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TS, Home Buyer in Tampa, FL

Exclusive Buyers Agents in Tampa

Asked by TS, Tampa, FL Sat Jan 3, 2009

I'm in the process of selecting a real estate agent and am considering using an exclusive buyers agent. If any, what are the disadvantages of using an exclusive buyers agent?

One limitation I have come across so far is that there seems to be a very limited selection of Agents. I contacted the National Association of Exclusive Buyers Agents who gave me only two area references and they are both based out of Pinellas county. I would prefer more experience in Northwest Tampa - Westchase specifically. Can anyone supply me with references to Exclusive Buyers Agents in this area?

Thanks.

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Answers

18
"If any, what are the disadvantages of using an exclusive buyers agent?"

a lot of companies in Florida require their agents to be transaction brokers, so you are limiting the field of agents available. Their are some extra duties a buyers agent owes you. I will give you the laws on both so you can make an educated decision.

(2) TRANSACTION BROKER RELATIONSHIP.--

(a) Transaction broker-duties of limited representation.--A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:

1. Dealing honestly and fairly;

2. Accounting for all funds;

3. Using skill, care, and diligence in the transaction;

4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

7. Any additional duties that are mutually agreed to with a party.

____________________________________________________________________________________

3) SINGLE AGENT RELATIONSHIP.--

(a) Single agent-duties.--The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following:

1. Dealing honestly and fairly;

2. Loyalty;

3. Confidentiality;

4. Obedience;

5. Full disclosure;

6. Accounting for all funds;

7. Skill, care, and diligence in the transaction;

8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

____________________________________________________________________________________
4 votes Thank Flag Link Sun Jan 4, 2009
Dear TS,

You can have a Realtor represent you as a "Single Agent". Some larger firms in Tampa Bay discourage their agents from entering into this type of agreement and prefer that you are in a "Transaction Broker" relationship but there are many Westchase Area Realtors that would be happy to solely work for your benefit and be strictly loyal to you. I'm one of those Realtors and I've lived in the Westchase area since 1994 and have over 8 years of full time experience in Residential Real Estate.

Westchase has 2 separate CDDs (Community Development Districts) and there are certain caveats to purchasing in adjacent non-Westchase communities. Only a truly experienced Realtor with specific knowledge to the Westchase area will be able to give you the best advice.

Hope this helps.

Alma
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
813.244.9898
1 vote Thank Flag Link Mon Jan 5, 2009
TS,

As a past president of the National Association of Exclusive Buyer Agents I can tell you that you have already discovered the biggest challenge. There are few of us around.

Not all Exclusive Buyer Agents belong to NAEBA so you may be able to find some others through additional internet searches. Also try http://www.exclusivebuyersagents.com

You probably still should contact the people referred to you by NAEBA. They may be very familiar with the area you are looking at or they could refer you some a top buyer agent in those areas.

If you want someone who will really be on your side there is no substitute for an EBA.

Best regards,

Jon Boyd
Past President of The National Association of Exclusive Buyer Agents
Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
1 vote Thank Flag Link Sun Jan 4, 2009
There aren't a ton of exclusive buyer's agents that I have come across in our market... most brokerages represent both buyers and sellers.

When I represent buyers I work with a buyer loyalty agreement, where I work with the buyer primarily as a fiduciary (Single Agency) with one exception when the listing is represented by my office. In that scenario the seller and buyer are kind of like brother and sister and we represent both parties as equals in the transaction.

It only comes into play if the buyer has a home that is a great match for their criteria, that happens to be represented by my office.

I don't personally work the Westchase area... but I would be happy to track down an agent who works in a similar manner. Most of the large name brand brokers will only represent you as a Transaction Broker so if you want someone to search and in most cases negotiate on your behalf you'll want to work with an agent who will consult with you first and then show you the best homes that match your criteria.
1 vote Thank Flag Link Sat Jan 3, 2009
Wow. Indeed.

David Chamberlain's post does a good job explaining the difference between Single Agency and Transaction Brokerage.

I think Jon's answers do a great job of explaining the perspective of the NAEBA and the advantages of working with an Exclusive Buyer's Agent, Alma Key knows a lot about Westchase and the advantages of working with an agent like her.

