How to Find a Good Realtor to be Your Buyer’s Agent - Exclusive Buyer's Agents Offer Unconditional Loyalty at the Buyer's Edge
/The Valuable Difference Between an Exclusive Buyer's Agent
and a Designated Buyer's Agent
Are all Buyer’s Agents Exclusive? No
How Do I Find an Exclusive 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. , my father told me to “always leave with the date that brought you!” When I think of this, it brings a warm smile to my face, 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”, switching sides if a new listing comes in and asking you to work with someone else in their office. 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 who works for a buyer brokerage company that never works for sellers and never takes listings.
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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 and terms for their seller/clients. Home buyers often want to buy a house or condo that their agent‘s real estate company lists. 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 a dual agency, the buyer and the seller must agree in writing that they understand 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 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 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 look at things differently since we never work for sellers. We go out of our way to illuminate the positives and negatives of every house our buyers/clients see. We have such a clear vision and an obvious job to do. To help our clients find the 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. Our exclusive buyer’s agents “always leave with the date that brought us.” It is called unconditional loyalty. What a great way to start a long, lasting relationship.
