Saturday, September 02, 2006
Finding a buyer's agent.
I was just surfing a bit and came across a REMAX web site.
The banner at the top said, in part, "Your Exclusive Buyer's Agent...". Now I am familiar with the company involved and they have a good reputation. HOWEVER, the statement that they are your exclusive buyer's agent is misleading at best. Any agent can be a buyer's agent if they don't show you any homes their company has listed. But "Exclusive". This term means that there is no potential for dual agency. A dual agent is specifically NOT a buyer's agent. REMAX offices all list homes - after all the conventional wisdom in the industry is "the money is in the listings". When they take a listing they have a contract (called a listing agreement) under which they work in the best interests of the seller unless they disclose to all that they are working for both sides - a dual agent. A dual agent works for both sides - not in the best interest of either.
There is ONE way to find out if your agent will be an EXCLUSIVE buyer's agent: Ask if their company takes listings or ever works for home sellers. If they answer yes - you have not found an exclusive buyer's agent. Note that it does not matter if they or someone else listed the property...it only matters if their company did.
To find an Exclusive Buyer's Agent find someone, such as NJHomeBuyer.com Realty, that qualifies for membership in NAEBA (the National Association of Exclusive Buyer's Agents).
The banner at the top said, in part, "Your Exclusive Buyer's Agent...". Now I am familiar with the company involved and they have a good reputation. HOWEVER, the statement that they are your exclusive buyer's agent is misleading at best. Any agent can be a buyer's agent if they don't show you any homes their company has listed. But "Exclusive". This term means that there is no potential for dual agency. A dual agent is specifically NOT a buyer's agent. REMAX offices all list homes - after all the conventional wisdom in the industry is "the money is in the listings". When they take a listing they have a contract (called a listing agreement) under which they work in the best interests of the seller unless they disclose to all that they are working for both sides - a dual agent. A dual agent works for both sides - not in the best interest of either.
There is ONE way to find out if your agent will be an EXCLUSIVE buyer's agent: Ask if their company takes listings or ever works for home sellers. If they answer yes - you have not found an exclusive buyer's agent. Note that it does not matter if they or someone else listed the property...it only matters if their company did.
To find an Exclusive Buyer's Agent find someone, such as NJHomeBuyer.com Realty, that qualifies for membership in NAEBA (the National Association of Exclusive Buyer's Agents).
