The Valuable Difference Between an
Exclusive Buyer's Agent and a Buyer's Agent
At the Buyer’s Edge, we try to keep it positive when someone asks us to explain the difference between a buyer’s agent and an exclusive buyer’s agent? When asked, I often share with buyers the advice my father gave me and his father had given him when trying to establish a lasting, loyal relationship. Simply, my father told me to “always leave with the date that brought you!” It brings a warm smile to my face when I think of this but, truthfully, it never feels right to get dumped in the middle of a date. Unfortunately, a buyer’s agent from a traditional real estate firm may leave their buyer high and dry in the middle of the “date.” Exclusive buyer’s agents never change their loyalty in the middle of the relationship. We understand the benefits of searching for homes and condos with a Realtor that works for a buyer brokerage company that never works for sellers and never takes listings.
Homebuyers benefit from this single focus. Buyer brokerage companies never have the inherent conflict of interest that most real estate companies in the Washington, DC metro area have. Most traditional firms represent both buyers and sellers. Remember if your buyer’s agent works for a real estate company that takes listings their company has a contract to get the best possible price at the best possible terms for their seller/clients. Often home buyers end up wanting to buy a house or condo that is listed by their agent ‘s real estate company. Their broker is under contract to represent the best interest of the seller. How can a potential homebuyer receive undivided loyalty if the real estate company already represents the seller?
The answer is they can’t. The seller and the buyer must now enter into a dual agency agreement. Dual agency arises when a real estate broker or salesperson represents adverse parties (e.g., a buyer and seller) in the same transaction. Your buyer’s agent who turns out also to be the listing agent of your dream home becomes your dual agent. If your buyer’s agent isn’t the listing agent but their real estate broker lists the property, they now become your “designated buyer’s agent.” Don’t be fooled by this new fancy title! It all falls under the umbrella of DUAL AGENCY.
In dual agency, both the buyer and the seller must agree in writing that they understand that they are giving up their right to the agent’s undivided loyalty. When homebuyers give up that duty of loyalty, your newly “designated buyer’s agent” can now advance interests adverse to yours. Although your designated buyer’s agent may not reveal your confidences, your agent may not use the information you give him/her in a way that would advance your interests. What?! Why would a buyer ever want to agree to this? Didn’t they can hire a buyer’s agent to help them navigate the complicated process of buying a home and represent their best interests throughout the entire process?
At Buyer’s Edge that will never happen to you. You will never be left high and dry in the middle of this very important date. We just look at things differently since we never work for sellers. We go out of our way to illuminate all of the positives and negatives of every house our buyer/clients see. We really have such a clear vision and such an obvious job to do. To help our clients find the very best homes for sale in Maryland, Virginia, Washington, DC and Baltimore, MD region, evaluate them correctly and then negotiate the best possible deals at the lowest prices. Only an exclusive buyer’s agent can make that level of commitment. Be assured that our exclusive buyer’s agents “always leave with the date that brought us.” It called unconditional loyalty. What a great way to start a long, lasting relationship.