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Buyer Agents in the Media
What the consumer advocates are saying …
"Home shoppers who use exclusive buyers’ agents don't run the risk of falling in love with one of their agent's own listings. When that happens, the agent becomes a dual agent -- beholden to both the seller and the buyer, and thus, beholden to no one. Because this limits the amount of advocacy and advice the professional can give either party (for instance, a dual agent can't tell the seller the highest price that a buyer is willing to pay), dual agency is illegal in some states.”
“If you ever doubted the value of real estate agents who work solely for home buyers (as opposed to traditional agents who report to sellers), consider this: A recent study by U. S. Sprint found that 232 relocating Sprint employees who hired buyer’s brokers paid an average of 91% of a home’s list price. People who use traditional agents typically pay about 96%.”
“There are many fine and ethical agents in the world. But the bottom line is that sellers' agents are salespeople who make their living off commissions. Never forget that, no matter how nice they are.
So how can a good Fool make sure that the guy who is helping him is really helping him? By hiring a "buyer broker" instead.”
"Buyer brokers: agents that buyers can call their own ... If your real estate agent isn't a buyer broker, he works for the seller ... Buyers no longer have to fend for themselves."
"Buyer brokers have the buyer's interests in mind. They act as a personal advocate, hunting for the right house and haggling with the seller's agent. In fact, a 1992 study by a national long distance phone company, found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%."
"Many people don't realize that, unless specifically stated otherwise, brokers are legal representatives of sellers. A buyer broker, representing only the buyer, may be able to secure a better price and better terms."
"A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its brokers as a buyer agent. That's why many people believe an 'exclusive' buyer broker is preferable."
"... a buyer's broker is prohibited from disclosing to a seller that the buyer can, or will, pay more than what has been offered ... To 'eliminate conflict of interest,' exclusive buyers' agents do not take listings"
"Exclusive buyer representatives act exclusively on behalf of a buyer ... their loyalty to the buyer is never in question."
"Unless the agent is an exclusive buyer's agent ... there is a potential conflict of interest."
"... without an exclusive buyer agent, there may be a question of loyalty."
"Groups such as the Consumer Federation of America and AARP recommend using buyer's agents."
"Most agents who show you homes don't represent your interests. They work for the seller, and their object is to sell the house for the highest possible price."
"Exclusive buyer agents make every effort to get the lowest possible price for their buyers."
"The best buyer brokers are so-called exclusive agents ... they represent only buyers, never sellers"
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