Traditional
Agent: (Listing or Seller’s Agent) Works on behalf of the seller and represents
their interests during the sale. Most agents are Traditional Agents. When you
walk into an Open House - that agent is fully on the sellers side - and not
yours. They will try to gain as much information about you (the potential buyer)
and your situation as they possibly can - to assist their seller in
negotiations. (Information is power in negotiations.)
Buyer's Agent:
Usually a Traditional Agent who assists the buyer during a transaction. They get
into a "Dual Agency" situation - or must designate a different agent to
represent you when you become interested in one of their own listing(s). Though
you started out being represented - at this point - you lose your
representation. (They have a fidicuary resposibility to their seller and not you
at this point. They know an awful lot about you - your situation, what you may
be willing to pay etc.)
Exclusive
Buyer's Agent: An agent who represents buyers only and never sellers in a
transaction. Can never get in a Dual Agency conflict of interest situation,
never "designates" an agent, provides unbiased home showing, and typically shows
a wider array of property than a buyer agent. You have every agent in their
office behind you - instead of the other agents being adversaries. (So you don't
have to worry about shared fax machines or file cabinets etc. in an office like
this - potentially compromising your position.)
Dual-Agent or
Limited Agent: An agent who works to assist in a transaction. The agent cannot
provide both parties with the full duties of agency including undivided loyalty,
full confidentiality, and full disclosure of all information known to the agent.
An agent acting as a Dual Agent is often called a "facilitator." Their interest
is that the sale closes.
