AVONDALE, Ariz., Sept. 11, 2015 (GLOBE NEWSWIRE) -- A recent study conducted by Morgan Stanley shows that Zillow Premier Agent Advertisers, those who pay extra to advertise on Zillow, have an increased number of dual agency transactions compared to other agents. According to the study, over 60% of Premier Agents reported that the advertising increased their dual agency transactions by about 30%. While that may be great news for the agents who get twice the pay for the same transaction, the National Association of Exclusive Buyer Agents (NAEBA), an organization of real estate agents that provide full representation to real estate buyers, reports that it's not great news for consumers.
Numerous experts agree that dual agency is not in the best interests of the consumer. From the New York State Department of State Office of the General Counsel, "By consenting to dual agency, you are giving up your right to have your agent be loyal to you, since your agent is now also representing your adversary. Once you give up that duty of loyalty, the agent can advance interests adverse to yours. For example, once you agree to dual agency, you may need to be careful about what you say to your agent because, although your agent still cannot breach any confidences, your agent may not use the information you give him or her in a way that advances your interests."
Zillow's Premier Agent program may appear to be listing the best agents for a consumer, but it's simply an advertising scheme. From their website, "The Zillow Premier Agent program is designed with the simple purpose of bringing agents more buyers, more sellers, and more business." Any agent who is willing to pay for the program is listed as "elite." It has nothing to do with the agent's quality of service, experience, nor capability to represent their clients well.
"Real estate buyers deserve to have someone on their side throughout the transaction," says Chris Whitehead, NAEBA President. "Settling on a Zillow Premier Agent who is unlikely to be loyal only to them is not in the consumer's best interest." To find an Exclusive Buyer Agent who will be loyal to you no matter which home you choose, visit NAEBA's website at www.naeba.org.
The National Association of Exclusive Buyer Agents (NAEBA), created in 1995, is an organization of companies dedicated to representing only buyers of real estate. NAEBA member brokerages do not list homes for sale and never represent sellers. This restriction to one side of the real estate transaction avoids conflicts and ensures that the interest of the home buyer is protected at all times from house-hunting and negotiation to inspection, financing and closing.