THE IMPORTANCE OF A SINGLE AGENT (Buyer’s Representative)
Critical Information About Your REALTOR® Relationship — Knowing the difference between a Single Agent and Transaction Broker will help you get the most out of your real estate transaction.

The Three Forms of Relationship
As the Buyer in a residential transaction you must choose one of three relationships with your REALTOR®. These are legal terms and each carries a very different level of responsibility to you.
1). Single Agent: exclusive, full representation to the Buyer alone.
2). Transaction Broker: limited representation to the Buyer and/or the Seller.
3). No Brokerage Relationship: does not represent the buyer or the seller at all, simply facilitates the transaction (fills out paperwork, helps both parties through the process).

Transaction Broker Defined
A “Transaction Broker” IS NOT YOUR AGENT, you are not their client, you are simply a customer. Legally, they cannot tell you if a property is over priced, write a contract favorable to you, or negotiate in your best interest. They have equal responsibilities to both parties and their role requires they remain absolutely neutral.

Legal Duties of a Transaction Broker:
Dealing honestly and fairly
Accounting for all funds
Using care, skill and diligence
Disclosing all known facts affecting the value of the property
Presenting all offers in a timely manner
Limited Confidentiality

Single Agent Defined
Also known as a Buyer’s Representative, the “Single Agent” IS YOUR AGENT EXCLUSIVELY, you are their client and they have full fiduciary responsibility to you. They can voice an opinion, must disclose everything they know about a property and its ownership, write a contract favorable to you and negotiate in your best interest. Their full and total responsibility is to you.

Duties of a Single Agent:
Dealing honestly and fairly
Accounting for all funds
Using Skill, care and diligence
Disclosing all know facts affecting the value of the property
Presenting all offers in a timely manner
Confidentiality
Loyalty
Obedience
Full Disclosure

Choosing Your Relationship
• If you can work with limited representation, if confidentiality, loyalty, obedience and full disclosure are not that important to you, then the “Transaction Broker” form of relationship may be right for you.

• If you desire an exclusive relationship that includes the four added duties of confidentially, loyalty, obedience and full disclosure; if you want an agent on you side, in your corner, negotiating in your best interest and writing a contract beneficial to you, you must choose a Single Agent.

Protecting Your Best Interests
Some brokerages will insist on being a Transaction Broker, especially larger firms earning commissions from both sides of a single transaction. If both the Seller and the Buyer are being served by the same brokerage (for instance you want to buy one of their listings) Florida Law insists they use the Transaction Broker form of representation.

If that’s the case go to another broker, to a Buyer’s Representative who can show you every listing without a conflict of interest. As a Single Agent, they can negotiate the best price and terms from your perspective, can promote and protect your best interests exclusively.

Our Valued Client
Of course we want you to choose Longboat Realty to represent you as your Single Agent. But, regardless of your choice be sure to understand exactly whom any REALTOR® represents. Ask them directly to explain their duties to you and their duties to the other party. If they’re the same, you’re not getting your full share. Please call us when you’re ready. Office: 941-383-7070.