Those are the posts that do the best job answering the question in this thread.
0 votes Thank Flag Link Wed Jan 14, 2009
Wow,

A lot of confusion here.

Brokerage firms have "exclusive right to buy" agreements that confine the consumer to using that brokerage when they buy. In some states this are mistakenly called exclusive buyer agency agreements. That is not the same as working with an exlcusive buyer agency.

An exclusive buyer agency is a company that works only for buyers. They never list property and they never have a seller as a client.

Check the National Association of Exclusive Buyer Agents at http://naeba.org for more information. NAR published the same definition many times.

As far as the difference in responsibilities and duties, David Chaimberlain was nice enough to provide that actual statues in your state. That is the best reference.

Loyalty is the difference.

Jon Boyd
Past President of The National Association of Exclusive Buyer Agents
Broker/Manager of The Home buyer's Agent of Ann Arbor
0 votes Thank Flag Link Wed Jan 14, 2009
"Westchase has 2 separate CDDs (Community Development Districts) and there are certain caveats to purchasing in adjacent non-Westchase communities. Only a truly experienced Realtor with specific knowledge to the Westchase area will be able to give you the best advice. "

This is the stuff a good agent is going to know about an area... while she might not be an EBA... she can represent you as a single agent for the vast majority of homes in the area and get you the right home with the right information.

I would argue this is a much better situation to be in than with an EBA based in another county.
0 votes Thank Flag Link Mon Jan 5, 2009
NO problem. There's actually a house with your name on it in Westchase. Let us show you which one. Looking forward to meeting you.
0 votes Thank Flag Link Sun Jan 4, 2009
TS,

You want to work with a single agent, like was mentioned in a couple of the answers. they work for you just like the listing agent works for the seller. In Florida, we do not have dual agency as in some other states. We have single agency and transaction broker. Make sure you get a document from the agent you work with that you sign, that mentions what type of agent they are. We work as single agents in most cases and do alot of work in Westchase.

Bill Szydlowski
Future Home Realty, Inc.
813-323-4443
0 votes Thank Flag Link Sun Jan 4, 2009
"Transaction Brokerage... is beneficial only to the brokerage, not to the consumer. "

Nonsense.

The obvious benefit to the consumer here is having an agent knowledgeable in the Westchase area.

I appreciate the passion you have for your organization, and If the NAEBA can not provide a referral to such an agent in the area the consumer has requested... they should respect the fact there are other solid options available including agents who pursue Single Agency with Consent to Transition to Transaction Brokerage who have a better working knowledge of the area the buyer wishes to purchase a home.
0 votes Thank Flag Link Sun Jan 4, 2009
Have you called either of the EBAs given to you by the National Association of Exclusive Buyer Agents to see about their experience in Northwest Tampa? Just because their offices are in one location doesn't necessarily mean they aren't very familiar with others. For example, I am in the Phoenix area. My office is in the Far West Valley, but because I lived there for years and still have many, many contacts there, I am more familiar with the southeast valley than I am the west valley. Now I'm not a real estate agent, but if I was, I'd hate to have someone rule me out just based on my office location. Why not give them a call to see about their experience in the area in which you're looking?

On a personal note, I became the Executive Director of the National Association of Exclusive Buyer Agents about a year ago and I wish I knew then what I know now. In fact, one of the main reasons I accepted this position over three others I was offered was because of the high priority this association places on consumer protection. Per NAEBA's Code of Ethics, members must act in the best interest of their client... always. For example, under "Fiduciary Responsibility" there is the statement, "An exclusive buyer's agent shall not knowingly direct a client to any service which is less than what is in the best interest of the client, and under Duty of Competence, it states, "An exclusive buyer's agent shall be responsible for researching a targeted property and its surroundings whenever possible to discover all material information." In addition, under Duty of Loyalty it states, "An exclusive buyer's agent shall be loyal, never doing anything which might jeopardize the client's bargaining position or other interest" and "An exclusive buyer's agent must relate everything material he/she knows about the seller to the client."

