Buying a Home in Salt Lake City, UT

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Why I Represent Buyers ONLY

Most real estate agents represent sellers. Everybody knows that. Right?

As an industry insider I'll tell you why: Most training, seminars, classes and continuing education are geared toward getting more listings, i.e. representing sellers. Buyers? They are "customers" who come to buy the houses being sold. Even agents who like to work with buyers are trained to "get" them through listings.

  • Open houses for listings is a way to find unrepresented buyers.
  • Toll-Free numbers on signs "capture" buyer's phone numbers.
  • Flyers and ads with critical information missing are geared toward getting buyers to call the agent for the information which has been withheld.

"List to last" is a motto in the industry. The key to getting more buyers is more listings. (I won't even repeat what is often said about buyers.)

So how (and WHY?) does a broker survive without listings and by representing buyers ONLY?

First, I'll be honest. It's not as easy as being a traditional agent. There are no bonuses for selling "in-house" listings, no double or triple ending transactions, and no signs in yards or flyers or ads for any particular homes for sale to "capture" buyers. Ask any agent you know if they could survive without listings and most would tell you there is no way.

I'm here to tell you that there are agents who, in spite of the odds stacked against them, are surviving and thriving working for buyers only.

There is nothing more rewarding than being free from the obligations that most traditional agents have to promote and push specific properties. Exclusive Buyer Agencies (EBAs) have no legal obligations to any sellers requiring us to "sell" their home. We can, without bias, give a full and proper consultation to buyer-clients, evaluate their needs, and be just as willing and excited to help them buy ANY house that meets their needs. (By the way, traditional agents aren't "evil", they simply have contractual obligations to sellers to "sell" certain properties. It would be "evil" of them NOT to try and sell these homes at the best price and terms for the sellers. After all, that's what they were hired to do.)

  • Can an agent who is hired to sell a certain property provide the buyer with a market analysis that would suggest that the buyer make an offer lower than the seller's asking price? They cannot. That's harmful to the seller... their client.
  • Could the agent point out to a buyer ways in which they could get out of the contract during the transaction? Certainly not. That isn't in the seller's best interest. Listing agents have legal obligations to sellers.

I hope you can see that "agency" (or representation) is a big deal. Having a representative on your side in the transaction is a big deal. You are at a huge disadvantage if you are not represented, or if you "think" you can be properly represented by the agent who works for the sellers.

In my early years as an agent I saw many buyers being treated as customers, not clients. Agents and brokers are well trained in how to get both buyers and sellers to sign "limited agency" agreements, agreements that remove key duties of representation and essentially turn the agent into a "neutral" third party. In spite of lowering the level of representation they provide to both buyers and sellers, these agents often... usually, collect twice as much in commissions and fees, sometimes more. Unfortunately for many consumers, they aren't even aware that they agreed to a lower form of representation. (Lack of disclosure between agents and consumers is a known issue in the real estate community.)

Seeing that buyers generally got the worst end of the deal with regard to representation (since most sellers initially start their journey with representation and most buyers don't) I decided to create a company that would empower buyers with the knowledge that they could (and should) hire an agent that would work exclusively in their best interest and remain loyal to them throughout their transaction.

Our brokerage represents Buyers ONLY. We do not list properties and we protect our client's interests throughout the transaction, whether that means taking it through to a successful close, or taking the deal apart. We are hired directly by our clients and we offer full fiduciary duties to our clients. We do not ask our clients to agree to limited or dual agency. Simply put: we represent buyers, NOT sellers.

If you see the value of having a representative on YOUR side, we are here to help you!

  • Do you have excellent credit?
  • Do you plan to purchase a $300,000-$800,000 home within 60 days?
  • Do you have a good down payment, or are you paying cash for your next home?
  • Do you want an agent on YOUR side throughout your transaction?
  • Do you simply have questions about how things work?

Homebuyer Representation, Inc. - Exclusive Buyer Agents

Don't work with just any agent. Get YOUR OWN agent!

Call us at (801) 969-8989 or contact us today via the link on this page for a free consultation.

©2013 Homebuyer Representation, Inc. - "The Real Estate Agents on the Buyer's Side" TM

Salt Lake City, UT - Exclusive Buyer Agents (EBA)

All Rights Reserved

For more information, or for relocation information on finding the best buyers agents nationwide, visit GetYourOwnAgent.com

Comment balloon 6 commentsBenjamin Clark • September 10 2013 12:15PM

Comments

Benjamin, nice blog. I too am an accredited Buyers Agent (ABR) any time I work for a Buyer, however I also list homes and work for Sellers. I do not represent both sides on the same transaction. I do not want to be in the middle of a slippery hill and loose my dignity. Is EBA a state designation? I haven't heard of that one before.
Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 4 years ago

Evelyn, Thanks for reading and for your comments. I have the utmost respect for agents such as yourself who remain loyal to their clients rather than "switch teams" mid-transaction. While EBAs do exist nationwide, and even in France, the Virgin Islands and Canada, there are not EBAs available in every market.

The key, and what I hope buyers take from this, is to ask potential agents about representation so you can be clear if they will remain loyal to you on your side throughout your transaction, or if they may already be looking out for someone else's best interest. If they are already looking out for someone else's best interest, I would urge you to "get your own agent". If you let the agent dominate the direction of conversation and all you do is talk about houses, you will find it more difficult to later tell the agent that you want to hire someone else who will remain loyal to you and fully represent your best interests in your transaction.

If buyers become aware of their representation options, and more buyers demand true representation in their transactions, we will see more and more successful Exclusive Buyer Agencies and more agents like Evelyn who will do what is best for their clients and not try to convince clients to lower their level of representation to "neutral" in order to allow the agent to "represent" both parties in the same transaction.

Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) over 4 years ago

Good job Ben. 

Posted by George Black, Exclusive Buyer Agent - Johnson City TN (A Buyer's Best Choice Realty) over 4 years ago

EBA=Exclusive Buyer Agent

Well written, and makes sense.

 

Eve in Orlando

Exclusive Buyers Agent

Posted by Mike & Eve Alexander, Exclusively Representing ONLY Orlando Home Buyers (Buyers Broker of Florida ) over 4 years ago

Great post Ben. The phrase "If you don't list you won't last" has always made me chuckle. Traditional agents say it to me all the time. I feel like there are more and more people who see the value in a company that focuses on single ageny - whether representing only buyers or only sellers. 

As an EBA myself, I agree that it may be harder than being a traditional agent, but representing only one side of transactions helps me sleep at night. 

Posted by Dana Hollish Hill, Lead Associate Broker (Hollish Hill Group, Keller William Capital Properties) about 4 years ago

Thanks George, Eve & Dana. I'm proud to be associated with other brokerages who truly care about the buyer, and not just about themselves.

Posted by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) about 4 years ago

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