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Who is an EXCLUSIVE Buyers' Agent?

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Industry Observer with RETIRED / State License is Inactive Inactive License Oregon

Real estate is a "Me Too" business. 

"I have a fax machine!"  -- Me too!

"I have my photo on my business cards!"  -- Me too! 

"I have a computer!" -- Me too!

"I have internet access!" -- Me too!

"I have a cell phone!"  -- Me too!

"I have a web site!" -- Me too!

"I have a Blackberry!" -- Me too!

"I'm face booked, linked in, twittered, binged, googled, my spaced . . ." -- Me too!

And now . . . Agents are picking up on "buyer agency" and touting/marketing themselves as "Exclusive Buyer Agent."

Hmmmm . . . last time I checked the National Association of Realtors(r) makes it very clear that ADVERTISING must not be misleading. 

"Article 12
REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations. REALTORS® shall ensure that their status as real estate professionals is readily apparent in their advertising, marketing, and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional. (Amended 1/08)"

"Standard of Practice 12-8
The obligation to present a true picture in representations to the public includes information presented, provided, or displayed on REALTORS®' websites. REALTORS® shall use reasonable efforts to ensure that information on their websites is current. When it becomes apparent that information on a REALTOR®'s website is no longer current or accurate, REALTORS® shall promptly take corrective action. (Adopted 1/07)"

Standard of Practice 12-10

  •  
    1. engaging in deceptive or unauthorized framing of real estate brokerage websites;
    2. manipulating (e.g., presenting content developed by others) listing content in any way that produces a deceptive or misleading result; or
    3. deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic, or to otherwise mislead consumers. (Adopted 1/07)
    • REALTORS®' obligation to present a true picture in their advertising and representations to the public includes the URLs and domain names they use, and prohibits REALTORS® from:

Standard of Practice 12-13

    "The obligation to present a true picture in advertising, marketing, and representations allows REALTORS® to use and display only professional designations, certifications, and other credentials to which they are legitimately entitled. (Adopted 1/08)"
    If you are working for a LISTING brokerage . . . you are an "AGENT" of that brokerage.  While you may practice your real estate business working only with buyers, as a matter of choice, you are STILL an agent of a listing brokerage.  Those listings aren't the listing agents . . . they are the brokers.
    If you are EXCLUDING your office listings from being shown to your buyer clients, then fine . . . keep on adversting that you are an "EXCLUSIVE BUYER'S AGENT."But, if you have not obtained written aknowledgement from your buyers that you would be excluding your office listings from a tour if it meets their wants and needs, then you must show them . . . WHAT?!?!? 
    What was that I hear you say?  YOUR OFFICE LISTINGS!
    Of course you do!
    If your buyer client has given you their criteria of wants and needs and it just so happens that a home listed with your Brokerage would be an ideal property to tour with them . . . Hmmmmmm . . . you're NOT practicing EXCLUSIVE BUYER AGENCY . . . you are now a DUAL AGENT . . . or a "Limited Agent"  (depends on how your State defines this).
    You do understand that "agency relationships" are LEGAL, right?!?  You do understand that there is "client" level and "customer" level.
    If you want to contract with a buyer at the client level, and continue to maintain you're an "Exclusive Buyer Agent" . . . while you may be under contact with them, and they are your clients in an "exclusive" contract, you are NOT practicing "exclusive buyer agency." 
    Let's repeat: 1) your brokerage takes listings, 2) you're in a contract with a buyer, and now you have a client that is under an "exclusive" representation agreement.  That means THEY will not use the services of another agent!  You're their agent exclusive . . . but that does NOT mean that you "practice" exclusive buyer agency. 
    I hate to break it to you "ME TOO" folks . . . You are NOT exclusive to buyers if there's a snowball's chance that you may become a dual agent.   DUAL, as in: SELLER/buyer.
    Hmmm . . . I thought you said you don't get involved with the sellers! 
    Check this video out . . . it's not that great in quality (kinda grainy) . . . but thanks Bryant Gumble!  You're ON THE BALL!
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Carla Muss-Jacobs has RETIRED effective May 1, 2018

