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A Broker's Guide to Risk Management, published by the National Association of Realtors® (NAR) in 2000: "Exclusive Buyer Representation - Also called exclusive buyer agency, this is the practice of representing only buyers, never sellers. The company never lists a seller's property and thus never has a seller as a client."

The National association of Exclusive Buyers Agents (NAEBA) as well as the Florida Association of Exclusive Buyers Agents (FAEBA) have both adopted this definition and created policy and Buyers Bill of Rights around it.

NAR Concerns about Traditional Buyer Representation

Growing issues surrounding buyer representation...
NAR leadership was concerned about two growing issues surrounding buyer representation: ( reference Traditional Buyer Agent not Exclusive Buyers Agent )

1. The lack of clear, specific duties and responsibilities owed to buyers by licensees.

2. The growing number of judicial decisions imposing unusual, and sometimes expansive, standards of care on buyer's representatives.

"....the court held that the buyer's representative had a duty to disclose to the buyer the sale of a large portion of the backyard, but neither the seller nor the listing broker had such a duty."

"....a licensee (Buyers Agent) in a fiduciary relationship with the buyer may be required to examine such things as public records and title documents for the buyer, as opposed to a licensee (Listing Agent) representing the seller, who has no such duties."

Transaction Brokers and Dual Agents

fall Outside the Full Disclosure obligation.

Why Specialize as an Exclusive Buyer Agent?

According to the National Association of Realtors® publication 'Agency - Choices, Challenges, and Opportunities', Exclusive Buyer Agency is: "The practice of representing only buyers and never sellers in a transaction. The company never lists a seller's property and thus never has a seller as a client.

This publication goes on to say that Exclusive Buyer Agency "Promotes a more natural relationship for agents working with buyers". In talking about an agent who tries to offer both seller agency and buyer agency it states "The buyer and seller do not have the full range of representation" Any agent who lists properties for sale is used to representing sellers and has a legal commitment to protect the sellers interest. The agent must get the highest price possible for the property.

NAR Identifies Exclusive Buyer Representation Pros and Cons

Exclusive buyer representation. An agent represents only buyers and never lists properties.

* Pros: A more natural relationship with the buyers is created and the risk of inadvertent dual agency is minimized.

* Cons: A loss of potentially significant revenues from listings, as well as a possible increase in conflicts over compensation when the sellers pay it.

National Association of Realtors

NAEBA's Exclusive Buyers Agent

Exclusive Buyer Agent (EBAs) work solely for buyers, avoiding the conflicts of interest inherent in the traditional seller-oriented purchase transactions. This unique relationship of committed trust and care assures buyers the best possible home buying experience.

NAEBA's Vision

The National Association of Exclusive Buyer Agents (NAEBA) is an organization of real estate professionals who have dedicated their business lives to representing only buyers of real estate. We don’t list homes for sale and never represent sellers. This restriction to one side of the real estate transaction stands out as vitally important in light of what has happened in real estate in the last decade or so.

Since several states discarded the common law of agency in the mid-nineties, the real estate agent’s duties of obedience, undivided loyalty, confidentiality and reasonable care have been greatly diminished. More importantly, most consumers are not aware of agency concepts. The net effect all too often has been that real estate salespersons, and frequently affiliated loan officers, have pushed home buyers and speculative investors into inappropriate loans. This practice went largely unnoticed and unregulated, playing a major role in the mortgage and financial crises that began in August of 2007. It continues to plague us today.

Real estate agencies that represent both sellers and buyers, known in the industry as dual agency brokers, maximize their income but shortchange both buyer and seller clients. Though dual agency is legal in almost all states, the ethics of such representation is questionable even when the seller and buyer understand and consent.

Disclosing whom the real estate agent represents is an accepted standard. The timing of such disclosure varies by state in a patchwork of requirements by law or regulation. However, as Blanche Evans pointed out in a 2006 article in Realty Times, a study by the National Association of Realtors revealed that only 30% of homebuyers received a disclosure statement at the first meeting, 28% when the contract was written, 22% didn’t receive one at all and 20% were uncertain if they received one.

First time home buyers, as a group, fared worse with only 23% receiving disclosure at their first meeting.

When you purchase a home, whether it’s your first or fifth, you deserve an agent who is trained and dedicated to serving only you the Buyer. The NAEBA members continue to provide full agency duties of obedience, undivided loyalty, confidentiality, full disclosure, accounting and utmost care to their clients. I hope that when you buy your next home you will choose one of our members and benefit from 100% representation 100% of the time.

Sincerely,

John Sullivan, NAEBA President

National Association of Exclusive Buyer Agents

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