What's the Difference between a Buyer Agent and an EXCLUSIVE Buyer Agent?

By
Real Estate Broker/Owner with A Buyer's Best Choice Realty®: Buyer Representation Exclusively®

Customers and potential clients often ask the question, "What is the difference between a 'Buyer Agent' (BA) and an 'Exclusive Buyer Agent' (EBA)"? 

The real TEST of a "True Buyer Agent" (TBA), better known nationally and internationally as an "Exclusive Buyer Agent" (EBA)  is to ask the agent this question,   

"Do YOU or does ANYONE in your Agency EVER list properties or represent sellers?"  

If the agent, SAYS "YES", that  ANYONE in that agent's Company lists property, the Buyer Agent (BA) is NOT, NOT, NOT an "EXCLUSIVE BUYER AGENT" (EBA), and there is a definite conflict of interest potential.

‘Exclusive Buyer Agents' (EBAs) never work for Sellers or list properties, NOR do they work in a company where ANY agent represents Sellers!

 NO matter what type of representation the agent proposes to a buyer, whether (s)he will be a Dual Agent (what many call the ‘double agent'), or a ‘Designated Agent' for the Buyer or Seller, or a Transaction Broker, or Facilitator, there is a conflict of interest potential, and or you are you may not be receiving adequate or ANY representation.

 Even when an agent says that (s)he will be your Buyer Agent and will not default or change agency status, files with your information may not be locked away from seller agents, faxes may be seen coming in by seller agents, offers may be discussed despite in-house rules for buyer -vs- seller agents, weekly ‘sales meeting' are held in most offices, and telephone conversations may be overheard in offices.

Representation by a Buyer Agent with in-house selling agents, is much like being represented by the lawyer-partner in the same firm of a person who is suing you.

CONVERSELY, the Exclusive Buyer Agent (EBA) represents buyers ONLY, ALWAYS, and EXCLUSIVELY! If the answer to the question above is "YES", then you are not getting Exclusive Buyer Representation. 

To learn more: go to Janine and Ashley Wilson's website at http://www.TNBuyerBroker.com  and also visit the National Association of Exclusive Buyer Agents (NAEBA) website at http://www.naeba.org

Submitted by A Buyer's Best Choice Realty: Buyer Representation Exclusively in Tri-Cities, TN

 

Comments (2)

matt mathews
mathews Realty Group - Yucaipa, CA

Great Post!  Now all we have to do is get the NAEBA to stop taking a back seat to the NAR!  Maybe a few TV ad spots, and some newpaper copy.  The big problem I have in my town is;  All the listing/sellers agent are now all of a sudden BUYER AGENT EXPERTS!  In reality I'm the only one!!  Do I put a ad in the local paper telling buyers to beware of wolves in sheeps clothing? OR do I keep my cool so as to not offend anyone in town????

Mar 06, 2009 06:53 AM
Janine J. Wilson
A Buyer's Best Choice Realty®: Buyer Representation Exclusively® - Johnson City, TN

I have been working with buyers exclusively for 15 years now. I have found it to be more 'profitable' to work WITH the listing and selling agents (in my area) over the years, unless they are excluding you (me) from equal advertising, i.e. homes books, or not allowing access to MLS, etc....  I've gained their repect and I respect what MOST of them do.  (There are always exceptions in any field of course, including our own.)

When you consider the number of Exclusive Buyer Agents compared to trad agents across the country, you can see that there is a big difference in revenue at NAR -vs- NAEBA.  I DO believe that the current staff, the president John Sullivan and other officers, the Board of Directors, and the various NAEBA committee members and chairs (volunteers, not paid) are working hard to make changes that will help both EBAs and the marketing of EBAs.

I know that there is a group at this moment working on the advertising that you mentioned.  National ads, as NAR is doing, really helps with awareness of what an EBA is.  And John Sullivan is working VERY hard to change the disclosure laws across the country.  Living and working in the DC/MD area, he is devoting most of his time to NAEBA this year.... including the issues you mentioned. 

And, there is a BIG difference between a 'Buyer Agent Expert" and an Exclusive Buyer Agent.  I have insured over the years, that NO ONE in this area claims they are an EBA, unless they really are.  A few tried, but with NAR's definition in 1993 and NAEBA (and me) sending notices reminding these agents of "Ethics in Advertising", they have ceased.

There is a place for all of us, but you are right... we need the help of every EBA and NAEBA to get the word out! THe Internet is helping us so much!  If everyone would do as we are doing, BLOGGING about EBA's and the REAL difference, showing how professional we are, we gain ground every day.  An informed consumer is a client in hand!  Lets just keep informing!

I have also posted links on my website and in BLOGs I've done, to the Questions Buyers Ask about the difference in Buyer Agency and Exclusive Buyer Agency.

http://www.tnbuyerbroker.com/questions/questions.htm

 

Mar 08, 2009 07:56 PM