Representing Buyers in the Portland Metro Real Estate Market | Clackamas Multnomah and Washington Counties | Since 1999

Carla Muss-Jacobs, REALTOR®, ABR, CEBA, ePro
Principal Broker/Owner ~~ INACTIVE

Carla Muss-Jacobs' retirement became effective May 1, 2018

Direct: 503-810-7192 

 

All Rights Reserved © 

Comments (5)
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Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros
really great post and such good info thanks, It is good to cover the abcs
Feb 29, 2008 06:31 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA
Our state defines representation by the same brokerage, and different agents within, as DESIGNATED AGENCY.  DUAL AGENCY, representing both sides of a transcation MYSELF, is something I would never dream of.  However, before I take a listing, or take out a buyer, I explain the differences to them and make sure they are comfortable with the "lay of the land".  And, incidentally, I would never tout myself as an EXCLUSIVE BUYERS AGENT.  I am simply a REALTOR.  Great post!
Mar 02, 2008 03:13 AM
Gloria Ruesch
NP Dodge Real Estate - Omaha, NE
Real Estate Agent - Nebraska- Iowa

Carla,

Good post.  I wish that every Realtor on Active Rain would read this and take heed.  There is an agent who has copied verbatim the Exclusive Buyer Agency explanation from the National Association of Exclusive Buyer Agents (NAEBA) website on his own website, and he works for an agency that practices designated agency.  Oh yea, he has listings as well.  I will be pointing out that you can't have it both ways.  You can be and EBA, or you can take listings or work for a company that takes listings, but not both. 

Mar 02, 2008 12:00 PM
Dee Nofziger
|Key Realty | Maumee Toledo Real Estate Blog - Toledo, OH
Maumee Real Estate, Toledo Homes, Key Realty

In my neck of the woods, DUAL AGENCY is when an agent has both the buyer and the seller for the same property. If the agent has just the buyer, but represents them in their purchase of that agent's brokerages listing, it is not DUAL AGENCY.

We have a form we use when we first meet a buyer that explains the differences in agency.

I will gladly show my own listing, but not without first explaining agency and then telling the buyer that I represent the SELLER for this particular property, so if there is any confidential information they would not like the seller to know, please do not tell me. However, I also explain that if we look at other homes and they sign an exclusive buyer agency contract with me, then I am bound by my fudiciary duty via the eba contract to them and can not disclose anything to my sellers.

I have done this successfully and have not neglected my fiduciary duty in any way, shape, or form.

When it comes to an ACTUAL DUAL AGENCY, I have either asked another agent to step in on a referral fee basis to represent one side, or I have obtained written permission to represent both, which actually means I am representing NEITHER, simply pushing paperwork back and forth between the two and offering FACTS, such as comps or recent sales, etc. or suggesting a lender or attorney.

I think what is happening is there may be some agents who don't understand the verbiage and mistakenly DESCRIBE themselves as Exclusive Buyer Agents, when what they really mean is they encourage (require)buyers to sign exclusive buyer agency CONTRACTS with them.

There's a difference, but thanks for the refresher on agency. Goodness knows we all need a reminder from time to time.

Warm Regards,

Dee

Mar 02, 2008 12:21 PM
Suzette West
World West Investments, Inc. - Seattle, WA

In response to the comment that designated agency is not a form of dual agency. In my opinion, this perspective is incorrect.

In designated agency, the broker of record becomes the dual agent, technically. Even though this form of dual agency is given a different name (designated agency), the effects of it are the same. In designated agency, a broker aka. "the company" represents buyer and seller in the same transaction through its respective agents. Even though buyer and seller may be represented by two different agents, in designated agency, they are both licensed under the same broker, hence, the broker becomes the dual agent.

If a transaction were to escalate into a situation that needs the brokers' attention, as a dual agent, the broker has a duty to remain neutral. Neither buyer nor seller are well-served in such a situation. This is the effect of dual agency no matter how one tries to color the situation or call it by a different name.

 

Feb 14, 2009 04:56 PM
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