WHAT'S AN EXCLUSIVE BUYER'S BROKER?|
Don't Buy a Home with Any Tom, Dick or Harriet
A focused business model and a clear-cut agency relationship has convinced many homebuyers to work with an Exclusive Buyer's Agent when buying a home.
What's an Exclusive Buyer's Agent?
Updated December 16, 2015
Exclusive buyer’s agents who work for Buyer Broker Real Estate Companies in Maryland, Virginia and Washington, DC are a unique kind of Realtor in that they represent homebuyers 100% of the time. Never sellers. It's as simple as that. Exclusive buyers agents and their brokers haven chosen not to list or sell properties. Instead, they make their living by representing only buyers, earning their client's trust as true fiduciary’s and consultants by helping them find the home that meets their personal lifestyle and financial objectives. Exclusive buyer's agents provide a clear-cut vision, precise focus and persistent determination during the entire home buying process without any conflicts of interest.
Washington, DC metro area homebuyers are fortunate in that when they decide to start their home buying journey, they have the option to work with a buyer’s agent that will never become a dual agent (working for both the home buyer and seller in the same transaction). Unlike other real estate markets, the Washington, DC metro has a number of experienced Buyer Brokerage Real Estate Companies to choose from.
Understanding the question of agency is an important consideration when choosing a real estate broker in DC, MD or VA. All too often buyers don’t truly understand the unique and important difference. Don’t be lulled into a false sense of security. Review real estate agency and then make an educated decision that you’re most comfortable with. Here’s a fun, simple way to break it down.
Meet Realtors Tom, Dick & Harriet
1. Meet Tom... Tom is a Traditional Real Estate Agent.
He works for a Broker in a large real estate firm that lists homes for sale. Tom and his Broker do an incredible job selling houses - they advertise, network, produce magnificent brochures, stage homes, hold open houses, push the office listings, and strive to get the highest price for their client - the Seller. Will Tom show buyers, houses for sale? Of course he will. It’s in the best interest of his seller/client. Preferably he’ll show his houses, or the office listings already in the MRIS. But can he truly represent a homebuyer throughout the entire transaction? Protect their confidentiality? Bargain hard to reduce the price on a homebuyer’s behalf? No, he can’t. It’s against the law. Tom already legally represents - the Seller.
2. Meet Dick... Dick is a Dual Agent.
He'd like homebuyers to believe he can represent buyers and seller equally. Dick will labor hard to convince homebuyers that they have nothing to lose in a dual agency. He assures them that he’ll be fair and can be trusted. The only interest fully protected in a dual agency transaction is that of the real estate agent and the Broker, who pocket both sides of the commission. In truth, dual agency serves neither the seller nor the buyer well.
3. Now meet Harriet... Harriet is a Designated Buyer's Agent.
Harriet works for the same company as “Dick the Dual Agent”. Harriet will tell the homebuyer she's a Designated Buyer's Agent for this transaction, and the other agent in the same real estate company is a Designated Seller's Agent. And believe or not in the crazy, mixed-up world of real estate, she'll be right! Unlike “Dick the Dual Agent”, Harriet doesn't represent both parties in the same transaction. But her Broker does represent both the buyer and the seller! Harriet may say she's independent of her Broker and that the Designated Seller's agent is, too. After all, real estate agents work for themselves, don't they? Not at all. License law dictates that agents may not act independently of their Broker. It is vital to recognize that all agents act for the Broker, in his place. The notion of independent, designated buyers agents in a firm that takes listings is nothing short of a Hat Trick. The agents may change hats daily. The Broker of the Real Estate Company wears just one. The label still says: Dual Agent.
4. Say Hello to an Exclusive Buyer's Agent.
They are fully licensed real estate agents who only represent Buyers, never Sellers. Exclusive Buyer Brokers choose not to list homes for sale, so there is no conflict of interest. All of the efforts of this unique kind of Real Estate Company are directed at finding the best house, at the lowest price, on the best terms for- the Home Buyer. Exclusive Buyer Brokers are legally obligated to their buyer/clients. That means homebuyers can trust every Exclusive Buyer's Edge Agent to advise on strategy, protect their interests, preserve their confidentiality and bargain hard on their behalf throughout the entire home buying journey. It’s all about undivided loyalty. Understandably, this kind of focused business model and clear-cut agency relationship has convinced many homebuyers to work with an Exclusive Buyer's Agent when buying a home in DC, MD, VA.
Ultimately, what kind of Realtor a home or condo buyer decides to work with is an extremely important consideration when buying a home. It’s a personal decision that will greatly influence and affect every aspect of one of the most expensive investments in their lives. It should be a joyful journey. Enjoy the ride. For more information on agency relationship in real estate, please go to NAEBA, CAARE and NAR.