4 Choices Of Real Estate Representation

[Just Information]

EXCLUSIVE BUYER AGENT IS BEST!



EBA - EXCLUSIVE BUYER AGENT - works for an office that does not take listings of any kind and represents only buyers.
SA - SINGLE AGENCY BUYER AGENT - works for an office that takes listings, represents buyers and sellers, but will represent only one client in any real estate transaction. Will not practice dual agency!
BA - BUYER AGENT - works in a traditional real estate office that takes listings. Will work with a buyer under contract. If a buyer wishes to purchase a property that is listed by their office, they will declare dual agency and represent both the seller and the buyer.
TA - TRADITIONAL AGENT - works in a real estate office that takes listings. Usually represents the seller and will be a dual agent anytime they represent the buyer.
Before selecting a real estate agent ask all the agents you interview these questions:



Will you show me all the homes on the market that meet my needs, including For Sale By Owner properties, foreclosures, and other properties, orjust the homes that are in the MLS?
Will you guarantee that any information I give you will be kept confidential?
Will you guarantee me your undivided loyalty?
Will you guarantee me you will not try to change your relationship with me to "dual agency", "designated agent", transactional agent", or any other form of agency that offers reduced levels of service?
Will you guarantee me that you will not be representing any seller at any time while you are working for me?
Will there be a written Buyer Representation Agreement?
Will you point out all the negative aspects of each property as well as all the positive aspects so I will be fully informed when making my decision?
Will you tell me everything you can find out about the seller and their reasons for selling?
Will you provide information on comparable sales and help me formulate an offering price and negotiating strategy?
Do you have a list of lenders, home inspectors, insurance agents and other professionals that you recommend?
Do you, or the company you are with, ever list properties for sale? (If they say "yes", they are not an Exclusive Buyer's Agent.)
Specifically, how will you protect my interests, and why should I hire you rather than another agent?
Do you spend 100% of your time assisting Buyers?
Can you guarantee me 100% loyalty 100% of the time?
If you or your agency lists homes for sale, is your commission rate higher if you sell an "in house" listing?
Will you put all of that in writing?

[Dan Auito]

Have you been reading my book again John? Thanks for the heads up on how to grill the agent of your choice! :SM029:

[Just Information]

Ha what happen to the trade off - can't read it if don't have it!

I have a new one on stopping foreclosures coming out in about 30 days - How about we add a free book on government benefits free for forum members - how can we do that?

[Dan Auito]

John you can put a link in the free e books topic block that leads to an offsite location or I can load it up into our server in the free gifts section. As for you not having my book well here you go everyone. Please feel free to pass it on!
http://www.prweb.com/releases/2005/2/prweb206557.htm :praise:

[kimesha]

hi john micheal. i read alot of you post and wanted to thank you for such a great website. anyhow.... do you think that an investor can have a dual agent without conflict of interest. Since i am a newby why not use the sellers agent. The seller usually pays for the commision anyway. if i come across a handyman special listed with an agent do you think it would hurt me for him or her to represent both of us. :SM006:

[Dan Auito]

hi john micheal. i read alot of you post and wanted to thank you for such a great website. anyhow.... do you think that an investor can have a dual agent without conflict of interest. Since i am a newby why not use the sellers agent. The seller usually pays for the commision anyway. if i come across a handyman special listed with an agent do you think it would hurt me for him or her to represent both of us. :SM006:

Gee John she thinks it's yours :SM006: Wassup wit dat! Kimesha, We are going to try our best to show you how to Sell your own property and save those commissions, you need to be able to do this! A few ways to go here, first if someone is selling a property through an agent then that agent works for the seller even if they show it to you! If you use that same agent to buy the property then they need to get permission from the seller to transition to the status of a transactional agent, who presents only material facts and facilitates the transfer according to industry guidelines set forth.

It is best to use your own buyers agent as they are hired by you but are still paid through the commission split paid by the seller through the listing brokers office.

It gets tricky because you find that when an agent from another agency that didn't list the property brings you the buyer that they are construed to be a sub-agent of the seller as well, so hence you have all kinds of disclosures in the real estate industry that try to tell you as much without you having a right to say well I DIDN'T KNOW THAT! now you do!

