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Old 09-12-2007, 01:29 PM
 
34 posts, read 200,162 times
Reputation: 19

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I was reading on the NAEBA (National Association of Exclusive Buyer Agents) website that an exclusive buyer's agent (one who never takes listings) is better for buyers than simply going with a realtor who has signed a buyer representation agreement.

The website seems to explain that you can still run into dual agency problems if you like a home that is listed by your buyer agent' s real estate office. Is this true?

Is there any benefit to using an exclusive buyer's agent instead of a traditional realtor? I am wondering because there seem to be so many more traditional realtors. I'm not sure how easy it would be to find a good exclusive buyers' agent.

Another question: do you think that the most successful listing agents make good buyers' agents? Are they ever just too busy? I have been referred to a very successful listing agent, but I am not sure that she will meet our needs. We are in an area with a large percentage of homes being short sales or bank-owned properties. We are not fussy about the exact house that we get because there are many suitable ones in our price range. We don't mind making a few lower offers until one is accepted. We are looking for a realtor that will be willing to spend the time to pursue short sales and bank-owned properties and to make multiple offers if necessary. Would a less successful realtor be more likely to be patient with us? I've just been wondering where to start looking for a realtor.

Thanks!
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Old 09-12-2007, 01:47 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,109,054 times
Reputation: 2661
Quote:
Originally Posted by cag25 View Post
I was reading on the NAEBA (National Association of Exclusive Buyer Agents) website that an exclusive buyer's agent (one who never takes listings) is better for buyers than simply going with a realtor who has signed a buyer representation agreement.

The website seems to explain that you can still run into dual agency problems if you like a home that is listed by your buyer agent' s real estate office. Is this true?

Is there any benefit to using an exclusive buyer's agent instead of a traditional realtor? I am wondering because there seem to be so many more traditional realtors. I'm not sure how easy it would be to find a good exclusive buyers' agent.

Another question: do you think that the most successful listing agents make good buyers' agents? Are they ever just too busy? I have been referred to a very successful listing agent, but I am not sure that she will meet our needs. We are in an area with a large percentage of homes being short sales or bank-owned properties. We are not fussy about the exact house that we get because there are many suitable ones in our price range. We don't mind making a few lower offers until one is accepted. We are looking for a realtor that will be willing to spend the time to pursue short sales and bank-owned properties and to make multiple offers if necessary. Would a less successful realtor be more likely to be patient with us? I've just been wondering where to start looking for a realtor.

Thanks!
First rule is most "Exclusive Buyers Agents" ain't. NAEBA members tend to be purists though.

Most of the stuff NAEBA pushes is propaganda. True but out of context. There are a few places left in the US where sub-agency is possible. The use of designated agency has mostly defeated the NAEBA arguments. IN most places you must agree to dual agency...don't.

In general find someone who pushes the Buyer side and feels good to you. Check them out for a really good knowledge of the area you care about. I would not hesitate to use a NAEBA agent. Just would not pass over people with good local knowledge to get to one.
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Old 09-12-2007, 02:12 PM
 
Location: Montana
2,203 posts, read 9,301,196 times
Reputation: 1130
Quote:
Originally Posted by cag25 View Post
IAnother question: do you think that the most successful listing agents make good buyers' agents? Are they ever just too busy? I have been referred to a very successful listing agent, but I am not sure that she will meet our needs. We are in an area with a large percentage of homes being short sales or bank-owned properties. We are not fussy about the exact house that we get because there are many suitable ones in our price range. We don't mind making a few lower offers until one is accepted. We are looking for a realtor that will be willing to spend the time to pursue short sales and bank-owned properties and to make multiple offers if necessary. Would a less successful realtor be more likely to be patient with us? I've just been wondering where to start looking for a realtor.

Thanks!
You could run into the dual agency with almost any agent, because dual agency isn't just homes listed by that agent - technically it also includes homes listed by that agent's company. And you're right. A really heavy listing agent probably isn't going to want to spend the time it takes to help you if you're one who wants to thoroughly examine the market and find just what you want. It's been my experience that heavy listers really promote their own listings and expect buyers to act quickly. However, not using a "successful" listing agent doesn't necessarily mean that you'll need to work with an agent that's less "sucessful". It's just that some agents target sellers (and really like to sell the seller on listing with them), and other agents enjoy helping buyers find their next home plus have a few listings, too (which are usually past buyer clients who are moving). Just because an agent doesn't have bunches of listings doesn't mean their not successful. But it can mean they're more in tune with helping buyers.
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Old 09-13-2007, 06:26 AM
 
Location: Orlando Florida
75 posts, read 403,489 times
Reputation: 32
Default This is awesome!

Quote:
Originally Posted by cag25 View Post
I was reading on the NAEBA (National Association of Exclusive Buyer Agents) website that an exclusive buyer's agent (one who never takes listings) is better for buyers than simply going with a realtor who has signed a buyer representation agreement.


The website seems to explain that you can still run into dual agency problems if you like a home that is listed by your buyer agent' s real estate office. Is this true?

Is there any benefit to using an exclusive buyer's agent instead of a traditional realtor? I am wondering because there seem to be so many more traditional realtors. I'm not sure how easy it would be to find a good exclusive buyers' agent.

Another question: do you think that the most successful listing agents make good buyers' agents? Are they ever just too busy? I have been referred to a very successful listing agent, but I am not sure that she will meet our needs. We are in an area with a large percentage of homes being short sales or bank-owned properties. We are not fussy about the exact house that we get because there are many suitable ones in our price range. We don't mind making a few lower offers until one is accepted. We are looking for a realtor that will be willing to spend the time to pursue short sales and bank-owned properties and to make multiple offers if necessary. Would a less successful realtor be more likely to be patient with us? I've just been wondering where to start looking for a realtor.
I would love to have these questions on my website and I bet you already know the answers. You are way ahead of the game in mindset understanding, although you may not be famaliar with the terminology, full spectrum real estate. Meaning, there are many non-traditional things going on behind the scenes in real estate and you mentioned the hot ones in REO's and short sales. Add to that pre-foreclosures, builder inventory sales, and auctions, and you are well on your way to understanding there are better ways to buy property right now than spelled out by traditional means.

