Types of Representation in Real Estate

The Types of Representation You Can Have in Real Estate....

Traditional Agent: (Listing or Seller’s Agent) Works on behalf of the seller and represents their interests during the sale. Most agents are Traditional Agents. When you walk into an Open House - that agent is fully on the sellers side - and not yours. They will try to gain as much information about you (the potential buyer) and your situation as they possibly can - to assist their seller in negotiations. (Information is power in negotiations.)

Buyer's Agent: Usually a Traditional Agent who assists the buyer during a transaction. They get into a "Dual Agency" situation - or must designate a different agent to represent you when you become interested in one of their own listing(s). Though you started out being represented - at this point - you lose your representation. (They have a fidicuary resposibility to their seller and not you at this point. They know an awful lot about you - your situation, what you may be willing to pay etc.)

Exclusive Buyer's Agent: An agent who represents buyers only and never sellers in a transaction. Can never get in a Dual Agency conflict of interest situation, never "designates" an agent, provides unbiased home showing, and typically shows a wider array of property than a buyer agent. You have every agent in their office behind you - instead of the other agents being adversaries. (So you don't have to worry about shared fax machines or file cabinets etc. in an office like this - potentially compromising your position.)

Dual-Agent or Limited Agent: An agent who works to assist in a transaction. The agent cannot provide both parties with the full duties of agency including undivided loyalty, full confidentiality, and full disclosure of all information known to the agent. An agent acting as a Dual Agent is often called a "facilitator." Their interest is that the sale closes.

Who's on Your Side When You Buy a Home?

Exclusive Buyer Agency is Available at No Extra Cost

Buyer Advice

History of the Term "Exclusive Buyer Agency" --- See Addendum...

REPORT of Consumer Federation of America entitled "Changes in Real Estate Representation; Implications for Consumers" by Stephen Brobeck. October 18, 1994 -- "Where once there was only widespread ignorance, now there is confusion as well, reflecting the complexity of Real Estate brokerage, its changing character, and the use of imprecise or ambiguous language by Real Estate practicioners."

Article by Chicago Attorney - Samuel J. Tamkin (takes a bit of time to load)

Why Using an Exclusive Buyer Agent is the Best Possible Representation For a Buyer

Why Dual Agency and Designated Agency are Not Good Things

The Abrogation of the Common Law of Agency by the National Association of Realtors

Steamboat Springs Colorado Article About Exclusive Buyer Agency

Dual Agency and Designated Agency - Bad Things For Buyers in Wisconsin

The Difference Between an Agent and a Broker

National Association of Exclusive Buyer Agents

AGENT'S GUIDE by National Association of Realtors® (NAR) entitled "Agency: Choices, Challenges & Opportunities" in 1993 - states: "Exclusive buyer agency -- The practice of representing only buyers and never sellers in a transaction. The company never lists a seller's property and thus never has a seller as a client. Agents never accept subagency that is offered by a seller's agent."

With an EBA - you have more options, since we search a wider variety of homes (everything in the MLS, for-sale-by-owner homes, foreclosures, new construction etc.), you have unbiased home showing, no conflicts of interest, and a wider knowledge of a wider market area. (We've helped people buy homes in almost every Chicago suburb - as well as downtown Chicago. Traditional agents usually just focus on their local market area.)

Unlike traditional Realtors - you have our entire office teaming behind you - representing your interests 100% -- 100% of the time! The home buying experience becomes much less stressful when you have everyone on your side - and when you know that you'll be told about the negatives of a property - not just the positives. Why worry about what you aren't being told?

Do you hate being "sold" something? We hate it too. Since we do not list homes, we do not have any inventory to push or "sell to you." We are totally unbiased in the homes we show to you - and we guarantee to give you the "straight scoop."

You just want someone you can trust to tell you BOTH the positives AND the negatives. Someone who gives you the best possible information, so that you can come to your own informed decision - without and pressure or hassle."

You will never find an Exclusive Buyer's Agent in an ordinary, traditional office like ReMax, Coldwell Banker, Century 21, Prudential, Keller Williams, Realty Executives, or any other office that has listings. An Exclusive Buyer's Agent commission is paid by the seller at closing, no differently than any other real estate agent. Those offices have agents claiming to be "Buyer's Agents" - but they spend the majority of their time representing sellers and searching for more property to list. These are not buyer specialists. They may also "switch" their relationship with you half way down to line to "dual agency" where they are representing the seller's interests equally with yours. Why get surprised getting served this inferior form of representation, later in your relationship with them? It's your money that all the commissions get paid out of. You deserve to have someone totally on your side.

When you have heart surgery - you hire a specialist. When you have a specific kind of legal case - you hire a specialist. You want a specialist -- one who ALWAYS works for you - 100% --100% of the time. That means - an "exclusive buyer agent." Someone who doesn't straddle both sides of the fence...

It stands to reason that when you do something all the time - you become very very good at what you do. We offer personal service, no conflicts of interest, wider selection of homes, complete confidentiality, full disclosure, superior product knowledge, superior negotiating skills and "price-off statistics", and technical expertise.

As your confidential advocate, we have only one goal: do everything possible to locate the home or land that most exactly fits your specifications and then help you secure it at the best possible price.