Experienced agents who work with buyers and want to excel are strongly encouraged to consider the professional and ethical benefits of being an Exclusive Buyer Agent with Buyer’s Resource Realty Services, an Exclusive Buyer Brokerage for the Greater Columbus Ohio region.
Read and consider the following reprint from “IN CONTRACT,” the magazine of the Columbus Board of REALTORS®.
by Andrew Show
“Much has been said about buyer brokerage and the profound changes that have occurred as a result of it in our profession. Many continue to believe that it is the consumer who has, and still is, demanding representation in the biggest financial transaction of their life.
The benefits to the consumer are obvious. It is very easy to explain what we do, and that our relationship with our clients will not change. There have been massive attempts nationally and statewide to change common law. Despite the new agency law, the home buying consumer understands the inherent real or potential conflicts of interest on in house transactions. This is why as an exclusive buyer broker I will not change my practice. I believe the change in law December 13, 1996 will actually help all exclusive buyer brokers in recruiting agents, in agent production, and in brokerage profitability. I also feel that a listing company that represents sellers exclusively would have a tremendous marketing advantage over other traditional listing companies. The first major seller brokerage to do so could further erode the market share of the competition.
The common misconception among agents is that if you only work with buyers you’ll loose half or more of your income potential. In reality, being an exclusive buyer broker makes it easy to distinguish oneself in a very crowded agent market and to have a marketing advantage over traditional agents. All of our clients are under agency contract, just as a seller would be on the “listing” side. Further, clients are financially pre-approved which means our agents work with motivated buyers.
If you set “agency law” aside for a moment, consider this: Your brokerage most likely earns referral fees from other brokerages outside your service area, right? Your brokerage most likely pays referral fees to other brokerages outside their service area, right? The only difference is that we also earn fees for referring our clients who have homes to sell inside our service area! With the consent of our clients our agents can earn almost half what they would have normally earned and not spend any time, effort, or money other than setting up the referral. This is additional non-energy income for the agent.
Agent costs are considerably reduced both in monetary terms and in time as well. Since we enjoy such a high success rate we can work with less clients to achieve the same dollar production, this in turn means more free time for family and other activities. Exclusive agents work smarter, not harder.”
Andrew Show, CEBA, CEBA-M, CSP, ABR, ABRM, e-PRO, is the Broker of Buyer’s Resource Realty Services. He has served as Eastern Region Director from 1998 to 2002, and President of NAEBA in 2003 to 2004, on various CBR Committees, and has served as chairman of CBR’s RS Membership Committee, CBR’s 2005 Professional Standards Committee and CBR’s 2009 Standard Forms Committee.
Answer the questions above, then make the call. There is a better way, with integrity!