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List of Exclusive Buyer Agents. Remember, most will pay a 25% referral fee to a referring broker. If you found them on this list, we do not collect any fees so you should be able to negotiate a discount of 25%.
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About Exclusive Buyer Agents (EBA's)
When hiring a buyer agent to represent you look for an Exclusive Buyer Agent (EBA). The importance of having an agent represent you is vitally important. However, many so-called “buyer agents” are so conflicted, that it is illegal for them to represent you. If the “buyer agent’s” firm has listings, then the agent is not a true buyer agent and the firm will have to abandon your representation if the agent shows you any of their firm’s listings (dual or designated agency).
An EBA has eliminated most conflicts by foregoing the very profitable business of representing sellers. That means that a true EBA specializes in representing only buyers and can negotiate on your behalf on all properties. And because EBA's only work with buyers, they often have special skillsets and often provide a much higher level of service. You will typically get a lot more for the money.
Even with an EBA it is important to incorporate sound negotiating points. Many EBA's will already have these points covered, but if they dont' here are just a few examples;
1. Insist that referral fees be disclosed before any buyer representation contracts are signed and then it is your right to insist that they not be paid if you did not know about or approve the fee in advance. Referral fees are often 25% of the buyer brokerage firm’s commission. If a referral fee is being paid, it will severely interfere with your ability to negotiate your EBA’s fee.
2. Refuse to pay any Administrative Fees or other junk fees that are added on to the commission.
3. Do not permit any bonuses or extra compensation to be paid to your broker from the seller’s broker.
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