What is the loneliest profession in all of real estate? Exclusive Buyers Agency, hands down. In residential real estate, the idea of exclusive buyers agency is a foreign concept to almost everyone. Practically no one even understands the regular type of agent so how are we to expect they would pay attention long enough to learn all the nuances of the profession. It is like watching paint dry. An Agent Has to Look Out for My Interests, Right? In every other type of agency, that would be correct. An agent under the common law was a person who had a responsibility to treat your interest as if it were his or hers. Called fiduciary duty. Stay with me here, alright? In residential real estate, all agents represented the seller, not the buyer, until the 1980’s, when some brilliant person did a study that found out that most home buyers thought their agent was really their agent (imagine that!). But in truth, their agent had a responsibility to the seller to get the best price and terms. Creative Representation– or How to Screw the Buyer Yet Again Once the cat was out of the bag, some consumer groups made a stink, so the real estate community came up with a clever plan. They created a type of agency call buyer agency and let everyone do it whenever they wanted as long as they got the buyer to sign something saying they understood it. So if you found a home you loved and the agent told you that you had to sign a paper to buy it, wouldn’t you say you understood buyer agency even if you didn’t? Many agents who call themselves buyer agents spend most of their time soliciting, managing and negotiating listings on behalf of sellers. They are not specialists. They do not limit their education and training to the buyer side. In medicine, the concept of specialization is well recognized. In residential real estate, it is still in its infancy. Exclusive Buyers Agency The type of agent that is a true fiduciary in every sense of the word is what is called an exclusive buyers agent, working only at an exclusive buyers agency. These agents are trained and focused on buyers’ needs, always looks out for their interests, never have listings to tout, are not expected to push the company’s listings or their friends’ homes. They just want to get their buyer clients the best overall deal. What a refreshing concept for an agent! Now, just to confuse buyers, the form of agreement many buyer agents use, even though they are not practicing exclusive buyers agency, is titled the “Exclusive Right to Represent” or some such nonsense. It does not mean that agent only represents buyers or will only be this buyer’s agent; it means that the buyer is bound to use only that agent. It is, in fact, a deceptively titled document. Learn more how an exclusive buyers agency can make a difference by contacting Linda Walters at Sage Realty, 37 West Avenue, Suite 103, Wayne, PA 19087, LindaWalters@FindAHomeInPA.com or by calling 610-687-4000 or by visiting www.FindAHomeinPA.com .
Learn more about choosing an exclusive buyer agent and not just any Philadelphia real estate agent by contacting Linda Walters at Sage Realty, 37 West Avenue, Suite 103, Wayne, PA 19087, LindaWalters@SageRealtyLLC.com or by calling 610-687-4000 or by visiting www.FindAHomeinPA.com. Or, check out our new blog on home buying at blog.findahomeinpa.com/.