Steve Israel made the career move of his life in 1992 when he chucked
years of experience in commercial construction to join the ranks of
professional house hunters.
"In 1991, commercial real estate was in the toilet, so I started looking
around for something else," he recalls.
That something else turned out to be an exclusive buyers' brokerage,
part of a new trend in real estate that was prevalent in California and
Colorado. Unlike traditional real estate agents, buyer brokers are real
estate agents who act exclusively on the behalf of home buyers and are
in no way beholden to sellers or agencies. The objective is simple: Find
the house of the buyer's dreams and negotiate a rock-bottom price.
Buyer brokers, Israel says, are a byproduct of the consumer movement of
the 1970s. "I always knew that working in something consumer-oriented
would be best for me," he says.
So along with partner Dave Kolakowski, Israel founded Buyer's Edge, an
exclusive buyers' brokerage, in Bethesda. Buyer's Edge grew steadily in
the following years, until building to a staff of seven agents, all
licensed in Virginia, Maryland and D.C. Last year, Buyer's Edge racked
up $43 million in sales and $1.2 million in revenue. The brokerage
knocks an average of 6 percent off the asking price of each home for its
clients, Israel says.
As Buyer's Edge has grown, so has its dependence on the Metropolitan
Regional Information System, a subscriber-only real estate database that
includes available properties, sold properties, tax reports, assessment
data and property histories. The agents scour the listings for their
clients, downloading and printing out any that closely match their
client's needs.