Reprinted from:
Gaithersburg Gazette
 
HOME BUYERS GET ADVANTAGE WITH BUYER BROKERS
by Sherry Moeller
Special to the Gazette
 
Home buyers can now have exclusive buyer agents on their side when they purchase their home. This new breed of real estate brokerage firms represents the buyer exclusively, placing the home buyer's interests first. In today's buyer's market, this is just another benefit of being in the buyer's seat.

There is no additional cost to the buyer when using a buyer broker. The home buyer simply authorizes the broker to collect the commission from the seller. They could even opt to negotiate a set fee or an hourly rate if the buyer broker is to act only as a consultant. Either way, the benefits to the home buyer in utilizing this service are numerous.

"Just think about it," states Nancy Reed, buyer broker for the newly formed Buy & Save Realtors. "In the past, the buyers thought the agent showing the property was working for them. In actuality, the agent was the seller's agent, not the buyer's agent.The buyer had no agent working for them to negotiate the largest purchase they'll make in their lifetime," says Reed.

"Now with agency disclosure laws, the agents must disclose who they're working for," states Reed. An agency disclosure form must be signed by the buyers on their first scheduled appointment, according to Reed. This establishes the agency relationship, whether the agent is working for the buyer or seller, or as a dual agent. "It doesn't cost any more to have an agent looking out for the interests of the buyer," says Reed.

With over 14 years of experience as a traditional real estate agent and also experience as a builder of spec homes, Reed now focuses on helping the home buyer exclusively. Those who especially benefit from hiring an exclusive buyer agent are first time buyers and people new to the area, according to Reed. She can also refer home buyers relocating to other parts of the country to other exclusive buyer agencies.

"A buyer broker can be your best friend when purchasing a home," says Reed. To facilitate this philosophy Reed formed Buy & Save Realtors and also became a member of The National Association of Exclusive Buyer Agents (NAEBA). NAEBA is an independent alliance of real estate professionals who do not take seller property listings. They are specialists in home buying services.

According to NAEBA's President, Leo Berard of Cape Cod, Massachusetts, this is the biggest shift in the real estate industry since Realtors formed their own national trade association in 1908.

This is the first time that a homebuyer can have an agent as their advocate, according to Berard. He predicts that NAEBA will have over 500 real estate members in North America in 1996.