Exclusive Buyers Agent vs. Buyers Agent: What’s the Difference?
If you’re shopping for a new home in Wilmington NC and you’re looking for an agent to help you in your search, you may be surprised to learn that there are several different types of real estate agents. There are seller’s agents, buyer’s agents, and exclusive buyer’s agents. Seller’s agents are those that deal solely with individuals who are selling their homes. As a result, these real estate professionals will not be useful if you are looking to buy.
A home buyer has to choose between a buyer’s agent and an exclusive buyer’s agent. But, what are the differences between these two options?
What is a Buyer’s Agent?
A buyer’s agent is a real estate professional that works at a real estate firm that services both buyers and sellers. The problem with this scenario is that while your agent may be trying their best to meet your needs, every other agent in the firm is working against you. The primary goal of most traditional real estate firms is to satisfy the seller first and foremost.
The reason for a firm’s dedication to the seller is because the firm, and the buyer’s agent, wants the property to sell for as much as possible because the more the buyer pays, the more the seller, the firm, and the buyer’s agent makes off of the transaction.
What is an Exclusive Buyer’s Agent?
An exclusive buyer’s agent differs from a buyer’s agent in that this type of real estate professional only works in the best interest for the buyer. They are Accredited Buyer’s Representatives® and the firms that they work in never list properties, so they have no conflicting interests when it comes to you purchasing a new home.
The exclusive buyer’s agent designation was formed under the belief that it is impossible for an agent to faithfully represent a buyer when the firm they work for represents both buyers and sellers. There is even more of a conflict of interest in the event that the firm represents both parties in the same transaction.
Unlike a buyer’s agent, which will show a home buyer all of the listed homes in their price range, an exclusive buyer’s agent will show a home buyer not only all of the listed homes, but also homes that are being sold via other sources, such as for-sale-by-owners. These exclusive buyers agents also perform an extensive background check on the home you are looking to buy.
The Benefits of Using an Exclusive Buyer’s Agent
- An exclusive buyer’s agent specializes in representing the buyer and negotiating the best price and terms for the new home buyer only.
- An exclusive buyer’s agent contract is signed between the buyer and the agent to ensure that the buyer’s rights are protected.
- National studies indicate that buyers who use an exclusive buyer’s agent save an average of 6% off a home’s listing price.
- A home buyer usually pays no out-of-pocket costs for the exclusive buyer’s agent’s services.
Just For Buyers Realty Can Help You Find Homes in Wilmington NC
If you want professional assistance in your search for quality homes in Wilmington NC, Just For Buyers Realty can help. Our exclusive buyer’s agents are real estate experts for the Wilmington market and can help you through every phase of the home buying process, from finding a home to negotiating the best terms possible to signing the paperwork. Just give us a call today at 910-202-4813. Our agents are ready to help you.