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Commonly Asked Qustions!
Q. Won't I get a better deal if I buy directly from the listing broker or a triditional listing agent?
A. NO! The listing broker/agent owes his or her loyalty to the seller and is required by agency agreement to get the best deal for the seller. The listing agent must negotiate upward. The exclusive buyer broker/agent has the obligation to work on your behalf and will negotiate downward. The negotiating process may include price, closing costs, terms, closing date, and repairs. We work exclusively on your behalf. This is a major advantage!
Q. Can any real estate agent be a buyer agent?
A. Yes, any Minnesota licensed real estate agent may be a buyer agent. The keyword is 'exclusive,' and only a few have made the total commitment to become full time or 'exclusive' buyer broker/agents. We don't believe you can list homes and then turn around and offer to represent the buyer. This creates a conflict of interest for both the buyer and seller.
Q. If this is so good for the consumer, why aren't all real estate agencies offering buyer agency?
A. Income. Many companies are resisting change because they like the old way of listing homes and representing the seller as their clients, and the buyer as customers only. This has been their source of income for years. Other companies across the country are changing their methods just enough to accommodate the growing interest in buyer agency. They offer buyer agency and then switch to dual agency "as needs may dictate." We feel that by then they know confidential information, and your best interests have been compromised. "Exclusive" buyer agency is recognized as a growing new industry and one that is here to stay. The consumer has demanded change and "exclusive" representation.
Q. What is this dual agency representation I hear about?
A. In many states the law allows a real estate agent with proper disclosure to represent both sides of the transaction. This would be like asking an attorney to represent both parties in a divorce. Is it possible to serve two masters and give both the buyer and the seller equal and full representation? Our answer is NO!
Q. The last time I bought a home I thought my agent did a good job. Why should I consider an exclusive agent now?
A. There are good agents everywhere, but unless the agent you mentioned declared in writing to you that he/she represents only you, that agent could have been the seller's agent. Even worse, the agent could have been an undisclosed dual agent. Our industry has tried for years to represent the seller client while working the buyer as a customer only. For the most part we have done a good job.
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