today to see how they can help get you into your dream home!