CNN Money article about the benefits of using an Exclusive Buyer Agent
A new article on CNN Money talks about how people should use an Exclusive Buyer Agent.... Unfortunately - the terminology they used was "buyer agent" in this article at CNN Money
But the point is clear... use an agent that is on your side - and the only type of agent that you can be assured of that does that - is an agent that doesn't list properties - so they can give you unbiased home showing, no conflicts of interest, and always be on your side 100% of the time.
I think most people get confused - as there are so many terminologies in Real Estate that they don't understand... An agent that works at a company that lists property for sale calls themselves a "buyer agent" - that is what most people think they are getting - someone that will always be on their side 100% of the time.
It is too bad for the consumer - that that isn't the case. These agents can get into what is called "dual agency" situations where they are representing you and the seller equally. Unfortunately - there is only a 20% upfront disclosure rate by "buyer agents" about how they can get into such conflict of interest situations - even though the law says that they should always disclose that they could get into that - with the potential client (upon first meeting.)
Without "named differention" the consumer can get confused. Hmmm - buyer agent - sounds like they will be representing my interests 100% of the time...
That is what is so nice about the use of the term "Exclusive Buyer Agent" - because officially - it means that the agent and their company don't list property for sale - and so they can never get into a conflict of interest situation.
In any case - though they blew that terminology in the article -- that is what it is talking about...
And even more unfortunately - many traditional agents sometimes use the word "Exclusive Buyer Agent" - when they aren't - which confuses the public even more.
What is what? What kind of representation is someone giving me? What name can I trust? What does the name mean? etc.
But the point is clear... use an agent that is on your side - and the only type of agent that you can be assured of that does that - is an agent that doesn't list properties - so they can give you unbiased home showing, no conflicts of interest, and always be on your side 100% of the time.
I think most people get confused - as there are so many terminologies in Real Estate that they don't understand... An agent that works at a company that lists property for sale calls themselves a "buyer agent" - that is what most people think they are getting - someone that will always be on their side 100% of the time.
It is too bad for the consumer - that that isn't the case. These agents can get into what is called "dual agency" situations where they are representing you and the seller equally. Unfortunately - there is only a 20% upfront disclosure rate by "buyer agents" about how they can get into such conflict of interest situations - even though the law says that they should always disclose that they could get into that - with the potential client (upon first meeting.)
Without "named differention" the consumer can get confused. Hmmm - buyer agent - sounds like they will be representing my interests 100% of the time...
That is what is so nice about the use of the term "Exclusive Buyer Agent" - because officially - it means that the agent and their company don't list property for sale - and so they can never get into a conflict of interest situation.
In any case - though they blew that terminology in the article -- that is what it is talking about...
And even more unfortunately - many traditional agents sometimes use the word "Exclusive Buyer Agent" - when they aren't - which confuses the public even more.
What is what? What kind of representation is someone giving me? What name can I trust? What does the name mean? etc.
Labels: agent, buyer agent, CNN Money, dual agency, exclusive buyer agent, home buyer, real estate
posted by Rick Hauser at
9:54 AM
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