GET YOUR OWN AGENT . COM
The Relocation Department of Homebuyer Representation, Inc.
A Licensed Utah Real Estate Brokerage and an Exclusive Buyer Agency
Real Estate Agents on the Buyer’s Side TM
Q. Why are there no homes to look at on your site?
A. Most real estate companies believe that the only reason you (buyers) come to their site is to search for homes for sale. They spend a lot of money competing to have the most attractive home search tools on their site. Many companies use the home search feature as a way to capture your personal information. In addition, online aggregation sites are subject to errors in their data. The best source for listing information is directly from the source where they are initially listed. (http://www.inman.com/news/2011/05/9/trulia-higher-error-rate-in-non-mls-sources-real-estate-listings-data)
Many buyers will not get the highest and best level of representation in their real estate transactions precisely because they focus their initial efforts on finding a house, rather than finding proper representation first. Don’t let this happen to you!
An agent on your side can make the home searching process easier. They have tools to help you save time and effort in finding the right property. They can help you understand if an asking price is too high or not, and they will keep private any information that could be used against you in negotiations. A seller’s agent has a legal obligation to gather and share such information with the seller in order to get them the highest price and best terms. We strongly recommend getting an agent on your side before you start looking at homes.
A buyers agent on your side can usually connect you directly to the local MLS where you can search for homes that best match your criteria. Now you’re getting data straight from the source AND you have someone looking out for you.
We believe that with a buyer’s agent on your side of the transaction, you will find the right home and fare better in your negotiations. You will get important information regarding your rights and choices throughout the transaction that might be withheld from you if you don’t have an agent on your side, working for you.
Q. Should I get Pre-Approved before looking at homes?
A. The next best thing to being an all-cash buyer is to be Pre-Approved for a home loan. We encourage all buyers who need a home loan to get Pre-Approved as soon as possible.
Pre-Approval from a lender does not lock you into working with that lender. An agent on your side can help you select a credible lender, and, if you wish, can assist you in shopping lenders for the lowest rates and fees.
Q. Why is it so hard to find a real estate company willing to work for me, and me only?
A. I will let some agents and brokers answer this question themselves. I pulled these comments off an agent to agent exchange. Remember, these comments are THEIR perspective, not necessarily reality or reflective of the entire industry.
“Buyers come in to the market to find property . . . . NOT to find a Broker to represent them.”
“Listings are the Bread and Butter of the industry.”
“Personally, I don't know why you would start out in the business closing the door on half the prospects.”
“I'm simply not convinced that there is a distinct advantage to permanently cutting off the other side of the business.”
“Protect your butt first, your client's second.”
“I would caution you against not working with half your potential clientele (specially since it's the half with something to sell)”
“...from what I can gather from internet searches, buyers don't really understand the difference or care.”
Insightful, isn’t it?
We hope you understand the difference between a buyer’s agent and an agent who works for the seller, and that you can see the value in having an agent on your side.
The bottom line is that many real estate brokerages are unwilling to give up the double- and triple-end transactions that can occur when practicing dual agency (or even just by working for both buyers and sellers).
When you find a brokerage that is willing to commit to you and only you in your transaction, you have found something rare and of high value. Their agents strive to protect your interest in your transaction. Even though the industry essentially penalizes them financially for choosing to offer this optimal and ideal level of representation to you, they choose to stay true and loyal to you as a buyer, throughout your transaction.
Source: http://www.agentsonline.net/forums/ubbthreads.php/topics/392013/Exclusive_Buyer_Broker_Agen cy.html
Q. Shouldn’t I call the agent whose name is on the sign?
A. You should not! The agent on the sign represents the seller and has a legal obligation to get the seller the highest price and best terms. “Anything you say can and will be used against you.” Even the simple act of contacting the sellers agent could make it difficult for you to find a real estate broker to represent you in that transaction.
Some buyers believe they will save money by purchasing through the sellers agent, without their own representation. This is probably not true. In most cases, where the buyer does not have an agent, the listing brokerage simply makes twice as much in commissions. Also, there are protections you may be giving up if you buy as a customer of the seller’s agent. Some of these protections could be worth much more than any potential “savings”.
An agent on your side will protect you throughout your transaction, including making you aware of your rights and options, and working to protect you while getting you out of a contract if that is in your best interest. An exclusive buyer’s agent doesn’t just try to get the home to close. That’s the job of the seller’s agent. A buyer’s agent working only for you works to protect your best interest, which may not be a continual push for the deal to close.
Who you contact first is of the utmost importance. The National Association of Realtors states that “Over 90% of consumers work with the first agent they contact.”* Don’t get stuck in a sub-optimal agency relationship. Deliberately choose who to contact first.
(Source: Realtor.com, “Tips for Closing Leads”)
Ask yourself: How much have you really saved if you “save” 3% off the asking price if the asking price is 10% above what you could have (or should have) bought the home for with someone on your side?
Q. Should I ever consent to dual or limited agency?
A. No. You will not - because you cannot - receive full representation under a dual agency or limited agency agreement.
Unfortunately, data suggests that full and transparent disclosure regarding the level of representation being created in a real estate transaction is properly explained by the real estate professional in less than a third of transactions! Every day hundreds of consumers unknowingly, and literally, sign away their rights to full representation. Don’t let this happen to you!
We believe that dual agency, limited agency and transactional brokerage or facilitation offer no advantage to consumers, are usually harmful to consumers, and are almost always self-serving to the real estate agent or brokerage.
We believe that both buyers and sellers should always insist on 100% loyalty from the professional they hire to represent them in their real estate transaction.
If you have excellent credit and are planning on purchasing a home in the next 60 days, call 801-969-8989 now, or click on “Get Your Own Agent” below to find an agent in the area you are buying in.
“The best thing real estate buyers can do, and the first thing they should do, is to get educated about the real estate transaction and to select and hire their own real estate agent who will represent their interests as soon as they begin the home buying process, rather than ending up, by default, working with an agent who primarily represents the seller.” -Benjamin Clark 2009-2010 President of the National Association of Exclusive Buyer Agents.
Answers to frequently asked questions are our opinion and should not be construed as legal advice specific to your situation.