True "Exclusive Buyer Representation"
True 'Exclusive Buyer Representation" is the cornerstone. There's more, but it's the foundation.
To be totally buyer-centered requires it; it's the only form of representation that is never, ever conflicted.
Every other form of representation is either conflicted, or has the potential for being conflicted.
Exclusive Buyer Agents (EBAs) work solely for buyers, avoiding the conflicts of interest inherent in the traditional seller-oriented purchase transactions. This unique relationship of committed trust and care assures buyers the best possible home buying experience. (As defined by The National Association of Exclusive Buyer Agents.)
See more about NAEBA below in this section, and in the Scrapbook section, right menu.
And that’s not just one agent declaring that he or she is a “buyer's agent”, (short for "designated buyer's agent".) It's the whole agency. While we all are realtors, and have absolute access to all Multiple Listing Services, our company policy and legal support dictates that we serve only buyers in every transaction.
That makes our office an "EBO"....an "Exclusive Buyers Office".
And it makes our agents, "EBAs”, "Exclusive Buyers Agents".
"Exclusive Buyer Offices" deliver true "Client Level” service....according to the requirements of “The Common Law of Agency” a level above that which the law requires. It’s permitted by Illinois Real Estate License Law, but of course not required, as witnessed by traditional practice. See first paragraph in Illinois License Law, under Our Concept in Library, (right menu.)
Client Level" service is identical to the relationships that lawyers have with their clients. Lawyers never serve opposing interests within the same firm, as required by The Common Law of Agency. "
Client Level Service also requires fiduciary duties identified by the acronym, CARLOAD:
A Advocacy...of the buyers' interests exclusively.
R Reasonable care and diligence, always.
O Obedience...to any lawful order.
A Accountability...professional level responsibilities.
D Disclosure...full and absolute.
Obviously, these promises, taken seriously, cannot be given but to one party in any transaction, the whole point of choosing it as a business model.
Listing agents promise them to the seller, (with exceptions for “Dual Agency” whenever a buyer contacts them directly.) We promise them to buyers, without exception, never practicing dual agency. More about "Dual Agency" problems in Library/Our Concept, (right menu).
So here, buyers become “clients” instead of “customers,” and agents become “consultants” rather than “salespersons.” Home buyers are “customers” in most traditional practices….here, they are “clients”, without exception.
Webster defines a “customer” as a purchaser of goods and services.We believe "client level" service is the only path to unbounded buyer advocacy….the cornerstone of consistent benefits simply not available in traditional offices. Agents can't promise absolute loyalty, full confidentiality, total disclosure and maximum advocacy to more than one party in a transaction!
He defines a “client” as one who employs another professionally as his agent, and is under the protection of such agent.” Obviously, it’s a huge difference.
From this one simple premise flows an incredible array of benefits…think it through with us here!
See also "Our 20th Anniversary," lower right, Home Page, for the story of designing our business plan.