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Buyer Vs. Seller Agents : Defined

Do your homework before you interview a Real Estate Agent...

Massachusetts has a Mandatory Agency Disclosure Law. This disclosure must be provided to you at the first personal meeting that you have with an agent to discuss a specific property. This disclosure is for your protection. Read and understand it thoroughly, ask questions! If you don't understand it, don't sign it. Know your options!

Home Buyer, Beware.

The most significant change in the new agency disclosure law is Designated Agency which is a variation of Dual Agency. 

Designated/Dual agency is when one real estate agent in a company is appointed (designated) to represent the buyer and another agent within the same company is appointed (designated) to represent the seller.  This means the same real estate office may now represent both the buyer and seller of the same property!!   How can the brokerage ethically seek both a higher price and a lower price for the same home at the same time!

This is good for that brokerage/company because they get both sides of the real estate professional fee.

Every client must understand all the implications of the conflicts of interest inherent in Designated/Dual Agency.

Such as:

• Other agents within the very same office may be representing the seller of the property you are interested in,
• Leakage of confidential information, negotiation strategies, overheard telephone conversations, staff meetings, common fax machines and computers.
• Office policy may pay the buyer agent more for promoting in-house listings.
• Who has access to agents voice mail
• How many agents in the company will be representing Buyers for the same house you are negotiating on.
• Who has access to office files, etc.

When an agent discloses to you that their brokerage/ company is a designated agency, you the consumer must understand that your relationship is limited, the rest of the brokerage or company does not represent or protect you. Is that what you want? 

1. EXCLUSIVE BUYER AGENTS
Exclusive Buyer Agents only represent the home buyer...never the seller, and are required by law to get the lowest possible price and the best terms for the buyer.

Exclusive Buyer Agents never list property, thus avoiding the conflict of interest that arises by trying to represent both buyer and seller in the same transaction. Exclusive Buyer Agents are specialists in the home buying process, and are 100% loyal to the home buyer 100% of the time.They research all available homes including For Sale By Owner, new construction, and MLS (other Agent's listings). An Exclusive Buyer Agent is a true fiduciary to the buyer, providing guidance throughout the purchasing process.

2. NON-EXCLUSIVE Buyer Agents
Non-Exclusive Buyer Agents subscribe to the practice that the agent represents either the buyer or the seller, but never both in the same transaction. Because these "buyer" agents work in offices where listing agents represent sellers, find out how the agent will handle a conflict of interest. Will they then become dual agents?

3. SELLER'S AGENTS
Traditional agents list property and always represent the seller. It is the legal obligation of the real estate company and it's agents to get the highest price and the best terms for their client, the seller. Any personal and financial information given by a potential buyer to a seller's agent must by law be told to the seller. BUYER BEWARE!

4. DUAL AGENT
Dual agents are real estate agents attempting to represent BOTH the Buyer and Seller in the same transaction. Undisclosed dual agency is illegal. Disclosed dual agency is legal only if there is full disclosure of potential conflicts of interest and the implications of this discounted service to both the buyer and seller. While dual agents attempt to justify this practice, consumer advocates warn never to use a dual agent. The National Association of Realtors wrote that the practice of dual agency is as dangerous as playing Russian Roulette.

Under a dual agency relationship both the buyer and seller agree to relinquish their right to 100% loyalty, advocacy, property opinion of value, and negotiating on your behalf.

As a Buyer, demand Exclusive Representation...
100% Loyalty...
100% of the time.

It's your time... it's your money... spend it wisely!!

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