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OK, we'll be putting our house here on the market in a couple months and then IF it sells we'll be making a rush house-hunting trip to A'ville so I need to get this figured out in advance. I have read several articles about buyers agents vs. dual service agents. Because I haven't bought a house in 25 years let alone in NC I'd like a little advice from some who have.
So the question is what are your experiences in dealing with buyers agents as opposed to dual service agents?
Should we look for one that is exclusively a buyers agent?
In NC do you have brokers that are exclusively buyers agents (I have seen an ad by one company that claims to be one)?
Are nonexclusive contracts acceptable down there?
How about the big companies down there do they have agents that are exclusive buyers agents or do they go both ways (buyers and sellers)?
If you go with a company that has buyers, sellers, and dual service agents how unbiased can you really expect the one representing you to be if they are selling a house listed by the guy in the next cubicle?
OK, we'll be putting our house here on the market in a couple months and then IF it sells we'll be making a rush house-hunting trip to A'ville so I need to get this figured out in advance. I have read several articles about buyers agents vs. dual service agents. Because I haven't bought a house in 25 years let alone in NC I'd like a little advice from some who have.
So the question is what are your experiences in dealing with buyers agents as opposed to dual service agents?
They're both trying to make a sale.
I'm not being a smart arse . . . neither agent is really "on your side". You are the only one on your side, and the agent, whether buyer agent or dual agent, is on his/her side. I'm not being cynical, that's just human nature.
Quote:
Should we look for one that is exclusively a buyers agent?
In NC do you have brokers that are exclusively buyers agents (I have seen an ad by one company that claims to be one)?
Yes, some agents are exclusively buyer agents. I consider the buyer/dual agent to be a non-factor, and I'd go with an agent that you trust and that is intimately familiar with that neighborbhood. I'd interview several agents and eliminate those that don't fit my criteria or that strike me as unethical and/or untrustworthy.
If you're going to buy an older home or a recently renovated one, make sure you get an agent that is familiar with older homes -- totally different ball game and lots of potential gotchas.
My goal is to rely as little as possible on the agent so that I have no excuses at the end.
Yes, but there are buyer agents that only work for buyers and then there are those that work for a dual service broker like C-B or BH, etc. It would seem to me that those that work for a dual service brokerage would push their own listings to at least get the company both commissions. At least you know that the byers brokers aren't likely to have a hidden agenda. That said, teh bigger the selling price, the bigger the commission both the buyers and sellers agents get. So you were probably right in the first post. I'll have to see if there are any agents down there that I already know.
Dual agents certainly have incentive to push their own (or their firm's) listings, but if you know what you want, and you've educated yourself on the market for that neighborhood, then you're not going to be vulnerable to the Agent's biases. Although they'd prefer to sell you their listings, ultimately it's in their best interest to sell you a home that you really want.
Agents that are exclusively Buyer agents did not make that choice for your benefit; they're doing it because that's what they prefer. And I don't believe there's any inherent benefit to using one, as long as you know what you want.
In my opinion, a good Agent is extremely valuable to the process, but I don't think it's wise to overly rely on one in your house hunting process. To me, they are primarily insurance in case something goes wrong, and a consultant to provide expertise that you simply are unable to gain.
Well, I have combed the listings and know the neighborhoods we're interested in and what the houses are selling for. I know what the initial and final asking prices have been averaging in them too, so I have a pretty good idea of what to offer. I guess the main thing I need from an agent is the initial and current listing prices plus someone to do the negotiating and arrange the legal work down there while I sit up here waiting for closing and the moving day. I was just hoping there might be some on here who have actually worked with a buyers agent.
This is the NC Real Estate Commission's web site. Look for the brochure on "Working with Real Estate Agents" This brochure explains NC Agency Law. All Agents you work with are required to give you one of these and get receipt of so. www.ncrec.state.nc.us
Last edited by Wendyb0077; 07-06-2009 at 05:10 PM..
Reason: Clarify
I bought my first house using a strictly "Buyer's Agent." I was greatly impressed with his diligence, but he is no longer in Real Estate. That being said, Agents who only represent buyers are generally good people, but will not be a "tour guide." Most of them will make sure you are ready, willing, and able to buy before taking you all around town in their automobile.
I have represented clients as seller's, Buyer's, and Dual Agents. Although I cannot attest to the diligence of every Realtor in WNC, I can say a good agent will give you the "Working with Real Estate Agents" Brochure mentioned above and go over it with you. It discusses all forms of agency relationships: Buyer-, Seller-, Dual-, Seller Sub-, and Designated Agencies.
When it comes to buyer- or dual- agency, there isn't a single answer that will best suit you. Some people prefer to contact the listing agent of a property they are interested in, others may want to seek and find an exclusive Buyer's Agent. It sounds like you already know what area in which you want to look, how much you want to pay, and that you want to get a good deal. In NC you can use a "non-exclusive" agreement with your agent-that way the agent is protected if you buy the properties they show you, but you are not locked in to one agent. This is especially good for people who are looking in more than one area. If you are impressed with an agent's ability and diligence, you can always execute an exclusive agreement.
The only downside to this route is some agents will want you to sign an "exclusive buyer agency agreement" or they won't work with you. And some will even require a retainer fee to help cover the cost of gas and their time.
But the good thing is, once you have an agency agreement with an agent-they are yours. They have to do what you tell them (legally, of course), and if you are a serious buyer, you'll be at the top of their "list."
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Working with Real Estate Agents
