Exclusive Buyer Representation

What is an Exclusive Buyer Agent?  A agent that represents only Buyers.  An agent that will:

Locate--find the right property for you.

Negotiate--get you the lowest price and most favorable contractual terms.

Evaluate--determine a fair market value, conditions of sale, marketability for resale, assess financing options.

Facilitate--home inspections, locate legal representation, disclosures, Contract compliance, and finally Closing of Escrow.

 

To further understand the importance and value of an Exclusive Buyer Agent, it is first important to understand the Home Buyer's virtually useless alternative:  A Transaction Agent.

For many years, traditional real estate agents have represented the Seller in a real estate transaction.  Who represented the Buyer was clouded in mystery and often misunderstood to the Buyers detriment.  Most recently, in the State of Florida, a form of representation--or lack of representation--has been implemented called Transaction Brokerage.  All real estate agents in the State of Florida are presumed to be acting as Transaction Brokers unless otherwise disclosed.  Unfortunately, Transaction Brokerage does little for the consumer, but does lessen liability and eliminates fiduciary obligations for the real estate agent.  The number of agents in the Florida that actually act as a Single Agent--or an agent that represents their Client (be it Buyer or Seller) is less than 0.1% of all licensed agents and brokers.  This is what a Buyer gets with a Transaction Broker/Agent:

A Transaction Broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or in an exclusive manner. The problem is that a Buyer wants to obtain the best possible contractual terms and lowest price.  How can you accomplish that when the agent negotiating the transaction can’t legally negotiate solely for the Buyers best interests?  Only an Exclusive Buyer Agent--a licensed real estate agent that does NOT take listings and ONLY represents Buyers thus eliminating all conflict of interest in the transaction.  This is what a Buyer gets with an Exclusive Buyer Agent:

The duties of a real estate licensee owed to a buyer who engages the real estate licensee as an Exclusive Buyer Agent include the following:

1. Dealing honestly and fairly;

2. Loyalty;

3. Confidentiality;

4. Obedience;

5. Full disclosure;

6. Accounting for all funds;

7. Skill, care, and diligence in the transaction;

8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

 

The choice for the savvy Buyer is clear--An Exclusive Buyer Agent