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Do you REALLY want an 'exclusive' Buyer Agent?

Please hear me out before you slam me.

There are several agents in our marketplace who purport to be Exclusive Buyer Agents. They refuse to take listings at all, period, end of discussion. Their reasoning for this is that it's better for buyers if you're completely, totally focused on one end of the business.

I disagree.

Now, I'm not saying that buyers don't need representation. You do, absolutely, need specific, dedicated representation on your behalf.

However, one of the main goals we try to accomplish when locating a home is making sure that we have located an investment where you'll make a profit when the time comes to sell-be it in two years or twenty years. IF your agent is an 'exclusive buyer agent' who would never list and sell your home when that day comes-where is the accountability? What need does that person have to make sure you made a good investment? Sure, they will hope to get some referral action from you at some point, but no need to nurture the long term relationship.

I liken these agents to builder reps-their desire is to get you into ONE house TODAY. What happens down the road isn't of importance to them, since they have completed their job and cashed their check.

It's important to me, though, since I work with both buyers AND sellers. When we look for homes on the buy side, I'm watching to make sure it's a neighborhood that I can come back in and proudly represent you as a seller. I want the opportunity to come in and celebrate that we made a good choice the first time around, so I can sell this house and help you purchase another. I can help advise you in the negotiation because I know how sellers think-just like I can advise sellers because I know how buyers think and what they're currently looking for.

I'm in this to be your Realtor for life (even though that phrase is sadly overused). That means I want to WOW you, so that I can both sell you homes, and sell them for you.

**Please excuse my 'broad brush.' I know that there are excellent Exclusive Buyer Agents-it's the premise that concerns me. Lenn Harley is still one of my real estate heroines, no harm intended on your particular method of business, ma'am.**

Posted by Leigh Brown Charlotte NC Broker/Owner on 01/17/2007 03:01 PM

Comments (9)

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9 Comments on Do you REALLY want an 'exclusive' Buyer Agent?

JAN

2007

Leigh,

A few thoughts. And just thoughts. I like listing better than selling, but do both, willingly...

1. I think many of us accept the responsibility we shoulder when the client gives us their trust. It doesn't occur to me to think of shoving people into something they will regret later, and think poorly of me.

2. If I was considering engaging an Exclusive Buyers' Agent, I would want a committment as to how many clients would be active in his/her world along with me, including all phases of the transactions. Buyers are DEMANDING!

3. Even if I didn't list/sell, I would want another of my colleagues to have the opportunity when my satisfied client gets to that point. Rhymes with "referral fee."

4. I see folks around me who really don't list much, but are giving great service to Buyers. If you stumble routinely, sooner or later folks figure you out.

Thanks, Mike. I also prefer listings, but will always work some buyers to make sure I don't lose touch with that side of the game.

1. It doesn't occur to you to shove people, because you're ethical and don't do it. I know there are good exclusive buyer agents out there-i shouldn't have used my broad brush (Lenn Harley immediately comes to mind!)-it's the premise that folks should consider.

2. I think clients should ask that of any agent! Any of us can only handle so many 'A' buyers.

3. Amen. Still doesn't take away the accountability, though. Not that you can guarantee what will happen with a house, it's a perception.

4. Very true!

Leigh! Balance is the magic word. At any given the time the balance can be weighted toone side or the other depending on what the market is doing. I cannot imagine turning a buyer away... I think everyone has a favor side of the transaction to be on and regardless of whatever your personal preference may be...balance is best. Good read...thanks for the post.

What a nice post, I like to work with both buyers and sellers, Thanks for sharing

Leigh, that is a really nice twist to exclusive buyer's agents. But seriously, are you going to tell me that if one of these exclusive buyer's agents gets a call from a past customer saying they want to buy a different home, the EBA will refuse to sell their property and will only represent them in the purchase of a new one. Most will take the listing.

You post reminded me of listing in my neighborhood that was greatly overpriced. An exclusive buyer agency agent sold it. The buyers paid full price! I heard later that it didn't appraise so the buyers had to come up with extra money because the agent hadn't written into the contract that the home must appraise or the deal is dead. They got into financial difficulty later, but couldn't refinance because of the price they paid. It eventually went to foreclosure.

As you mentioned, there is no accountability if you don't have to worry about trying to sell it later on.

Here's an exclusive buyer's agent that didn't care for what I had to say:

http://thexbroker.com/blog/should-a-home-buyer-be-obligated-to-use-a-realtor%c2%ae-who-represents-the-seller.php

JAN

2007

Ines-in our market, the ones I know refuse all listings-in fact, i have a listing coming on the market next week, a seller who bought her house through an EBA-she called him and he refused the listing since he doesn't DO them-and she's WAY in the hole in a scary neighborhood. I get to be the bearer of bad news. Lovely.

Elaine-that's a very sad story! and granted, it could happen with a 'regular' agent-my beef is with those who really have no accountability by the very way their business model is designed.

Doug-interesting thread over there.

Alison and Daniel-sounds like we're on the same page!

Leigh - I am surprised they won't even refer the listing! This is all, once again, about educating the consumer.

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