TRANSACTION BROKERS FLORIDA’S BEST KEPT SECRET.
The State of Florida assumes all buyers and sellers know; all Florida real estate brokers and their associates are “Transaction Brokers,” who never represent the buyer or the seller exclusively.
Many Transaction Brokers in Southwest Florida have over 500 associates in their office. Many firms do not allow their associates to work as buyer’s agents. They do not want the liability associated with 500 real estate licensees working in one office. Transaction Brokers offices have virtually no liability in the real estate transaction. Florida Statues 475.278 explains this.
Transaction associates are NOT required to tell you they are transaction associates or to disclose to you in writing because, they DO NOT represent you. When a buyer agrees to work with a Transaction associate they give up undivided loyalty of the licensee. The licensee will facilitate the transaction by assisting both the buyer and seller, but is not suppose to represent one party to the detriment of the other. Unlike States with Dual Agency where the buyer and seller are represented by the same agent, the buyer or seller can sue the broker if they are misrepresented or treated unfairly. Florida has remove the liability the broker may have in the transaction. To date no Transaction Brokers have been held liable for misrepresentation, because they do not have to disclose to the buyer that they DO NOT represent the buyer. The #1 mistake Florida buyers make is to assume a real estate licensee represents them as a buyers agent!
Only Single Agents representing buyers as Buyers Brokers or Buyers Agents are required to make written disclosure to the buyers when they meet. There is a sample of the Single Agent Disclosure form on this site. The form is a disclosure is not a contract. It is a statement of facts to inform the buyer or seller the broker and their agents owe them the fiduciary duties listed on form.
Florida Buyer Broker is an Exclusive Buyer Broker firm offering Single Agency to buyers only. We never “bait and switch” from Single Agency to Transaction Brokerage.
Single Agency means the real estate firm is not intending to represent the seller and buyer in the same transaction. They intend to represent the buyer or the seller exclusively, but not both.
Most real estate offices which Offer Single Agency to buyers also list seller’s property for sale. Their associates will offer to be the buyer’s agent with the Single Agent Disclosure form and ask to be able to switch to a transaction associate, when they first meet. The State of Florida allows a real estate licensee to switch back and forth from representing the buyers as a Single Agent, back to a transaction associate who no longer represents the buyer. When the buyer is interested in any of the offices listings, the licensee changes back to a transaction associate. They would then be working for the seller in the same transaction. It does not have to be the licensees own listing. Transaction brokers will switch back and forth, as a new office listing might become of interest to the buyer. This usually happens after the buyer has provided their financial information and motivation to buy to the real estate associate because they thought the associate would be representing them exclusively the whole time.
WHEN IS THE SINGLE AGENT DISCLOSURE FORM REQUIRED?
The State of Florida requires any real estate licensee who says they are a buyer’s agent or sellers agent to provide the Single Agent Disclosure form to the buyer or seller upon first meeting. The form describes the Fiduciary duties owned by the buyers agent or sellers agent to the Client: Honest, Loyalty, Confidentiality, Obedience, Full Disclosure, Accounting for all funds, Skill, Care and Diligence, presenting all offers in a timely manner, Disclosure all known facts. Transaction associates give limited loyalty to the buyer and the seller. The Single Agent form is a disclosure notice, not a contract. It obligates the Buyer Broker and their agents to take care of the buyer’s best interest. It does not obligate the buyer to anything. It is a statement of facts required by Florida Law to give to the buyer or seller ONLY when they are going to represent their best interest. Florida Buyer Broker is a Single Agency firm representing buyers only. We never “bait and switch” from Single Agent to Transaction Associate.
Florida Buyer Broker does not represent any seller’s real estate for sale. Any properties you find on or through this website are via the cooperation of the REALTOR® MLS data base or provided by builders. Builders and developers do not sell their properties for less to a buyer who goes to their development without an exclusive buyer broker or exclusive buyers agent to assist them.
HOW DOES FLORIDA BUYER BROKER GET PAID?
