What is a Buyer's Agent?
A Buyer’s Agent is a real estate broker or licensed salesperson who signed a legal contract with a buyer to assist with planning, locating and evaluating property, negotiating price and terms, financing and inspections.
Exclusive Buyer's Agents (EBAs) are specifically trained for buyer agency, more experienced and able to help you get a better deal on a home than the ordinary agent who moonlights as a buyer's agent. They are members of The National Association of Exclusive Buyer Agents (NEBA) which exists to support and promote EBAs as the best possible representation for consumers who want to buy a home.
Any real estate agent can sell you a home, but a good buyer's agent can offer advice on every aspect of your home buying experience, including details about realistic pricing and negotiation strategies. Home buyers has a right to full and equal representation and service just at the seller get from a listing agent.
Home buyers should expect loyalty and confidentiality from the real estate agent they are dealing with in the purchase of their home. A buyer’s agent will promote your best interest and provide you with all available facts that could influence your decision about making an offer.
They will offer comparable sales data that will help you make a realistic offer to the seller and provide you with “with if” scenarios about clauses contained in the contract. They may recommend contract contingencies to protect your best interests.
They will keep on top of any issues that need to be taken care of before closing such as the home inspection, working with the mortgage broker and working with the lawyers representing the seller.
See below reasons why you should use an Exclusive Buyer Agent (EBA)
- Only an Exclusive Buyer Agent (often called an Exclusive Buyer's Broker) can guarantee to represent you in your home purchase.
- Only an EBA can guarantee to negotiate on your behalf.
- An EBA provides the true facts as to value, market/neighborhood conditions, and obvious physical defects.
- The high level of negotiation training and expertise of an EBA truly levels the playing when it is time to make an offer on a property.
- Because an EBA only represents buyers and does not have in-house or company listings, a seller is always unaware of the price buyers are willing to spend during the negotiation process, bringing the advantage back to the buyer and the buyer's wallet. For this reason alone, it is very common to save thousands of dollars during the critical negotiation process.
- An EBA will insist that the buyer utilize a qualified home inspector who will treat the buyer as their client, and not as a customer.
- Listing agents (the ones with the sign in the front yard) and the company that they work for represent the seller, not the buyer. Their job is to get the seller the highest price on the best terms.
- An EBA's job is to get the buyer the lowest price on the best terms.
- EBAs will do a better job for transferees that anyone else. They will give you the facts, good and bad.
- A listing agent cannot tell you about many things that would be detrimental for the buyer because they work for the seller.
- An EBA will help you with your financing alternatives. They may advise you to be pre-approved by a lender. Because a fully approved loan makes you a cash buyer.
- EBA’s have a legal and ethical obligation to put your interests first.