Market Misconception: Having A Dedicated Buyer's Agent Isn't Worth It

In Illinois, a real estate broker can be a dual agent if the seller and the buyer agree to be represented by the same agent. This by no means, however, has any direct tie to the compensation a broker earns. Technically, they are doing twice as much work handling both sides of the transaction.

From an agency standpoint, there are some things we can and cannot do in a dual-agency situation. One of the most critical considerations a buyer or seller should make is whether they desire the broker to be able to speak freely about aspects of the transaction or not. If you don't believe a real estate transaction is that complicated or believe you have enough experience in real estate transactions and all of the things that can happen, a dual agency may be the way to go. However, if you have any doubts, having your own representation may be the better decision.

When a broker is an "exclusive buyer's agent" or "dedicated buyer's agent," they not only have to keep your information confidential, but they are also making a commitment to work for your best interest before all others.

Today, especially in this ever-changing market, having someone on your side can be the difference between your offer being the winning contract or not. An exclusive buyer's agent can give you insight into the transaction or the market more broadly, offer their professional opinion on the appraisal price and explain how certain contingencies could affect whether or not the seller accepts your offer.

Buying a home is more of a process of elimination than a selection process. In the competitive market we are in currently, in many areas of Northern Illinois, you may have to submit multiple offers before one is accepted. Having a trusted professional by your side will empower you, educate you and prepare you for every turn along the way. A buyer's agent does more than just unlock and open doors. Make sure you have the right one for you.