Exclusively For Buyers
As a "HOME BUYER" it's important you know the difference between the type of "agents" working in Seattle real estate. Who represents whom?
"REALTORS® urge Exclusive Representation of Clients"
National Association of Realtors Code of Ethics - Jan 1st 2004
Meet Agent X the "TRADITIONAL AGENT" -- Agent X works for a firm or broker that lists homes for sale. They do a great job selling houses -- their job is to push the office listings first and strive to get the highest price for their client "the seller". Will this agent show you (the buyer) homes for sale? Most definitely! Preferably their listings or the firm's listings. Will this agent help you find a home? Absolutely, legally they can work for both the seller and the buyer as a "dual agent". But here's the problem - How can this agent get the seller the highest price and at the same time get the buyer the lowest price? THEY CAN'T!
Meet Agent Y the "BUYER'S AGENT or BUYER'S BROKER" - Agent Y works for a firm or broker that lists homes for sale. Agent Y will tell a home buyer that they are the "Designated Buyer's Agent" for the firm/broker and will act on the buyer's behalf in a transaction and that Agent X in the same company will act on behalf of the seller. This may lead a buyer to think that both agent's work independently of their firm/broker. Not exactly -- License law dictates that agents may NOT act independently of their broker. In reality both Agent's X and Y work for the same firm/broker and work in the interest of their broker who is really a "dual agent".
In a legal matter, would you want your attorney to represent both sides?
Meet the "EXCLUSIVE" BUYER'S AGENT -- This agent or Broker is a fully licensed real estate agent who ONLY works for and represents home buyers. They never list homes for sale and never work as "dual agents". There is no conflict of interest. They represent and negotiate the best possible terms and price for the home buyer.
At First Exclusive Buyer's Agent Inc. we are "EXCLUSIVE" Buyer's agents for Seattle real estate. We only work for and represent home buyers 100% of the time.
When you are ready to shop for your home, ask the agent you contact one question - DO YOU OR YOUR FIRM HAVE HOMES FOR SALE? If the answer is yes, they are NOT an "EXCLUSIVE BUYER'S AGENT" and are bound by Washington State law, to represent and negotiate the best possible terms and price for the seller.