Does the real estate agent who is showing you homes around Long Island claim to be a buyer’s agent? Maybe he or she is. But are they an exclusive buyer’s agent? Meaning, quite simply, they never list homes for sale or work for a broker who does.
Today, many states, including New York, have enacted laws to help protect and educate buyers. Most real estate agents are required to disclose whom they work for. The disclosure may take place at your first face-to-face meeting, during a phone call, or by e-mail, but it should always be made before a real estate agent asks for specific information about your needs.
When someone decides it is time to sell their Long Island NY home, they usually interview several real estate agents from different companies to determine which one is best for them. They want someone who will represent them and someone they feel will do an effective job at marketing their home.
However, when someone decides to buy a home on Long Island, they usually end up with their real estate agent through sheer accident. Why don’t homebuyers search for an exclusive buyer’s agent the same way home sellers look for a listing agent?
Instead, homebuyers usually end up with a real estate broker as a result of answering an advertisement. The ad will give a brief summary of a home available for sale along with the price, but it says nothing at all about the agent or broker.
So…does it really make a difference?
Listing Agents – Selling Agents – Buyer’s Agents
You see, there are two “sides” to every sale. The listing side and the selling side. Most deals have an agent representing each side, so there are generally two agents involved. The seller’s side is represented by the listing agent. The buyer’s side is represented by the selling agent (sometimes known as the buyer’s agent).
Agents can deal with both buyers and sellers, but the majority tend to focus their efforts on one or the other. Some even exclusively handle either buyers or sellers, like we do at Best Buyer’s Broker. We work exclusively for the buyer, 100% of the time.
So what should you do?
We simply recommend that you take as much care to hire a real estate agent as you would for any other professional. Ask questions. Ask about education, experience, and focus.
After all, buying your next house is probably the biggest purchase you’ll make in your life. Does it make more sense to find your agent by accident…or by design? Look for an agent who will represent ONLY your best interest in the transaction! Call or Contact Ira Freireich when you’re ready to buy your next home in the Long Island area and know you have an exclusive buyer’s agent who will represent only your best interest.