Wouldn't I Be Better Off Using More Than One Agent?
This is another misconception that can actually do the opposite of what you're intending. Instead of having multiple agents searching for your next property, you might end up with no one helping you down the road. Why?
REALTORS® spend a lot of time working with buyers by making sure they're pre-approved, doing searches, editing those searches, setting appointments and taking buyers to see different properties, sometimes spanning a long time period. If agents realize you're not being faithful to them they'll stop working for you and will move on to buyers that remain loyal. Why should they continue working for you if you're going to end up purchasing with someone else?
The truth is, most agents work on commission only. They do not get benefits like other employees do. There might be some agents that work other jobs or aren't full-time REALTORS® and you should try to avoid those agents. I am a full-time, career REALTOR® and this is my source of income. If I spend weeks or months working with a buyer and they end up purchasing through another agent then I worked for free. That would be like you working for your company and not getting paid for it. Doesn't that make it easier to understand?
There are also ethical liabilities that REALTORS® must take into consideration. For instance, if I gave you a list of homes to see and you call the listing agent and view the home through that agent; that agent and I would feel we both earned the commission if you decide to purchase that property. You wouldn't have known about its existence unless I gave you the address. The listing agent and I would probably both go through what is called mediation. Nobody would be happy in this situation.
Another situation you need to be careful of is if you've signed an Exclusive Buyer's Agency Agreement (EBA) with an agent. By signing that document you have probably stated that you will pay that agent/broker a commission when you purchase a property. If you end up purchasing through a different agent after signing such a document you would be liable to pay both agents a commission at closing. The first commission would come out of the seller's proceeds but the rest of the commission would have to come from you! I'll go into the benefits of using an EBA in another FAQ.
If you do sign an EBA you need to work with that particular agent and no one else. And that's how it should be. If you remain loyal to your REALTOR® that agent should work very hard for you in return. This is the best way to find the most desirable property available in your price range.
If you have any questions or comments regarding this FAQ please Contact Me or give me a call at 708-536-8200.
Judy Orr-Chicago Suburb Real Estate
Classic Realty Group
15545 S. 71 Ct., Orland Park, IL 60462
4223 W. 55th St., Chicago IL 60632
(708) 536-8200