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To understand buyer brokerage, a brief summary of the two most commonly used methods of real estate brokerage is necessary. In residential brokerage, absent a buyer broker agreement, both the listing agent and the agent who procures a "ready, willing and able buyer" (the selling agent)--represent the seller in a fiduciary capacity. While both agents have a duty to be fair and honest with all purchasers, neither has an "agency" relationship with the buyer. They cannot recommend a bid price which is less than the list price and must leave that decision up to the buyer. They cannot actively seek out and disclose the existence of matters which might adversely affect the seller's interests (latent property defects, seller urgency to sell, etc.), although they must disclose such matters if asked by the buyer and known to the agent. This system grew up around the fallacy that the "seller pays the commission." While technically true, the seller would have no monies with which to pay a commission unless the buyer provided them. It is more correct to say that the transaction, and its underlying written agreements, dictates who pays the commission.

If the seller and buyer agree that both parties to the transaction should have available to them a real estate professional who owes fiduciary duties to one party or the other - listing agent to the seller and the buyer's broker to the purchaser, then the second method, "buyer brokerage" should be used. The result of this arrangement is a balanced transaction where both parties have a knowledgeable agent protecting their respective, and sometimes conflicting, interests and whose ultimate goal is to negotiate a meeting of the minds, and a transaction, between the parties.

Using buyer brokerage, the compensation structure is quite simple and does not add any costs to the transaction. A listing agent typically offers to split the total commission with a selling agent (representing the seller) on a 50/50 basis. Under buyer brokerage, that 50 percent is offered to the buyer's broker for bringing the buyer to the deal. Most sellers and listing agents don't care who the "other agent" represents, so long as a transaction is consummated. Payment by the buyer is not necessary to establish the agency relationship with the buyer's broker. All that is needed is a signed retainer agreement (a "Buyer's Broker Agreement") between the purchaser and the buyer's broker. At no additional cost (since the brokerage fee is already built into the list price of the property), the purchaser now has an exclusive agent. That buyer's agent has an affirmative duty to protect the purchaser's interests by negotiating the best possible price, discovering adverse factors which can either dissuade the purchaser or increase the purchaser's negotiating leverage.

With buyer brokerage and an "in-house sale" (the property is listed by COLDWELL BANKER RESIDENTIAL BROKERAGE and a buyer who is represented by COLDWELL BANKER RESIDENTIAL BROKERAGE under a Buyer Brokerage Agreement seeks to acquire that property) COLDWELL BANKER RESIDENTIAL BROKERAGE would be representing both the seller and the purchaser, a "dual agency" situation is created. "Dual agency" is practiced by COLDWELL BANKER RESIDENTIAL BROKERAGE to avoid under representing our seller and buyer clients. Your COLDWELL BANKER RESIDENTIAL BROKERAGE agent will provide you with descriptive materials and disclosure forms concerning dual agency.