When looking for a house to buy, you'll encounter many terms you only partially know. Three common terms you use that you may not fully understand are real estate agent, broker, and exclusive buyer's agent. It's important that you know the differences in their responsibilities and roles in order to receive the best service. If you're paying them to help you buy a home, then you may as well utilize their expertise. Here is a quick overview of what to expect from each professional while buying property.
Real Estate Agent
A real estate agent has the legal right to facilitate property transactions in the state they hold a license in. They are essentially salespeople for houses. An agent can either represent the seller or buyer. Some of their main responsibilities are negotiating, handling contracts, and helping clients through closing.
Broker
Like a real estate agent, brokers can handle sales. But brokers also own, manage, and operate real estate offices. They monitor agents to make sure they're acting professionally and ethically. Brokers are basically business owners in the industry of selling and buying houses. They can earn money both off of the agents they oversee and through their own efforts.
Exclusive Buyer's Agent
An exclusive buyer's agent isn't as well-known as the first two terms, yet it's arguably more important for the average person buying a home. Exclusive buyer's agents represent the buyer 100% of the time without any conflict of interest. They never accept listings or assist sellers. Don't confuse this term with a buyer's agent, however, as they are two separate roles. A buyer's agent who is not necessarily an exclusive buyer's agent could be representing both a seller and a buyer at the same time, a situation you should avoid at all costs.
Now that you know the difference between these three roles, you'll know who to consult for any issue or question you have. It's highly recommended that you hire an exclusive buyer's agent because they are obligated to only represent your needs throughout the process of buying a house or any other property.
A real estate agent has the legal right to facilitate property transactions in the state they hold a license in. They are essentially salespeople for houses. An agent can either represent the seller or buyer. Some of their main responsibilities are negotiating, handling contracts, and helping clients through closing.
Broker
Like a real estate agent, brokers can handle sales. But brokers also own, manage, and operate real estate offices. They monitor agents to make sure they're acting professionally and ethically. Brokers are basically business owners in the industry of selling and buying houses. They can earn money both off of the agents they oversee and through their own efforts.
Exclusive Buyer's Agent
An exclusive buyer's agent isn't as well-known as the first two terms, yet it's arguably more important for the average person buying a home. Exclusive buyer's agents represent the buyer 100% of the time without any conflict of interest. They never accept listings or assist sellers. Don't confuse this term with a buyer's agent, however, as they are two separate roles. A buyer's agent who is not necessarily an exclusive buyer's agent could be representing both a seller and a buyer at the same time, a situation you should avoid at all costs.
Now that you know the difference between these three roles, you'll know who to consult for any issue or question you have. It's highly recommended that you hire an exclusive buyer's agent because they are obligated to only represent your needs throughout the process of buying a house or any other property.
Sources:
Real Estate Agent Vs. Broker, ehow.com
What is an Exclusive Buyer Agent?, naeba.org
Real Estate Agent Vs. Broker, ehow.com
What is an Exclusive Buyer Agent?, naeba.org
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