When I introduce myself at local Chamber of Commerce events and tell people what I do, I occasionally get someone who states “I know about that. I’m familiar with buyer agents.”
I have to gently inform them that an Exclusive Buyer Agent is in no way shape or form like a Buyer Agent. It is only then that they start getting a glazed look on their face….
They say “Uh, uh…. I thought that every buyer agent is the same….right?”
“No. You can only really have your own agent when buying a home when you work with an agent who never represents sellers, and their company never represents sellers. A buyer agent represents sellers, as does their company. An Exclusive Buyer Agent and their company never represent sellers.”
I Didn't Realize the Difference between a Buyer Agent and an Exclusive Buyer Agent
“Oh – I’ve never heard of that…”
“That is what we do.”
“Oh – and why is that better than using a buyer agent?”
“Because a buyer agent may show you more of their own company’s listings or their own listing and then suddenly – when you become interested in one of those homes, and thought you were fully represented, your agent is also on the seller’s side. That is like trying to coach two football teams at the same time. It doesn’t work very well for either team. That situation is called dual agency, and that is very very bad for your best interests. You might be sacrificing 10′s of thousands of dollars in negotiation as a result — and critical information that you needed to know about the area or the property, you never receive. Your buyer agent that turned into a dual agent may try to “sell” you on the home because they are pushing one that has a higher payout, or they may refer you to an inspector that “doesn’t blow the deal” instead of an aggressive one that takes hours longer to inspect. While they try to get you to buy – we always advise you of why you shouldn’t buy. And their financial interests are not aligned with your best interests. Ours are.”
“Oh – I see.”
But even then, they really don’t fully grasp the severity of using an agent that won’t be on their side 100% of the time. The implications can be very very costly on the most important financial transaction of their life.
- Do you have excellent credit?
- Do you plan to purchase a $200,000-$10,000,000 home within 90 days?
- Do you have a good down payment, or are you paying cash for your next home?
Your agent should be on YOUR side! If you plan on looking for homes in the Chicagoland area, including the Northwest Suburbs (Barrington, Arlington Heights, Lake Zurich, Hoffman Estates, Vernon Hills, Libertyville, Palatine, Buffalo Grove, Wheeling, Grayslake, Wauconda etc.) —
Call us at 847-566-7558 for a free consultation.
