According to the National Association of Realtors® publication 'Agency - Choices, Challenges, and Opportunities', Exclusive Buyer Agency is: "The practice of representing only buyers and never sellers in a transaction. The company never lists a seller's property and thus never has a seller as a client. Agents never accept subagency that is offered by a seller's agent" (pg. 25).
Recently, a lot of traditional Agents have started advertising that they will represent buyer's. While this is legal in most states even the National Association of Realtors® warns it's members: "Buyer agency is viable method of practicing real estate, but an agent should be cautious in her approach if she is not thoroughly knowledgeable about the entire process. Agents who are used to working with buyers as seller's subagents need to be aware of the new duties and potential liabilities of buyer's agents before changing the form of representation they offer." (pg. 18).
This publication goes on to say that Exclusive Buyer Agency "Promotes a more natural relationship for agents working with buyers" (pg. 26).
In talking about an agent who tries to offer both seller agency and buyer agency it states "The buyer and seller do not have the full range of representation" (pg. 27).
Any agent who lists properties for sale is used to representing sellers and has a legal commitment to protect the sellers interest. The agent must get the highest price possible for the property.
If the Agent, or his or her agency, lists homes for sale they cannot be an EXCLUSIVE Buyer's Agent!
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"Location, Location, Location"
A common and phrase in real estate is "Location, location, location". What does this phrase really mean?
"Location" is repeated to emphasize how important the location is to the resale value of a home. A careful choice of location can maximize positive influences on future resale value, and minimize potential negative influences.
A "bad" neighborhood has a drastic impact on the resale value of a home. Almost anything on a home can be repaired, replaced, or remodeled to make it more livable and/or more saleable. But the area around the home cannot be changed by one homeowner. The only way to sell a home in a bad or declining area is to reduce the price and even then it may take a long time to sell.
"Bad" can mean an area where the homes are not maintained properly. It can also mean a street that has become a heavy traffic artery where it is noisy, or dangerous to try to cross the street.
While no one can accurately predict that a neighborhood will remain the same or improve a sharp real estate agent is aware of trends in the area that might affect the neighborhood in the future. This is especially important if you are moving to a new city and unfamiliar with the area.