Understanding Exclusive Buyer Agency
As a licensed broker in the State of Washington, my actions are governed by the Real Estate License Law RCW 18.85. I must provide you with the attached Pamphlet the Law of Real Estate Agency RCW 18.86
In accordance with the Law of Real Estate Agency I can assist you with your Real Estate needs in one of four ways. Our Agency Relationship can be any one of the following:
Disclosed Dual Agency
With each of these layers of agency comes additional accountability and responsibility for both the Buyer and the Broker.
As the accountability and responsibilities increase, so does the necessity of our mutual commitment to each other.
You understand that I am in the Real Estate Business to make a living and that I am compensated only when you are successful.
The following outlines the various forms of Agency Relationships, mutual commitments and detail the sources of my compensation.
Ninety Five Percent of the time my compensation is sought from and received from the Seller.
Hawkins Poe Inc.,
No other Real Estate Broker has asked me to do this before:
Are you currently working with another Real Estate Broker?
Did that Broker offer you the Pamphlet “the Law of Real Estate Agency”?
Brokers who do not present “the Law of Real Estate Agency” Pamphlet and who do not discuss Agency with you, prior to delivering real estate services, are violating Washington State License Law.
As a licensed Real Estate Professional, I will not avoid or diminish the laws of Washington.
Why should I commit to paying you a fee for your service?
Ninety Five percent of the time you will not pay my fee. All Agency Agreements provide for me to look first to the seller to pay per the Selling Office Commission in the NWMLS.
Under the terms of an Buyer Agency Agreement, your fee for my services is a closing cost that can be paid for by the Seller in FHA, VA and Conventional Loan closing.
I would not be protecting my business income in the event I was to show you properties that are not listed for sale in the NWMLS.
By Washington State Law, I cannot show you my listings without your previous written permission as provided in Buyer Agency Agreements.
In every circumstance, I will look for my fee to be paid by the seller and I will make that commitment in the forms of negotiations with every seller.
Why would I commit to your Exclusive Representation rather than just shopping with the listing broker, or from one Broker to another?
Listing Broker automatically represents the seller, without disclosed “Dual Agency”, the listing broker does not represent your interest.
The “Law of Real Estate Agency” automatically allows you to assume you are being represented by the Real Estate Broker offering you real estate services; UNLESS, “THAT BROKER IS THE LISTING AGENT, IN WHICH CASE THAT BROKER REPRESENTS THE SELLER”.
A Broker who is willing to work with you without your written commitment is not taking your relationship seriously.
If a Broker cannot justify the fee for their services to you, how do you expect them to negotiate successfully with the Seller when the amount of money (your money) is much higher.
We are only paid when you are successful
Download a pdf: The Ready Buyer: Understanding Exclusive Buyer Agency