Exclusive Buyer Agency in Florida
An Exclusive Buyer Agent or EBA is a licensed real estate professional who acts as a sales associate for an Exclusive Buyer Brokerage under the guidance of a managing broker. Exclusive buyer agents and exclusive buyer brokers only serve buyers and never take real estate listings or work for property sellers. They are solely loyal to buyers.
This means EBA’s represent you, the buyer, and have fiduciary duties to you. A exclusive buyer agent is on your side and an expert in your specific area of interest, striving to find what you’re looking for and get it at the right price. A good EBA has extensive local knowledge and can save home buyers thousands of dollars by avoiding the pitfalls of the home buying process. Remember that since real estate is local, a Sarasota buyer agent is not likely to be an expert in Naples or Fort Myers, only in Sarasota!
Almost all real estate professionals, over 99% nationwide, work with both buyers and sellers, so they act as both buyer agents and seller agents. They may call themselves “buyer agents” but they are definitely not “exclusive buyer agents” which likely means they don’t represent you. Caveat Emptor!
Most exclusive buyer agencies are independent, locally owned brokerages. The business model of larger, traditional entities such Coldwell Banker and Re/Max, require serving both buyers and sellers, which many consumers and professionals look upon as being a conflict of interest.
Surprisingly, most Florida real estate agents act as transaction brokers serving customers, not clients. This means they do not represent the home buyer (or seller), they represent the transaction! Transaction brokers can serve both buyers and sellers in the same transaction. Only exclusive buyer agents represent their buyers and in the State of Florida, commonly acting as single agents. Single agents are required to provide their client fiduciary duties and specifically: loyalty, confidentiality, obedience and full disclosure. Transaction brokers have limited or no requirement, thus they do not represent you.
An EBA should not be confused with an Accredited Buyer’s Representative or ABR. ABR is a recognized designation awarded by the National Association of Realtors for members who have met all the mandatory requirements and successfully completed the course curriculum. Many EBA’s have earned this prestigious designation and the firms’ managing broker may have earned the coveted Accredited Buyer’s Agent Manager or ABRM designation.
But earning the title “ABR” does not necessarily mean they represent buyers exclusively, most do not. The take away is that if you’re buying a home, you should use an EBA and that EBA should be an ABR or even better, an ABRM.
Buying a home is often the biggest purchase you will make in your lifetime, so make sure you have proper representation. True Real Estate is an exclusive buyer brokerage serving all of Sarasota County and her barrier islands, including Siesta Key, Lido Key, Casey Key and Longboat Key. Call or text (941) 918-1956 to get started now!