Does an Exclusive Buyer Agency Agreement benefit you as a home buyer? This can be answered very simply: “NO”.
Here in Portland, Oregon, Exclusive Buyer Agency Agreements are less commonly used, although certain real estate companies may push you to sign one.
Perhaps you’ve never heard of it—but if that’s the case, you should know what it is so you can avoid it if you’re looking to buy a home.
Basically it’s a contractual agreement which locks you into using only one specific real estate agent for your home purchase. Naturally this is an excellent deal for the real estate agent since it legally guarantees them a buyer.
But while it’s a good deal for them, there’s absolutely no benefit to you as a buyer when you sign an agreement like this. In many instances it will even be detrimental to your home search, since you won’t be able to break away from an agent if your needs aren’t being met.
Remember, the job of a real estate agent is to represent your best interests and protect you in a real estate transaction—and they should have to earn that job every step of the way.
You can be sure that most real estate agents will go above and beyond to offer exceptional service if they know you’re not locked into the deal.
Peter Stewart is a licensed real estate broker in Portland, Oregon as well as a frequent contributing writer for OHM. Please don't hesitate to contact him with any questions you may have about buying or selling a home in the Portland area.