The only way to get true representation in your best interest and fall under the protected status of CLIENT as opposed to CUSTOMER is to contact an E.B.A, well what's that you ask. An EBA is an EXCLUSIVE BUYERS AGENT! A true EBA, does not list property, they have no listings of their own, they only work as a buyers agent and as such will only show you property that other agencies have listed for sale.

Contact a true EBA for further details, Don't want to run on here forever, this is also in the book Kimesha, you better read that book girl! :SM110: :SM140:

[REIaddicted]

Hi there,

John Michael is a valued member here and Dan is the creator and owner of Magic Bullet.
Both have such diverse experience in different fields, that any info they give should be duly noted :SM050:

Dan's book is free, start reading :biggrin:

[Dan Auito]

Hi there,

John Michael is a valued member here and Dan is the creator and owner of Magic Bullet.
Both have such diverse experience in different fields, that any info they give should be duly noted :SM050:

Dan's book is free, start reading :biggrin: Hey Lisa I just may cut John in on a 50/50 partnership agreement. This way I can have him cut my expenses in half! :shocking: Again I would like to let everyone know, that this site does not and has not been created to empty your pockets but on the contrary, to fill them! :praise:

[kimesha]

Dan, i apologize for not giving you the credit you deserve for the website. It's just that i see john micheal's name so much at the "other website" that i just naturally assumed that he created this one. When i visit this website it almost feels like i know you guys ( a little) and i want to learn as much as i can. thank u 4 simply being gracious enough to answer the same questions over & over from us newbys. Oh yeah i'm downloading 2 of the books as we speak... or write... whatever it is. LOL :SM065:

[Dan Auito]

It's great to have you Kimesha! It's really our pleasure and an honor to be allowed to help you, we get the same satisfaction by helping as you may get from the replies. Feel free to ask anytime! :SM082:

[kimesha]

i asked this ??? in another website and never got a straight forward answer. when you sign an exclusive buyers contract are you still able to find deals on your own. say i send a letter to an owner of a vacant house. they allow me to see the property and get it under contract. couldn't i let an attorney approve the paperwork for a flat fee instead of the agent's 3%. i will usually will not pay the % anyhow cuz the seller usually agees to pay. but what if this particular seller doesnt want to pay. the bottom line ??? is can i still do my own deals even if i'm under contract with an agent? thanks in advance

[Dan Auito]

Absolutely! You simply put it in your agreement with your buyers agent that, if you find a property on your own with no assisatnce from the buyers agent that those properties would be excluded from any compensation from you. Addendums are great for clauses like this, if the agent balks then get another agent! Everything is negotiable. :clap:

[Frank J. Festa, Jr.]

With reference to Disclosed Dual Agent:

It is both unethical and illegal for a broker to represent both parties without the consent of both parties!

The key is INFORMED CONSENT!

You will receive less than full agency representation from the dual agent.

My Opinion! Frank

[Dan Auito]

I agree with that fine opinion Frank! Dan :beer:

[LeadingEdge]

I too would like to thank John Personally.

Your advice and our telephone conversation lead me in the right direction. I believe I closed on my first house and may have a second deal goingthrough as well.

You told me to come to your site as well as check this one out.

I did just that I am grateful and so is my family. When we move into our new house you have been cordially invited for a BBQ. Dont bring the riff raff with ya though.

Thanks Dan for the site as it is great and very educational. I am a newbie and just learning BUT I am going to read your book and love the philosophy of yours and johns, that being power in numbers TEAM and the pay if forward.

I will do my part to try to offer what I can in the advertising and marketing field as that is what my company does. I run an advertising company in the works of being international into Canada. I cant spell or type but thats what receptionists and salaried wives are for. That shoudl fire up the ladies in here.

:SM087:

Thanks Again Guys for My family is forever grateful for what I learnt from you both!!! :praise: :praise: :praise:

Glad to have you with us Mike, hey Mike if you feel as though your spelling could use a little correction than feel free to download this tool bar as it has a spellcheck feature that will make you look like Daniel Webster before you are through, get it here: http://toolbar.google.com/T3/index

[Debbie]

This thread is now closed.

JohnMichael no longer participates at Magic Bullets, therefore, he is no longer available to clarify any issues or answer any questions.

Anyone interested in discussing similiar issues/questions is invited to start new thread to copy/paste quotes or include a link to the thread of interest.