What is an Exclusive Buyer's Agent? 

How are exclusive buyer agent's different from traditional Realtors and buyer agents? 

An exclusive buyer's agent is a real estate agent who exclusively represents the interests of home buyers and never represents the interests of sellers in a real estate transaction. 

Unlike traditional real estate agents who work for both the buyer and seller in a transaction, exclusive buyer's agents work solely for the buyer.

The role of an exclusive buyer's agent is to help home buyers find and purchase a property that meets their needs and budget.  Exclusive buyer agents are members of the National Association of Exclusive Buyer Agents, naeba.org. 

They offer advice on the home buying process, run  property searches, negotiate offers and contracts, and facilitate all aspects of the transaction such as inspections and appraisals.

Exclusive buyer's agents avoid the conflicts of interest that can come up when a real estate agent represents both the buyer and seller, dual agency, in a transaction.

By working with an exclusive buyer’s agent, buyers can be assured their interests are fully represented and that they are 

This can reassure the buyer that their interests are fully represented and they are purchasing a home for the best price and terms for their needs. 

Exclusive buyer agents are often Realtors, a designation obtained by joining the National Association of Realtors. A traditional Realtor is a real estate agent who has joined N.A.R. and works with buyers. A traditional Realtor also lists property for sellers.

An important note: New rules in real estate went into effect on August 17th 2024. The NAR website has more information regarding buyer broker agreements and buyer agent compensation.

Exclusive Buyer Agents

Members of the National Association of Exclusive Buyer Agents have a unique approach in real estate since we only work for home buyers never sellers. Exclusive buyer agents see a fundamental conflict of interest in real estate transactions. Many states around the country allow what is called dual agency. Dual agency simply put, occurs when an agent represents both the buyer and the seller in a real estate transaction. This is inherently disadvantageous towards both parties however, it is incredibly common. 

The most blatantly egregious form of dual agency is a single agent representing both parties to a transaction. Another form of dual agency is designated agency and this occurs when a buyer and the seller are represented by the same brokerage with different agents. In dual agency representation, there is limited representation for both parties. In order for real estate agents to practice dual agency, the buyer and seller must sign the dual agency agreement. Most traditional real estate brokerages will ask buyers and sellers to sign this agreement.

Representation in real estate is often misunderstood by most consumers. Here's a brief explanation of how it works.

• All real estate brokerages have a principal broker. The sales persons/agents work under the supervision of the broker and on his/her/their behalf. When sellers and buyers sign an agreement with a brokerage, they are signing an agreement with the broker of the brokerage not the individual salesperson.
• A buyers agent works at a traditional listing brokerage where the agents act as representatives of the broker.
• An exclusive buyers agent works at a brokerage that does not take listings (homes for sale) and never represents sellers, always buyers.
• When a seller signs an agreement with a traditional listing brokerage, the broker agrees to be a fiduciary acting on behalf of the sellers best interest in the transaction
• When a buyer signs an agreement with a traditional listing brokerage, they are entering into an agreement where the brokerage has already committed to act on before of sellers best interest.
• Buyers and Sellers at traditional listing brokerages are asked to sign a dual agency agreement.
• According to the Northern Virginia legal blog, linked above, the following applies;

The agent will be unable to advise either seller or buyer as to the terms, offers or counteroffers (except, however, that the dual agent may have already provided such advice to the seller prior to representing the buyer);

2. The agent cannot advise the buyer as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property (to make or request);

3. The agent cannot advise either party in any dispute that might later arise relating to the transaction;

4. The agent will be acting without knowledge of the clients needs, clients experience in the market, or clients experience in handling real estate transactions unless he has gained that information from earlier contact with the client.

Dual agency is legal in Virginia and Washington D.C. as long as the buyer and seller sign the dual agency agreement.

Designated agency is allowed in Maryland which means the broker acts as the dual agent and assigns salespersons to the buyer and seller.

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Because of the inherent conflict of interest dual agency presents, exclusive buyers agents choose to only work with home buyers. With access to the Multiple Listing Service, exclusive buyer agents and brokers show buyer clients all properties of interest with no financial ties to any properties. With no in-house listings to sell, no in-house bonuses to sell listings, exclusive buyer agents can offer buyers 100% loyalty to their side of the transaction.

Exclusive buyer agency is not a new concept, in fact, it has been around for over 40 years with the creation of the National Association of Exclusive Buyer Agents. 

Rona Fischman, the Principal Broker and Owner of 4 Buyers Real Estate in Cambridge Massachusetts was a recent guest on the podcast, Listen Up Home Buyers! She is one of the founding members of NAEBA and explains why she became an exclusive buyers agent.

Exclusive buyer agencies, however, are very niche in the real estate world, and there are far fewer exclusive buyer brokerages in the country than traditional real estate brokerages. 

HomeBuyer Brokerage agents and brokers are members of NAEBA. We are committed to avoiding the agency mess and deliver high quality service to every home buyer in Washington D.C., Maryland and Virginia.

How can we help?

The exclusive buyer agents at HomeBuyer Brokerage specialize in serving home buyers. Please reach out with questions at info@homebuyerbrokerage.com.