buying a home with little money in savings

Why Work With One Real Estate Agent

by Fernando Moore

The law doesn't restrict you to one real estate agent when buying a house; you can work with multiple agents. Each option has its pros and cons, but they favor working with a single agent. Below are the top reasons to restrict yourself to one Realtor.

Many Agents Prefer Exclusivity 

Real estate agents work on commission—a percentage of the purchase price. That is, your agent only gets their fees if you purchase a house through them; the agent may walk away with nothing if you don't buy a house. The commission setup works well because it motivates Realtors to do their best to help their clients earn money.

On the flip side, working on commission means your Realtor might lack the motivation for their work if they are not sure you will buy a house through them. That is precisely the situation if you have multiple Realtors working for you.

Say you are on the market for one house and have three Realtors helping you. The Realtors will know that only one will get the commission, but they won't know which one it will be. For this reason, many Realtors prefer exclusive contracts and might not even work with you if you don't provide exclusivity.

Local Agents Have Access to Similar Information

Real estate agents within the same locality usually access the same information. They know which neighborhoods have the best schools, the state of the local property market, and the local safety and security concerts. The Realtors even have access to the same property listings. As such, you won't gain much by using multiple Realtors.

The Engagements Might Exhaust You

Lastly, you might tire out dealing with multiple Realtors. Remember, you might have to:

  • Juggle multiple appointments with different agents
  • Attend different open houses with each of the agents
  • Explain your expectations to different agents
  • Keep track of communications with different agents

As you can see, you have a role to play in your property hunt even after hiring a real estate agent. With multiple Realtors, you might get confused and so busy and fail to enjoy the benefits of working with a Realtor.

Take your time to assess the Realtors in your area and choose one to work with. Note that your Realtor should be local to your target neighborhood. The Realtor's knowledge of the area's security, professionals (such as property inspectors), and amenity availability will come in handy during your home search.

Contact a local real estate service, such as Ozment Realty, to learn more.