Making the Distinction Between Exclusive Buyer Agents and Traditional Buyer Agents

By
Real Estate Broker/Owner with World West Investments, Inc.

Many people are still confused about the difference between exclusive buyer agents and traditional buyer agents. I have seen many agents that work for traditional real estate companies who specialize in buyer agency. However, they are not exclusive buyer agents, because their company also handles listings. A true exclusive buyer's agent works for a company that does not take listings at all. There is a difference.

In Washington State, when a broker (aka. the company) has two different agents working on opposite sides of the same transaction, the broker becomes the dual agent:

"In a transaction in which different licensees affiliated with the same broker represent different parties, the broker is a dual agent, and must obtain the written consent of both parties as required under RCW 18.86.060."

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In some states, such a broker is called the "Designated Broker," but it is still dual agency by another name. I think it is important for traditional buyer agents to clarify that they are not EBAs. I think that it would be better to be upfront about it, so that buyers can make informed decisions if they want to avoid dual agency altogether.

 

Posted by

Suzette West ABR, EBA

Broker / Owner / Exclusive Buyer's Rep

Investment Real Estate Specialist

http://worldwestinvestments.com

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