(Or You Thought I Didn’t Know What I Was Talking About)

…but it’s been verified in the October issue of REBAC’s newsletter, Today’s Buyer’s Rep.  I have written about this previously here and there.  When I posted it there, I expected to get at least a few comments, especially from Listing Agents who begged to disagree with me.  Strangely enough, I didn’t get a single comment.  Well, it can be a controversial issue.  What agent doesn’t love to get both sides of the sale?  But it’s not allowed in some states and not allowed by some brokers.

In October’s issue, REBAC is dispelling the 10 myths that first-time home buyers have about real estate agents and the home buying process.  I’ve already written about  Myth #1.

Since you can link above to read the posts I’ve already done about Myth #2, I’ll just give it to you in a nutshell here.

The agent who has listed the home for sale (the one whose name is on the yard sign, MLS, flyers, etc.) is not the best person to look out for a buyer’s interests.

It’s all a matter of the loyalty an agent is required to have to their client.  An agent who has listed a home owes their loyalty to the seller.  If that same agent gets a call from a buyer to look at that home and takes them on as a client, they also owe their loyalty to the buyer.  It’s called dual agency, and it’s something to watch out for.  To whom will they be more loyal?  Can they be equally loyal during negotiations?  Do you see the conflict here?

So, in effect, the agent represents neither client and basically becomes a bystander in the negotiation process.  First-time home buyers – ALL buyers – deserve more than this.  What they need and deserve is their own agent – a buyer’s rep – to look out for their interests in this complicated, but exhilarating process.  So they should be sure their agent hasn’t listed the house they ultimately want to buy.  It’s even better if the agent has earned the Accredited Buyer’s Representative (ABR) designation, which indicates a higher level of training and experience to work with buyers.  Shreveport has many agents that have earned this designation, so be sure to ask about it when you’re looking at homes for sale.  Good hunting.