San Diego Real Estate Agency 101: Read This Before You Start Working with a Buyers' Agent
There are four main types of real estate agents:
Traditional Agents (Listing Agents, Seller’s Agents)
A traditional agent works for sellers and represents the interests of the seller in a transaction. We call them traditional agents because (prior to the 1980's) real estate agents traditionally only represented sellers, and buyers were simply considered "customers" (not clients). These days, in addition to representing sellers, traditional agents can also work with buyers (as either customers or clients).
- Some traditional agents make it a practice to work in a non-agency relationship with buyers as customers (meaning that the agent really works for the seller).
- Other traditional agents offer to work in a dual agency relationship with both a buyer and a seller in the same transaction. (More on this below.)
- Of the thousands of real estate agents in San Diego, most are Traditional Agents.
In San Diego, many real estate agents refer to themselves as buyer's agents, but you can discern a true buyer's agent from a fake one. A true Buyer’s Agent is one who helps the buyer as his/her agent in a transaction in which the buyer’s agent and his/her brokerage does NOT also represent the seller. In this scenario, the Buyer's Agent is able to give 100% loyalty to the buyer in the transaction.
Unless you have already identified a property, and that property is listed by a different agent and a different real estate brokerage (or is unlisted), most San Diego "Buyer’s Agents" cannot promise you 100% loyalty throughout your purchase process.
Exclusive Buyer's Agent
The loyalty of a dual agent (in theory) is neither to the seller nor to the buyer, but to the transaction, doing what they can to get the transaction to close (it should be noted that a dual agent most often earns twice the commission). Dual agency is illegal in California if the real estate agent has not disclosed the dual agency relationship to both buyer and seller (or if either the buyer or seller does not agree to the dual agency relationship).
Read Also: What is Dual Agency?
Read Also: How Do Buyer's Agents Actually Get Paid?
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage.
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. More about Justin Gramm on Google+. Call Justin at (858) 437-2662 or E-mail.