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Is there a difference between an Exclusive Buyer’s Agent and a buyer’s agent?
Yes! Many real estate companies hire agents who work only with buyers. But, if the company takes sellers’ listings, they are not EBAs. They are simply agents that work with buyers most of the time. If an agent can ever be put in the position of representing both the seller and the buyer, the agent is not an exclusive buyer’s agent.
Will I have to sign a contract if I use an Exclusive Buyer’s Agent?
Signing a contract is up to the individual agency. In North Carolina, all real estate agents are assumed to work for the seller, unless they have a buyer agency agreement with the buyer. The initial agreement can be verbal but according to North Carolina law, there must be a written agreement between the agent and client before an offer can be written on the buyer’s behalf.
At Just For Buyers Realty we initially need a verbal agreement that you want us to represent you before we can start working on your behalf. We will provide up to three phone consultations and one area tour based on that initial agreement. We want you to make sure we are a good fit for you and your real estate needs before you commit to working with us. Once you feel comfortable working with Just For Buyers Realty, you’ll sign a Buyer Agency Agreement and, based on your schedule and needs, we will arrange for your first series of home tours.
What if I’m still hesitant?
Be frank with us. Talk to your agent about your concerns and experience. An agreement protects you as much as it protects us. We are not here to trap you. Quite the opposite. We want to make sure you don’t get trapped in a bad deal. We’re here to make your entire home buying process as smooth and trouble-free as possible.
The Advantages of an Exclusive Buyer’s Agent
You are about to make the biggest purchase of your life. It only makes sense to have an expert to help you negotiate the best terms and avoid as many pitfalls as possible. It doesn’t make sense for that expert to be one who is also helping their seller get the best price possible for their priorities.
An EBA can show you all the available properties on the market, but is never working for the seller of those. The EBA is working for you.
How’s that different from other companies?
Unlike most companies, we do not take seller listings. If an agency representing a buyer also has listings, and the prospective buyer falls in love with one of the agency’s listing, the agency is in the position of having to represent two parties with opposing interests.
We will never represent a seller, because we don’t accept any listings. In other words, we will never split our loyalty between you and the seller. More importantly, we will never have any personal financial stake in having you purchase from one seller over another.
In contrast, the real estate firms that represent buyers and also have listings are called “Dual Agencies.” In this situation, the agents are not allowed to advocate for the buyer or the seller. They won’t be able to answer fundamental questions such as, “What do you think we should offer for this property?” In a Dual Agency arrangement, the agent, by law, is unable to advise you on such critical matters.
At Just For Buyers Realty, you always have an advocate on your side, ready to answer any questions you may have!
How much does it cost to use an Exclusive Buyer’s Agent? How are they compensated?
The cost to use a Just For Buyers Realty agent is no more than that of a traditional agent. As is the case with most agents, our fees are usually paid by the listing agents who agree to share their compensation with whoever represents the buyer after a successful transaction.
Given that EBAs are paid by the listing agent, the question is often asked whether or not EBAs are working for the listing agent and seller. The answer is absolutely NOT. The contract is what ultimately determines for whom an agent is working, not where the agent’s payment comes from. A Just For Buyers Realty agent is always working for you, representing your best interests.
How Can I Find Out More About Exclusive Buyer Agents?
Call Just For Buyers Realty at 910-202-4813. We’ll be more than happy to answer any questions you may have!