Exclusive Buyer's Agents in the News
As Consumer Advocate groups and the mainstream media are becoming aware of Exclusive Buyer's Agents, the hiring of Exclusive Buyer's Agents by home buyers is becoming more and more common. Here are some quotes from recent newspapers, magazines and online media publications about the benefits of hiring and working with an Exclusive Buyer's Agent when buying a home:
"...use an exclusive buyer agent... Unlike traditional agents, EBAs don't work for listing brokers, so they avoid the risk of dual agency -- when one broker represents both parties. EBAs are still paid by the seller, but they can promise to represent your interests exclusively throughout the transaction and help you negotiate the lowest price." - Hire Your Own Agent, From Kiplinger's Personal Finance magazine, March 2007
Buyer's agents have become increasingly popular across the country... they contractually agree to represent you exclusively. In the absence of such an agreement, "your" agent could be legally and financially obligated to work for the seller's best advantage." Mike Butler, "Let's Make a Deal", Better Homes & Gardens, June 2007 p. 192
"In a market in which negotiation counts, you'll do well to hire a buyer's agent to help you identify good prospects and to frame and negotiate your offer." From Kiplinger's Personal Finance magazine, November 2007 "Sweet Deals on New Homes" http://www.kiplinger.com/magazine/archives/2007/11/newhome.html
"A growing number of real estate agents are working exclusively for the buyer. Instead of selling a client on a certain home or neighborhood, they can focus on the best home at the best price." More agents work for homebuyers, Friday, November 16, 2007 By STEVE BROWN / The Dallas Morning News, http://www.dallasnews.com/sharedcontent/dws/classifieds/news/homecenter/realestate/stories/class111607dnbusbuyers.b352df6.html
"A good way to get a broker who has no such conflicts of interest: The National Association of Exclusive Buyer Agents... can help you find a buyer agent near you who pledges to help you get the best deal possible and has no ties to sellers' agents;" SmartMoney Magazine December 2006 http://finance.yahoo.com/real-estate/article/101456/10_Things_Your_Real_Estate_Broker_Won't_Tell_You
"It could pay off to hire a buyer's agent to help you identify good prospects and negotiate a winning offer." Kiplinger's Personal Finance Advisor, November 2007
"Operating under a strict code of ethics and pledging undivided loyalty, NAEBA members... are able to address only buyers' needs and concerns without being distracted by the business of managing sellers and their listings.
"There's also the potential for a conflict of interest should a single brokerage represent both buyer and seller in the same transaction, something called "dual agency," a practice that's outlawed in some states...
"Buyers who want exclusive representation should seek NAEBA certification, a written representation service contract and a track record of satisfied customers." Realty Times, November 2007 "Under-Reported Concerns Of Buyers Exposed" http://realtytimes.com/rtpages/20071116_buyerconcerns.htm
But not all buyer agents are created equal. Most home shoppers use agents who work for companies that also list properties, and they're likely to steer you to company listings first, says Stephen Brobeck of the Consumer Federation of America. "It's an irreconcilable conflict of interest," he says. To get around that, you can find a buyers-only agent at the National Association of Exclusive Buyer Agents." Newsweek - July, 16, 2007
"Exclusive buyer agents never list property. They never sell. And... unlike many agents working at big real estate firms, they will not have their loyalties divided between representing a buyer and a seller."
"As a buyer, it's always beneficial to have someone carry your
spear in negotiations with a seller or builder. And it's best for the buyer if the agent never
takes listings, since you never have to worry about divided loyalties." Real Estate
Journal (The Wall Street Journal Guide to Property), Finding the Best
Match When Shopping for a Buyer Agent, JuneFletcher, April 9, 2007
The idea that exclusive buyers
agents can't understand a seller's perspective is hogwash... very few
exclusive buyers agents have never taken a listing in their
lives. Most choose that path after trying the more traditional sellers-agency
They simply decide that they prefer working with buyers.
...even under the best of circumstances, both a buyer and seller give up something in a dual
agency situation -- while the agent pockets more than he or she usually would in commissions.
"Hire a broker who will work for a set fee or will sign a contract
stipulating that his or her cut will be the same for any home you buy." George
Mannes, Money Magazine 4/11/2007
"If you're a buyer, you might prefer an exclusive buyer's agent
to one who also lists homes. By hiring a representative who works on
only one side of the transaction, you'll get a specialized agent who
probably won't have a conflict of interest..."Wall Street Journal
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