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Blog post image for Avoid this top mistake that could cost you more than money

Avoid this top mistake that could cost you more than money

If you were to contact a listing agent to help you buy a home, rather than an exclusive buyer’s agent, you’d already be at a disadvantage, and quite possibly a risk. Seeing properties with the listing agent might cost you thousands of dollars and something even more costly: your full protection as a luxury home buyer. Do you really want to take that chance?
Many people do it, often without realizing the risk and what they’re giving up. They go to that open house, see that yard sign, visit that website showing houses for sale or visit model homes in new developments. Most home buyers don’t fully understand the form of representation a broker or agent is providing and whether it is in the best or worst interests of the home buyer.
If a listing agent shows a buyer a home, there’s a pretty good chance a contract already has been drawn to get the best terms and the best price for the seller – not the buyer. Without the representation and protection of an exclusive buyer’s agent, that contract means a relationship already has been established between the listing agent and the seller. This means your best interests might not be top of mind if you contract with that agent as well. Because, ultimately, the listing broker’s job is to sell the house for the seller.
If one agent representing both the seller and the buyer appears to be a conflict of interest, it absolutely is. Scottsdale luxury home buyers place themselves at financial and legal risk when they step into an agency relationship without understanding what their representation fully means. The listing agent that represents both the seller and you as the buyer is creating a slippery slope referred to as a dual agency relationship. Run, don’t walk, the other direction.
In Arizona, disclosed dual agency is a practice allowed by law wherein one agent or brokerage provides services to both the buyer and the seller in the same real estate transaction. According to the National Association of Realtor’s Code of Ethics and Standards of Practice, “Realtors® may represent the seller/landlord and buyer/tenant in the same transaction only after full disclosure to and with informed consent of both parties.”
Don’t let this caveat fool you. Just because dual agency is legal doesn’t mean it’s in the best interests of all parties in a Scottsdale luxury real estate transaction.
It’s important to be proactive and contact an exclusive buyer broker, even before you get approved for financing, who can safeguard your best interests and your investment from Day 1.
To avoid the potential conflicts of interest that can come with dual agency situations, the team at Arizona Buyers Agents recommends that buyers are properly represented by a buyer’s agent experienced in the Arizona luxury home market. A team committed to working hard to get them into the right home for them – from the start – and the optimal price.
We are uniquely qualified to perform services the seller's agent can't, such as provide solid reasons not to buy a particular property; negotiate the best price and terms; include contingencies in the contract for protection, rather than the seller as in most standard contracts; and strengthen the bargaining position of Scottsdale luxury home buyers.
For Scottsdale luxury real estate buyers looking to find the right home, negotiate the best commission rate, obtain the highest level of service, and protect their legal rights in the event of a dispute, it is critical to understand the form of representation a broker or agent is providing and whether it is in the best or worst interests of the home buyer.
Because of our elite level of training, Arizona Buyers Agents provide expert representation exclusively to buyers to protect your interests with the utmost good faith, loyalty, and fidelity.


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