Our prior blog post talked about different types of agency, and how Columbus home buyers are disadvantaged by most of them. To help you cut through the marketing confusion and identify true Buyer Agents, we’re sharing 7 questions you should ask your agent, recommend by the Consumer Federation of America:
- Will you (the agent) only represent my interests, as the home buyer?
- Do you or your brokerage represent any sellers or home builders?
- Do you have full access to the Columbus Regional Multiple Listing Service?
- Will you show me “for sale by owner” properties?
- Can you give me the names of several current and former clients?
- What experience do you have as an agent and Buyer-Broker? What other professional designations or credentials do you have?
- Does your commission amount vary? What about sales bonuses, incentives, or rebates? Do you pass them along to me, the buyer?
The answers to these questions will help identify the type of agent you are dealing with, and the degree of representation you can expect. Many real estate agents claim to “help home buyers” when they are truly representing the seller! These so-called “buyer agents” cannot be taken at face value!
Only an Exclusive Buyer Broker or Exclusive Buyer Agent has a true fiduciary relationship with a Buyer-Client, during their entire home buying process. The key word is “exclusive” because we never work for home sellers – only buyers!
Here’s how to ensure that you are selecting a quality Exclusive Buyer Broker or Exclusive Buyer Agent:
1. Be sure the Exclusive Buyer Broker is with a brokerage that never takes listings or represents sellers.
2. Use only Exclusive Buyer’s Brokers who have access to all of the following: homes For Sale By Owner, new construction for sale by builders, and homes for sale in the Columbus Regional Multiple Listing Service.
3. Verify membership in the National Association of Exclusive Buyer Agents. (NAEBA.) This helps to assure a higher professional standard of service excellence.
4. Insist upon signing an Exclusive Buyer Brokerage Agency Agreement. This agreement assures that the real estate agent and company are committed to you, the buyer, exclusively. Companies who do not use this agreement are not able, or not willing, to make a full commitment to you.
5. Be sure that the Exclusive Buyer’s Agency uses a Purchase Contract that is “buyer friendly.” (Most contracts are seller-oriented.) Your Exclusive Buyer’s Agency will negotiate terms and conditions in the purchase contract that offer the greatest protections for you.
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
