Exclusive Buyer Agent – Exclusive Buyer Broker
Warning: Agents and brokers are flat out lying to you if they say they are “Exclusive Buyer Agents” if their brokerage represents any sellers! They are NOT EBA’s!
Unlike traditional real estate agents who represent the seller of the properties they show, Exclusive Buyer Agents work exclusively to represent real estate buyers. What is this all about?
A Conflict of Interest
There is a natural conflict of interest between the home buyer and the home seller.
Buyers and sellers have different needs and adverse interests.
- Sellers want their property to sell at the highest possible price.
- Buyers want to locate or build the right home for their needs and get the best value for it, in both the short and long-term.
How can one agent, or even a multi-agent brokerage, really represent both the buyer and the seller and not have a conflict of interest?
That is why it is essential to use an Exclusive Buyer Agent to help you with any type of home purchase – whether it is an existing home or a new build.
Only Exclusive Buyer Agents work for an Exclusive Buyer’s Broker. The brokerage never represents sellers or has listings to sell – EVER! Beware of so called “buyer agent’s” who work in traditional real estate offices. They CANNOT do what we do!
The Hidden Real Estate Danger – how to avoid being a victim of Double Dipping, Insider Trading, Conflicts of Interest and 2 Doctors!
Most home buyers do not know before the start of the home buying process which home they are going to buy eventually. That makes sense, right? It’s extremely rare for a buyer to know the exact home they are going to purchase without looking at other comparable homes. So even if a buyer knew that a traditional broker didn’t have any homes they were interested in currently and wanted that broker to be their “buyer agent” what happens if an ideal home gets listed 10 days from now? Now there is a future conflict of interest! So why take that risk in the first place?
Let’s use the following humorous analogy: 2 Doctors
Take two doctors, one a proctologist and the other is a podiatrist – both of them are physicians but there is a whale of a difference in where they operate! (no “location, location, location” jokes, please!) It’s the very same thing between a so-called “buyer agent” and a true “Exclusive Buyer’s Broker”!
Realize that the homes traditional real estate agents have listed for sale are the same homes they legally represent the seller on too.
- Although a traditional Realtor may be friendly and “helpful”, they are not your real estate agent.
- In fact, the listing agent has a legal responsibility to pass any helpful information on to the seller — financial and emotional information about you that weakens your bargaining position!
- When the brokerage get’s both sides of the “deal” (when working with the buyer and seller on the same house) known as a “double dip” on the commission they can make twice the money! So there is a huge financial incentive for agents and brokers to show you their own inventory first…
Insider Trading and the “designated buyer agent”
Recall the Wall Street scandals of Enron, World Com and their ilk? Insider trading has been a disgrace and always done in the name of profit. Unfortunately and deceptively, many agents advertise themselves as so-called “buyer agents” because they do not directly represent the seller of the homes they will show you. They claim that they are “designated buyer agents”. However, there is still a conflict of interest because they work for the same agency that is selling the home.
Watch our “Water Cooler Video“ for more information.
Working with a traditional “buyer agent” makes about as much sense as using a lawyer who works for the same law firm who also represents the opposing side!
You need an Exclusive Buyer Agent with an
Exclusive Buyer’s Broker!
Why would you want to work with a seller’s agent, dual agent, or designated buyer agent when it doesn’t cost anything to have your own Exclusive Buyer Agent represent you?
If you are looking for Columbus OH Real Estate, contact us today for a free consultation!