Definitely go with someone who only works with buyer/investors. I would advise, although it may not always be the case, to stay away from large firms and the reason is yes the listing agents are too busy right now and I have found that many of the newbies are put on the buyers to get them on paper so the broker can close the deal. Also, the larger firms are going to make sure you see their listings first whether you want to or not. I'm not slamming the larger firms; there are plenty of good, solid people there, I am just saying it may be more difficult for you to find the right person in that large of a mix.

Be very cautious of people in this business who do not have a real estate license. I run into half a dozen people a day contacting me for deals they are trying to put together and there qualification is they have stayed up late and watched how to get rich quick in real estate. Unfortunately, there are many people trying get their hands in the non-traditional transactions.

Also, don't let yourself get tied down to exclusiveness. I took your term to mean an agent who works exclusively with buyers but know there is also a context meaning you have an exclusive agreement with that agent. Be agreeable to a showing agreement where the agent gets paid only on what they bring to you but stay away from exclusive buyer agreements where the firm gets paid even if you do all the work.

I would love to hear more about your journey through this process obviously because this is my focus and from a marketing perspective we are always trying to find people who are realizing what you have in real estate. Please keep me in the loop and I wish you much success!
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Old 09-13-2007, 06:27 AM
 
Location: Palm Coast, Fl
2,249 posts, read 8,880,651 times
Reputation: 1009
Quote:
Originally Posted by cag25 View Post
We are looking for a realtor that will be willing to spend the time to pursue short sales and bank-owned properties and to make multiple offers if necessary.
Thanks!
Then that, IMO, is what you should be looking for in the Realtor. Have they dealt with short sales, do they know the process, have they been successful with getting short sales through. Bank owned properties are generally straight forward purchases although they can take a little longer and you REALLY need to make sure title work is done. A short sale is an entirely different animal. Often times the listing agent of the 'short sale' is the best person to handle it because, if they know what they are doing, they are generally the ones with the permission from the owner to speak directly to the bank and should know better what the process is of that particular bank.
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Old 09-13-2007, 09:14 AM
Status: "Open for work" (set 2 days ago)
 
Location: Just south of Denver since 1989
11,822 posts, read 34,332,920 times
Reputation: 8950
What happens if an EBA has two buyers who want the same property?

I don't get the dual agency is evil premise. Aren't we talking about fully informed adults? It's a choice - to buy a house listed with the same Realtor or the same brokerage. It's a technically complex, and not for the newbie, but it is doable...and designated agency is not disclosed dual agency.

The brokerage must disclose all material facts about the property or the buyers ability to buy.

IMO, listings should belong solely to the agent, the brokerage can be the supervisor and the holder of the money & documents - but how in the world can CB, Re/Max, KW - truly represent a client? Inputed knowledge...gimme a break.
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Old 09-13-2007, 09:35 AM
 
Location: LEAVING CD
22,974 posts, read 26,914,878 times
Reputation: 15644
I may sound stupid but I don't think I get the difference between buyers and sellers agents. Let's say you go to an open house and want to buy it. You are not represented so you talk to the agent who is selling. Now at that point you are dealing with a sellers agent and would keep that in mind when talking to them. Now if I went to a real estate office and hired an agent to find me a house, if that agent lists houses does that make them a sellers agent? Or, is that agent a buyers agent when it comes to me? I understand that if I consider a house listed by that agent (who is my agent) that puts them in dual agency mode which if I'm buying makes me nervous but if I'm selling doesn't (as much) because it's to the agents benefit to get me as much as possible so if anyone is likely to get hosed it would be the buyer.
So, if I hire this agent and we go look at houses not listed by that agent what does that make them even though they do list houses?
I guess the next logical question is do they actually have agents that only do buyers? I don't see how limiting oneself to just one side of a deal could be profitable unless you're in a red hot market....
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Old 09-13-2007, 09:55 AM
 
Location: Montana
2,203 posts, read 9,301,196 times
Reputation: 1130
Good questions, and good points, jimj. First off, real estate is local (at least on the state level), and there are some states where the buyer could hire an agent to represent them and it would always be a dual agency (limited representation) situation because a few states consider that the agent ALWAYS represents the seller, since it's the seller that pays the commission. The problem with that scenario, IMO, is that the agent may have never met the seller but has a close working relationship with their buyer client. Why not let that agent represent his client to the best of his ability? Fortunately, here in AZ, that's exactly what happens, the agent has a fiduciary responsibility to represent his client to the best of his ability. If you contact me to find you a home at the best possible price - that's what I do! I'm a real bargain hunter and I'll get you a good deal.

You bring up a good point about agents that limit themselves exclusively to only buyers and whether or not that's profitable. It's actually better for those agents in a buyers market like we have now, since so many homes aren't selling and the listing agents are getting stuck with huge marketing expenses and the homes are still sitting. OTOH, in a hot market, a listing agent simply has to get the listing, and most homes will sell with or without good marketing and $$$ spent. Personally, I like to have a nice mix of a few listings (but not so many I can't give them personal attn and market them appropriately) yet work with several buyers. I really enjoy both aspects of the business and try to give each my best. Whenever you get agents that are just "in the business of listing houses", I think you're going to have issues whether you're the buyer or the seller. Those agents are playing the numbers game and most do not service their listings properly or want to take the time to find their buyers the best home for their money. Just my opinion.
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