What Is An Exclusive Buyers Agent?

According to the National Association of Realtors® publication 'Agency - Choices, Challenges, and Opportunities', Exclusive Buyer Agency is: "The practice of representing only buyers and never sellers in a transaction. The company never lists a seller's property and thus never has a seller as a client. Agents never accept subagency that is offered by a seller's agent" (pg. 25).

Recently, a lot of traditional Agents have started advertising that they will represent buyer's. While this is legal in most states even the National Association of Realtors® warns it's members: "Buyer agency is viable method of practicing real Estatee, but an agent should be cautious in her approach if she is not thoroughly knowledgeable about the entire process. Agents who are used to working with buyers as seller's subagents need to be aware of the new duties and potential liabilities of buyer's agents before changing the form of representation they offer." (pg. 18).

This publication goes on to say that Exclusive Buyer Agency "Promotes a more natural relationship for agents working with buyers" (pg. 26).

In talking about an agent who tries to offer both seller agency and buyer agency it states "The buyer and seller do not have the full range of representation" (pg. 27).

Any agent who lists properties for sale is used to representing sellers and has a legal commitment to protect the sellers interest. The agent must get the highest price possible for the property.

Exclusive Buyers Agents

100% Loyalty To Home Buyers 100% Of The Time!

What An Exclusive Buyer Agent Will Do For You

Information And Counseling

• Explain the forms of agency available to you and explain how different relationships may affect the level and type of service a Buyer may receive from a real Estateeee agent.
• Offer to enter into a written Agency Agreement with the Buyer. The agreement will include beginning and ending dates, fee structure and payment method, and the responsibilities of both parties.
• Pledge absolute confidentiality to a Buyer when representing him/her.
• Counsel the Buyer regarding his/her financial qualifications and assist the Buyer in finding and working with mortgage lenders.

Searching For A Property

• Discuss preferences in size, areas, styles, age, floorplans, and develop a property profile.
• Search the entire real Estateeee market, including the Multiple Listing Service (MLS), properties for sale by owners, and new homes (where appropriate).

Contract Offer

• Inform the Buyer about any defects or problems he/she has observed or discovered regarding the property.
• Prepare a comparative market analysis, to determine the property's fair market value.
• Explain the choices available in each section of an offer to purchase and explain the alternatives available to the Buyer.
• Advise the Buyer to seek legal counsel where appropriate.
• Prepare the offer to purchase in a manner which will protect the Buyers interest. Will provide proper disclosures regarding agency representation and any other matters as required by law.
• Develop negotiation strategies with the Buyer, including pre-set limits on key points of negotiation when the Buyer wishes to do so.
• Counsel the Buyer regarding the time requirements in the contract and encourage the Buyer to have professional inspectors inspect the property if the contract is accepted.

After The Offer To Purchase Is Accepted

• Will counsel the Buyer about home inspections, and provide the names of real Estateeee inspectors. Will encourage the Buyer to be present during inspections.
• Will explain options available to the Buyer regarding items in the inspection report.
• Where appropriate, will notify the Seller or the Seller's Agent in writing of inspectors' findings and the Buyers choice of any options available to the Buyer.
• Maintain contact with the title company and mortgage company to insure that the Buyers interests are being protected.
• Will review the settlement statement with the Buyer at or before closing.
• Will attend the closing with the Buyer and be prepared to answer questions the Buyer may have.