Traditional agents try their best to “make it seem” like they offer Exclusive representation on all homes.
Many Agents in our market have gone so far as to use an agreement Titled, “Exclusive Buyer Agency Agreement”. This form was created by the local Board.
This agreement is far from Exclusive. Included in this agreement page, they have inserted – what I call a – “Switch Clause”. This clause allows the agent to switch you to a Limited / Reduced level of representation. In my market they call it “Limited Consensual Dual Agency”. Let’s break this term down.
Limited . . . this means the agent is limited in giving the buyer full representation. Meaning the agent cannot negotiate for the lowest price for the Buyer, on all listed properties.
Consensual . . . . So the assumption here is; If the agent discloses to the buyer that they will be receiving limited representation, and the buyer consents, then it’s OK for the agent to take the buyer, to Dual Agency . . . down the path of reduced representation. . . ? ?
Dual Agency . . . . Dual Agency is a situation which the agent attempts to represent both the Buyer and The Seller in the same transaction. Dual Agency is illegal in many states – as it should be, but is allowed in Alabama. As long as the buyer consents to this “limited”, reduced representation.
Recent Years Stats Show Over 1/3 Of the Buyers in my market received reduced levels of representation when they purchased their home. That’s over 2900 Buyers per YEAR !
Sadly, Many buyers, go through the home buying process, unaware that they were not fully represented.
But The GOOD NEWS is:
“A Buyer Does Not Have o Use An Agent That could SWITCH You”
“A buyer does not have to agree to Reduced or Limited Representation”
There are a few Realtor companies around our nation that has taken Buyer Representation to its highest level by representing “Only Buyers”.
The Buyer’s Advocate Realtors Is Such A Company.
We do not practice dual agency in any form. Because we do not take listings from sellers.
We can Show and Aggressively Negotiate For You – On Any of The 1000’s of Available Homes in Our Multiple Listing System.
As Always . . . We never charge a fee to the buyer, nor are you obligated to us at anytime.
Click On The Button Below For Your Next Money Saving Subject !Are Agent Teams Good For Buyers ?
By Eric Kruse