Florida Buyer Broker, is compensated by the real estate commission already built into the price of the property by the seller’s agent, builder or developer. All listings entered into the REALTOR® MLS system by the sellers’ listing agent offer to share their commission with all other real estate agents including exclusive buyer brokers and exclusive buyer agents.
An exclusive buyers broker is the owner of the real estate firm which represents buyers ONLY. These firms are known as EBAs which stands for Exclusive Buyer Agency. Agency identifies the type of brokerage business. Most exclusive buyer brokers, like Beverly Howe, are REALTORS® who specialize working with buyers exclusively.
WHAT IS A EXCLUSIVE BUYERS AGENT?
An exclusive buyers agent works under the authority of an exclusive buyers broker. Beverly Howe is the owner and exclusive buyer broker of Florida Buyer Broker.
WHY IS IT CALLED EXCLUSIVE?
The word exclusive does not mean expensive. The word exclusive is used to describe either the exclusive buyer broker or the exclusive buyers agent to the consumer public when ONLY the buyers side of the purchase will be represented by the real estate office. An exclusive buyers broker must take care of the buyers best interest. In real estate terms Exclusive describes a “Single Agency” brokerage firm which represents either buyers ONLY or sellers ONLY but NEVER BOTH in the same transaction. Exclusive buyer brokers and their agents never list seller’s property for sell.
In the State of Florida only a buyers broker or buyers agent can legally negotiate for the lowest price and best terms for the buyers. The buyer broker or buyers agent must take care of the buyers’ best interest throughout the transaction. Only a buyer broker or buyer agent is required to keep the buyer’s financial status and motivation to buy confidential. Florida Buyer Broker always takes the buyers side exclusively. Exclusive Buyer Broker, Beverly Howe is a career real estate professional with over 35 years of local real estate knowledge and a Master Certified Negotiation Expert, MCNE.
Florida Buyer Broker does not represent any seller’s real estate for sale. Any properties you receive from Florida Buyer Broker are provided via the cooperation of the REALTOR® MLS data base or provided by builders. Builders and developers do not sell their properties for less to a buyer who goes to their development without an exclusive buyers broker or exclusive buyers agent to assist them.
HOW DOES FLORIDA BUYER BROKER GET PAID?
Florida Buyer Broker, is compensated by the real estate commission already built into the price of the property by the seller’s agent, builder or developer. All listings entered into the REALTOR® MLS system by the sellers’ listing agent offer to share their commission with all other real estate agents including an exclusive buyers broker and exclusive buyer agents.
WHAT IS AN ACCREDITED BUYERS AGENT
An Accredited Buyers Representative (ABR) does not mean the agent is an exclusive buyer’s agent. They may also list seller’s properties and may need to change from a Buyers Agent to a Transaction Associate who can no longer represent the buyer. When there is a listing in their office which is of interest to the buyer there is a conflict of interest. The ABR designee has completed classes to help them when working with buyers. The designation is given by the National Association of REALTORS®. In Florida, the class teaches Transaction Brokerage.
WHAT IS A BUYER BROKER AGREEMENT?
Buyer Broker Agreements or Contracts are written to protect the buyer broker. They require the buyer to pay the balance of buyer’s agent or buyer broker compensation when the amount offered in the MLS or the builder is less than what is agreed upon in the buyer broker agreement or contract.
The most important thing a buyer can do is first of all work with a buyer broker.”
Beverly Howe Owner-Exclusive Buyer Broker
ABR-EBA-MCNE-GRI-ACCRS-1031 Exchange Specialist
Licensed in Southwest Florida Since 1981
Specializing in US and International Private Client Real Estate
I’ll TAKE YOUR SIDE!
Toll Free 1-800-283-7393 US & Canada
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Florida Buyer Broker service is provided at NO ADDITIONAL COST to the buyer.
Florida Buyer Broker finds the best homes and condominiums, new or resale, in the buyers price range in Collier and Lee Counties.
Florida Buyer Broker agents must negotiate for the very best price possible and the best terms on the buyers behalf. Florida Buyer Broker agents are obligated to take care of the buyers best interest throughout the real estate purchase transaction.
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