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My wife and I will shortly be back in the DC area and plan on buying our first home. We'd like to use an exclusive buyers agent.
Can anyone talk about this intelligently? Is this a good idea? Does such a thing even exist? I understand they're as rare as hen's teeth. I've only looked around casually on citydata and not come across much in the way of advice, pro or con. Also I'm wondering what ties am EBA to honor this form of contract?
Love to hear from folks that have used them, hate them, or love them. Or perhaps you are an exclusive buyers agent.
Used one, it rocked. Ended up getting a house below market in our target neighborhood. She knew the neighborhoods...worked out great for us. Knew the local real estate rules like the back of her hand. I would HIGHLY recommend having one within DC.
I personally don't think it matters. RE agents are inherently conflicted in their incentives regardless of whether they're exclusively a buyers agent or not. Ultimately they get paid on finishing a transaction as quickly as possible for as much as possible. Certainly there are real incentives to put the interests of the client first because they want a good reputation, referrals and repeat customers.
Ultimately, it comes down to: is my agent a good, competent professional that is really putting my interests first over their own financial interests of closing a deal and getting paid?
I can definitely say my Agent team (husband and wife) were in my corner. They worked with me for a year without a contract, and I think they got me way more house than I thought I could get.
Ultimately, it comes down to: is my agent a good, competent professional that is really putting my interests first over their own financial interests of closing a deal and getting paid?
You are foolish to depend upon this. You are really unlikely to ever do business with that agent again and he/she really has no incentive to put your interest ahead of his own. Agents can be useful, but putting your finances in his/her hands is not smart. A house is probably the largest single financial commitment you will make. You should educate yourself on the neighborhoods, prices, etc and use a agent as a tool to accomplish your goal.
You are foolish to depend upon this. You are really unlikely to ever do business with that agent again and he/she really has no incentive to put your interest ahead of his own. Agents can be useful, but putting your finances in his/her hands is not smart. A house is probably the largest single financial commitment you will make. You should educate yourself on the neighborhoods, prices, etc and use a agent as a tool to accomplish your goal.
You are foolish if you drew a recommendation for blind dependency from my comments that "realtors are inherently conflicted". Doing your homework on a a major transaction like a home purchase is a given, and part of that homework is selecting a good agent.
I was addressing the OP's question about whether or not they are advantaged by using an exclusive buyer's agent. My point, which I thought was very clear, is that using an exclusive buyers agent is no more a guarantee of integrity, competency or lack of conflicts than any other kind of realtor. An agent's behavior and motivations absolutely comes down to the individual agent.
You are foolish if you drew a recommendation for blind dependency from my comments that "realtors are inherently conflicted". Doing your homework on a a major transaction like a home purchase is a given, and part of that homework is selecting a good agent.
I was addressing the OP's question about whether or not they are advantaged by using an exclusive buyer's agent. My point, which I thought was very clear, is that using an exclusive buyers agent is no more a guarantee of integrity, competency or lack of conflicts than any other kind of realtor. An agent's behavior and motivations absolutely comes down to the individual agent.
We found the first buyers agents we contacted incompetent. The one we finally dealt with knew the area well and everything which can trip up the process.
since we're speaking about real estate agents, what are people's thoughts of Redfin and do you see them threatening the traditional real estate model? Agents get paid a salary (with a bonus) instead of just commission and that is supposed to facilitate the image of them putting your interest ahead of their own.
Thank you all for your responses. It gives us some food for thought. We also found NAEBA National Association of Exclusive Buyers Agents. Their site seems to pride themselves on ethical guidelines that favor the buyer. I look forward to this truth.
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