What's in a Name? Plenty
 
You'll hear the term "buyer agent" a lot these days. That's because consumer demand for full Home Buyer representation sent traditional real estate firms scrambling to climb aboard. However, they are determined to have it all -- to work both sides of the fence -- and they push hard to convince both Buyers and Sellers that they can represent either, or both, equally. The foundation of traditional real estate is listings and for these brokers, the bottom line outweighs consumer commitment.

So today's Buyers are faced with traditional agents, buyer agents, designated buyer agents, single agents, dual agents, transaction facilitators and...Exclusive Buyer Agents.

How to distinguish?
A traditional agent may show you houses, but actually works for the seller. A buyer agent, designated buyer agent, or single agent represents Buyers, sometimes, and Sellers, sometimes. A dual agent represents both Buyer and Seller -- at the same time -- a Broker's dream, because the firm collects the full commission paid. A transaction facilitator represents no one. The transaction facilitator has no responsible relationship with either Buyer or Seller and is accountable to neither.

All Exclusive Buyer Agents have one thing in common:  they don’t work for a real estate Broker whose firm lists homes for sale. In a firm that does list homes for sale, if you want to buy a company listing, it doesn’t matter whether the agent wears a “designated buyer representative” hat or not.  The fact is the Broker they represent always wears a cap that reads “Dual Agent.” The larger the firm, the higher the probability of a Buyer finding himself in a conflicted situation. And let’s be honest, if you had a product to sell, would you promote the other guy’s product first, or your own?

Some agents will tell you they are independent, that they work for themselves. True -- but not exactly. License law dictates that every real estate agent work under a Broker who is legally responsible for every action an agent takes, and every transaction in the office. Agents act for the Broker, in the Broker's place. If the Broker or other agents in the same company list homes for sale, the agents work for a firm that represents Sellers, even if they print "buyer's agent" on their cards and have you sign a contract.

Thoroughly confused? You don't have to be. An Exclusive Buyer Agent works for an Exclusive Buyer Broker. An Exclusive Buyer Broker represents Home Buyers only. All the time, every time. It's that simple.

Can a traditional agent do a good job for you? Of course. There are fine, hardworking individuals throughout the profession. But the potential for a conflict of interest that can dilute your buying power remains. It's a matter of choice. And the choice is yours.

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