Roger, Home Buyer in Tampa, FL

What's the difference between a Buyers Agent and an Exclusive Buyers Agent?

Asked by Roger, Tampa, FL Fri Aug 7, 2009

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The confusion may become greater as we delve deeper into Realtor jargon.
If you are seeking to purchase a home, avoid having the agent who is listing the home representing your position. Simply seek out any real estate agent working through another franchise. Any agent choosing to represent you has professional fundicary responsibilites to protect and advance your cause and position ONLY!

Selecting the right agent, regardless of the letters following their name, requires you to discern the agents skills in negotiating, researching ownership chain, researching community market concerns, identifying toxic properties, potential bank fraud listings, anticipating and meeting lender conditions, monitoring both sides of the transaction, appraisal and inspection opportunities. It simply isn't as easy as it was a few years ago.

Let me know if I can be of any help.
Annette Lawrence
ReMax ACR Elite Group
727. 420. 4041
Web Reference: http://www.MyDunedin.com
1 vote Thank Flag Link Fri Aug 7, 2009
Hi Roger,

Sorry for the delay, out showing all weekend. I agree, Realtor Jargon can makes the issues more confusing.

You should interview agents to find one you are comfortable with. It's good to meet before you actually go out looking or at least have a phone conversation, going over your needs, what the different types of sale entail (i.e. short sale, bank owned, estate, or regular seller). You should feel free to ask them questions too. What areas do they work in? How long have they been in real estate? I reccomend you choose one who is a full time professional realtor. Are they members of the local Board of Realtors, Fla. Assoc. of Realtors and the National Assoc. of Realtors? Don't assume it. Not everyone is. Members must follow a "Code of Ethics".

When you find one you like do your home searching with one agent. Of course you want them to be looking out for your best interests. You may find something right away or it could take months. The agent you choose is going to be spending a lot of time researching and showing you properties and only get's paid if a transaction closes. This is where commitment is a two way street between you and your agent. This is also where I disagree with Annette about going to a different franchise if the house you are looking at is listed with the same company that your realtor works with. If you choose a realtor with any of the larger companies, this would mean swiching realtors everytime you wanted to see a house someone in their company was listing. Using different agents for every house may lead to your getting less experienced desperate agents.

If you choose a house your agent has listed then you and your agent might want to dicuss having someone else do your side of the contract. If you have a developed a good relationship with them, you may still want them to do it. Only you can make that decision when the time comes.

In Florida we do not have " Dual Agency" as one of the other agents brought up. We have Single Agent, Transaction Agent or No Brokerage. As of July 2008 (maybe it was 2007, but I think it was 2008) all agents are to be assumed Transaction agents, unless a disclosure is signed stating otherwise.

Here is a detailed explanation of each taken right from the Florida Association of Realtors as to the responsibilities of each. These would be listed on the disclosure.

SINGLE AGENT NOTICE
FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATING AS SINGLE AGENTS DISCLOSE TO BUYERS
AND SELLERS THEIR DUTIES.
As a single agent,
and its associates owe to you the following duties:
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.

TRANSACTION BROKER NOTICE
As a transaction broker,__________________________________
and its associates, provides to you a limited form of representation that includes the following duties:
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 entered into by this or by separate written agreement.
Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the
detriment of the other party when acting as a transaction broker to both parties.

NO BROKERAGE RELATIONSHIP NOTICE
FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES WHO HAVE NO BROKERAGE RELATIONSHIP WITH A
POTENTIAL SELLER OR BUYER DISCLOSE THEIR DUTIES TO SELLERS AND BUYERS.
As a real estate licensee who has no brokerage relation

Pam
0 votes Thank Flag Link Mon Aug 10, 2009
Hi Brittany,

I'm not sure if I understand what your exclusive buyer agent is as compared to a buyers agent?
Don't they both work for buyers? Enter the Dual Agent.... what does the listing company have to do with finding an agent?
0 votes Thank Flag Link Fri Aug 7, 2009
Thanks Annette,

I have never understood how the agent representing the Seller could represent anyone other then the Seller, although it appears that was what Pamela was referring to with her "Transaction" agent. So....

"Any agent choosing to represent you has professional fundicary responsibilites to protect and advance your cause and position ONLY! "

How does this work with Pamela's explanation?

Thanks
0 votes Thank Flag Link Fri Aug 7, 2009
Ok....Now I'm really confused..

Single Agent...Transaction Agent.... I really don't care who is representing the Seller, as a Buyer and I want someone looking out for MY interests. The Seller has a contract with his agent to SELL his property and I'm sure he isn't going to tell me everything that's wrong with it if he expects to sell it to me.

What's this... "Single Agency" is that they (Buyer) could be liable for their agent's actions? Pamela, can you give me an example of what kind of liability I might be exposed to ?
0 votes Thank Flag Link Fri Aug 7, 2009
An exclusive buyers agent is just that-they exclusively represent buyers and never, ever any sellers so there is no potential conflict of interest.

Someone who calls themselves a buyers agent, who is not exclusive can become a dual agent during a transaction if their listing company is representing the seller of the home you are buying. He/She can be a buyers agent in some transactions and also represent sellers.

You can obtain a referral for a good exclusive buyer agent in your area by visiting the National Assoc. of Exclusive Buyer Agents on the web.

Good luck!
0 votes Thank Flag Link Fri Aug 7, 2009
Roger,

A Buyer's agent is working with Buyers and a Listing agent is the agent is Marketing the property for the Seller. Listing agents market to every other agent out there and to Buyers. An exclusive Buyers agent is only working with Buyers.

Sometimes newer agents start working as a Buyers agent for another agent or as part of a team. Some agents just prefer working with buyers only. Most full time professional agents list property also. Think of it like a business. You need to have merchandise to sell it. The balance is having enough inventory to draw buyers, but not so much that you can't give them all the marketing attention they need.

Sometimes a Buyers agent is a "Single Agent" vs. a "Transaction agent" representing the Buyer. In Florida, unless Single agency is declared, all agents are assumed to be "Transaction agents".

A listing agent will usually not be a "Single agent", because it prohibits any other agent working in the same brokerage company from showing the property, unless they had a "No Brokerage" relationship with the Buyer. As a "Transaction Agent" we can work with either party.

Why don't all Buyer's want a "Single Agent" vs. a "Transaction Agent"? There are certain responsibilites and liabilities that go with each. The one liability which most Buyer's don't like in a "Single Agency" is that they could be liable for their agent's actions. It is a good sales pitch for Buyer's agent's, but often the agent doesn't realize the liabilities it carries. That is why in Florida, unless otherwise stated, all agents are "Transaction Agents" and must treat both sides honestly and ethically.

If you would like to know more about :
Single Agency
Transaction Agency
No Brokerage Relationship

Email or call me.

Pam Cohn
Broker Associate CDM, GRI
Prudential Tropical Realty
pcohn@prutropical.com
727-204-7155
0 votes Thank Flag Link Fri Aug 7, 2009
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