This Code of Ethics provides protection to the client well above and beyond not only what is required by law, but also above and beyond the Code of Ethics and Standards of Practice of the National Association of REALTORS, which leads me to the question, why wouldn't you try them first?

Kimberly Kahl, CAE
Executive Director
National Association of Exclusive Buyer Agents

As referenced in this answer:
NAEBA Code of Ethics: http://www.naeba.org/naeba/codeofethics.htm
NAR Code of Ethics and Standards of Practice: http://www.realtor.org/mempolweb.nsf/pages/code
Web Reference: http://www.naeba.org
0 votes Thank Flag Link Sun Jan 4, 2009
Merriam-Webster says disloyalty is: lack of loyalty

Look at the statues as David provided.

Single agency includes loyalty.

Transaction brokerage does not.

Transaction Brokerage is a lower level of service and is beneficial only to the brokerage, not to the consumer.


Jon Boyd
Past President of The National Association of Exclusive Buyer Agents
Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
0 votes Thank Flag Link Sun Jan 4, 2009
The market has changed and many buyers agents are not in the business anymore. You must find an agent who will be looking out for you and will have a long term relationship. If your looking for short sales give yourself plenty of time and find the right agent.
Web Reference: http://www.TeamBarone.com
0 votes Thank Flag Link Sun Jan 4, 2009
"Anyone who wants you to agree to "consent to Transition to Transaction Brokerage" is asking you upfront to accept disloyalty. Like an attorney promising to represent you UNLESS the other side offers to pay him something more that what you are paying. Not really reasonable. "

No it's not disloyalty... it's equal standing with the seller.

Attorneys help parties put contracts together as a neutral third party all of the time without being disloyal to either party.
0 votes Thank Flag Link Sun Jan 4, 2009
is it true that all agents work for commission. That means that the more the buyer pays for the property, the more the agent makes, whether buyer or seller agent. This is an obvious conflict of interest, but there is really no other way to work out compensation. Bottom line is "buyer-beware" regardless of who your agent is.
Flag Sat Oct 18, 2014
Knowledge of the listing side of the business is not going to hurt you. True. Disloyalty sure will hurt you.

Anyone who wants you to agree to "consent to Transition to Transaction Brokerage" is asking you upfront to accept disloyalty. Like an attorney promising to represent you UNLESS the other side offers to pay him something more that what you are paying. Not really reasonable.

One of the reasons buyers look for exclusive buyer agency (EBA) is because that office will never represent a seller.

And an EBA will never ask you to "consent" to a lower level of service. (I.E. Transaction brokerage or dual agency or designated agency.)

Jon Boyd
Past President of The National Association of Exclusive Buyer Agents
Broker/Manager
The Home Buyer's Agent of Ann Arbor, Inc.
0 votes Thank Flag Link Sun Jan 4, 2009
Regardless of who you work with you want someone with familiarity in the local area... an agent that works with buyer's in Westchase who has knowledge of the listing side of the business is not going to hurt you. The key is you want to be represented as a Single Agent with consent to Transition to Transaction Brokerage.

That is going to give you fiduciary representation in most cases... and an agent who is familiar with Northwest Tampa and Westchase.

An EBA who might only represent you as a transaction broker is not a better option from a negotiation standpoint.

The Single Agency component is critical.
0 votes Thank Flag Link Sun Jan 4, 2009
Hello TS,

More importantly, ask for testimonials from their previous clients when interviewing agents. Purchasing a home is an important decision and you want to work with someone who has your best interest at heart.

Hope this helps.

Phil Fowler
Keller Williams Realty
813-401-8078
http://www.PhilFowler.com
0 votes Thank Flag Link Sun Jan 4, 2009
TS,
Would be happy to help! As a top producer in our office I can supply you with as many personal references of past clients as you desire. I'm well versed in the demands of this market and I'm a FULL TIME agent!

Please visit my web site at http://www.Homes4UinTampa.com.

You can contact me directly at 813-849-8554 or via email at Weichertmarkz@yahoo.com

Yours to count on,
Mark Zabilowicz
0 votes Thank Flag Link Sat Jan 3, 2009
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