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Making the decision to buy a home is a very big step for any individual or couple. This is particularly the case in New York. Although people continue to be amazed by New York’s high property prices, the market remains extremely competitive. Because finding the right home for your budget and needs can be a real challenge, you need every advantage possible. That’s why many buyers choose to work with an exclusive agent. While there’s a lot that a licensed buyer’s agent can do for you, there’s a topic we need to address before covering the benefits of a buyer’s agent.
Why It’s So Important to Be Aware of Dual Agency
As explained by the New York State Office of General Counsel, “dual agency arises when a real estate broker or salesperson represents adverse parties (e.g., a buyer and seller) in the same transaction.” Why is this a problem? As the Office of General Counsel also explains, dual agency means a purchaser is “giving up their right to the agent’s undivided loyalty.” Because dual agency eliminates all of the benefits of working with an exclusive buyer’s agent, it’s a situation you should avoid.
How common is the issue of dual agency? It’s common enough that the New York State Office of General Counsel continues to warn buyers about the problems associated with it. One reason it remains an issue is there are plenty of scenarios where it can subtly arise. While many consumers assume that an agent with a New York City real estate license and established track record will always act as an exclusive agent, that’s simply not the case.
It’s Worth Finding a Buyer’s Agent That’s Truly Exclusive
Although it may require you doing a little extra homework, buying a home in New York is a huge decision. Since this decision is going to continue to have an impact on your daily life, the last thing you want is to get dragged down the wrong path.
Not only will an exclusive buyer’s agent protect your best interests, but they’ll also make the entire buying process much easier. Because this type of agent is committed to your best interests, they won’t waste your time on properties that completely miss the mark regarding your budget or needs.
Instead, they will do things like find properties, compare them, assess their real value and then only present the most compelling choices to you. Another area where a real buyer’s agent brings a lot of value is when the time comes to negotiate. Working with an agent that you know you can trust means you won’t have to live with a constant cloud of stress.
In addition to everything else that a buyer’s agent can do for you, they’ll also be there when you need them. So whether it’s a pressing matter or a question that you need to be answered, you can count on clear communication that will keep you informed at all times.
If you want to work with a firm that prides itself on providing exclusive buyer’s agent representation, learn more about the Elika Real Estate team.