Because of that, exclusive buyer agents and their company have a fiduciary relationship with their buyer-clients, which include the following duties:
- Reasonable skill and care
This level of protection and dedication is not available under other types of real estate agency. By the virtue of their fiduciary relationship with the home buyer, exclusive buyer agents will disclose information to the buyer that materially affects a buyer’s best interests, even if that information is detrimental to the seller! The listing agent cannot make such disclosures and must remain loyal to the seller.
This is a critical distinction that separates an exclusive buyer agent from the “dual agency” practice that is common among real estate companies. Here are further examples:
- An Exclusive Buyer Agent can provide guidance about how much to offer for a home and share insights that would provide an advantage to the buyer.
- An Exclusive Buyer Agent negotiates exclusively on the buyer’s behalf, seeking the best price and terms for the buyer.
- An Exclusive Buyer Agent works to protect their clients with contractual contingencies, designed with the buyer’s best interests in mind.
Exclusive buyer agents are licensed real estate professionals who work under the management of an exclusive buyer broker. NAEBA members are exclusive buyer agents who must adhere to the strict standards outlined by NAEBA. This includes a willingness to work only with home buyers with a commitment to NAEBA standards of professional conduct, ethic and principals.
An exclusive buyer broker represents a higher level of industry education and licensing. NAEBA members who are exclusive buyer brokers adhere to the same strict professional and ethical standards that apply to exclusive buyer agents. Exclusive buyer brokers agree to never represent home sellers or accept listings. Like exclusive buyer agents, an exclusive buyer broker only represents home buyers.
This article is courtesy of the National Association of Exclusive Buyer Agents (NAEBA). Mike Badenoch is an exclusive buyer agent and broker associate with Buyer’s Choice Realty Group, Inc., Sanibel, Florida. Buyer’s Choice Realty Group, Inc. is an exclusive buyer agency representing only real estate buyers on Sanibel and Captiva Islands, Fort Myers and Cape Coral, Florida. Feel free to call Mike at 239-292-1233 with any questions you may have or visit his web site at www.yourexclusivebuyeragent.com.