What Is A Real Estate Buyer's Broker?

Exclusive Buyer Brokers are dedicated to providing client-level services when representing buyers exclusively and whose real estate companies do not ever list properties for sellers. An Exclusive Buyer Broker owes full fiduciary duties, including undivided loyalty to a Buyer-Client. Exclusive Buyer Brokers can assist you with planning, locating property, negotiating price and terms, financing, inspections and more. The buyer broker works for the buyer client and has the client’s best interest in mind through the entire real estate transaction. Insist on your full representation and the protection of your interests. Whether you are a first time home buyer, an old pro looking for real estate or you’re out to just buy a home the best way possible, you owe it to yourself to see how an Exclusive Buyer Broker can be your best answer in not just wading through the complexities of real estate transactions but in educating you on the market area with which you may be totally unfamiliar. Most important, almost 100% of the time it is the listing company who actually pays for the services of a broker representing the buyer. More on this below.

Why Should I Use One?
As a consumer, how often do you buy real estate? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented. Wouldn’t you want to have complete and full representation in the real estate transaction? Wouldn’t you want your broker on your side?

In North Carolina “dual agency” does exist even though many states have banned dual agency. What is “dual agency”? This is when a buyer is being represented by the listing agent of a property or represented by any other agent who works for the listing company. Since the listing company represents the seller, can they really provide the best representation for you, the buyer? In this situation you will not receive help with negotiating the best price and terms and you will not be able to get advice or opinions on how to structure your offer. A real estate Buyer’s Broker represents ONLY the buyer and is responsible for protecting their client’s best interests. Research by the NATIONAL ASSOCIATION OF REALTORS┬« has shown that when a Buyer’s Broker was used, the prospective buyer found his home one week faster and examined more properties than those consumers who did not use a Buyer’s Broker.

How is a Buyer’s Broker Compensated?

You may be wondering how a Buyer’s Broker is compensated. In almost all cases the Buyer’s Broker is paid by the seller through the listing company who has the listing. If a property is not listed through a Multiple or Community Listing Service, such as a home that is a “for sale by owner”, it is the obligation of the Buyer’s Broker to seek commission from the seller prior to the start of any negotiations. If the commission can not be negotiated on a “for sale by owner” property, the buyer would be responsible for the commission to the Buyer’s Broker and would, of course, possibly offer less for the property. It is my policy to adhere to the recommendations of the National Association of Realtors by having buyers enter into a written agreement which clearly explains the responsibilities of both parties. For a copy of such an agreement, called an Exclusive Buyer Agreement, call or e-mail me and one will be sent to you.

Why you should use an Accredited Buyer’s Representative (ABR)

Why should you look for the ABR designation before looking for a home? These three letters after a REALTOR’s name tell you that you will be working with a buyer representative who is committed to your best interests. The ABR designation is awarded by REBAC to those REALTORS who have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER’S AGENT Council).

Click here to download the NC Working with Real Estate Agents Brochure.

Carol Wright • Oriental Buyers' Broker
Exclusive Buyer's Agent - Waterfront & Retirement Property

email carolwright@orientalbuyersbroker.com