What does it mean to be an exclusive buyer’s agent?
March 31, 2007
I am a real estate buyer’s agent, also known as an exclusive buyer’s agent. But, I never really like the term “exclusive buyer’s agent.” I know that’s what I am but I wish it didn’t sound so expensive.
I come from a working class town and went to an “exclusive” private girls school. I have friends who live in “exclusive” communities and who belong to “exclusive” country clubs. To me, the word exclusive has some negative connotations like, “if you have to ask how much it is, you can’t afford it,”or ”we don’t want your kind here,” etc.
I don’t see other professionals marketing themselves with what I see can be a negative term - for example, “Exclusive Family Law Attorney.” That sounds like an attorney who only handles multi-million dollar family estates.
No, attorneys, engineers and accountants have practice areas, as do most real estate agents. The difference is that many real estate agents don’t want to admit that they specialize for fear of losing business.
As an exclusive buyer’s agent, I work with all types of clients - with the exception of real estate sellers and sellers and buyers of commercial real estate. I have first-time buyers, condo buyers, land buyers, investment property buyers, relocation buyers, buyers who have a house to sell, etc. My practice area would be residential real estate buyers…period.
There is nothing exclusive or expensive about being a buyer’s agent. Every real estate buyer who buys a property listed in the Multiple Listing Service pays a buyer agent commission - whether or not they are actually represented by an agent they hired. It generally costs the same to have an agent truthfully advise a buyer on fair market value, condition and terms as it does to have a listing agent sell the buyer a property.
So why don’t I just call myself a Real Estate Buyer’s Agent? I do. But the challenge is to differentiate myself from all the other agents out there who call themselves buyer’s agents when they’re really listing agents who take on buyers as clients until they get enough listings to keep them busy. Most consumers just don;t know enough to know the difference between a buyer agent poseur and a real buyer’s agent.
Entry Filed under: Agent, Buyer's Agent, Dual Agency, First time home buyer, Real Estate. .
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1. Kathy Drewien | March 31, 2007 at 10:50 pm
Are you saying you “exclude” sellers? Or, are you saying your buyer clients “exclude” other agents?
2. outsider222 | April 1, 2007 at 1:15 pm
I was ripped off by a “Buyer’s agent” who was of course paid by the seller. This makes no sense…
I was advised that one should only hire a “Fee Paid” buyer’s agent.
Does that have anything to do with exclusivity?
3. berealct | April 1, 2007 at 4:34 pm
Sorry to hear that. In CT, buyers agents are still paid by the seller - I don’t know of any buyers agents in my state who are collecting their fees directly from the buyer.
The way to protect yourself in a state like CT is to work with an exclusive buyer’s agent or a buyer’s agent whose firm does not practice dual agency or take listings. Also, get an exclusive buyer agency agreement.
4. Andrew | April 9, 2007 at 2:18 pm
Only educated buyer’s care and know the difference.
Being an Exclusive Buyer Agent has many advantages but because the market is so saturated with hat switchers EBA’s are an unknown element. I used to be an EBA. My family along with a few others pretty much introduced Exclusive Buyer Agency concept about 18 years ago in MA. I have since moved on to change traditional agency a little more on the selling side, but I still have strong ties to the EBA community - even though I can no longer be a member of NAEBA.
If you want info on how to be convincing let me know. I know every angle and I can get any buyer to sign a EBA agreement. I was able to sign on Buyer’s for 3% without a problem. if you are serious about being a top producing EBA I will tell you everything I know. I learned from the best.
All I would like in return is a little insight on CT real estate. I am expanding my new venture into CT soon.
5. julius | April 18, 2007 at 2:57 am
Actually it’s just in the title. Call your yourself whatever you want. The word “exclusive” refers to the type of work you do anyway like working for exclusively for “buyers” only… unless you also cater to “sellers” then you can now be called as “double agent”. In some countries real estate agents are called “property consultants”