The Exclusive Buyer Agent is a profile that is becoming more and more popular in Spain. It is often confused with the profile of a real estate consultant. In this article we will explain what they are and how they differ from the real estate agent’s profile.
What is an EBA?
The EBA works directly with the buyer on demand in a personalized way. His/her task is to find the best house at the best price for the client based on his/her needs and interests.
Generally, as it is a personalized work and under demand of the client, they go to a fixed price. The price varies depending on what the client is looking for as it is not the same to look for a luxury villa in the outskirts as it is to look for a flat in the centre.
The profile of the client of the Exclusive Buyer Agent is that one that does not have time in his day to day and looks for the help of a professional that can help him
Although there are real estate agencies that have some profile of Personal shopper real estate, usually they are people who work on their own.
The benefits of having an EBA are
Saving time The client will save 70% of the visits that are made with a traditional real estate agency. They will search among all the real estate offer.
Saving of worries: They contribute technical, financial and legal reports and they will help you to avoid surprises of false announcements of buildings.
Saving of money: The client will be able to save between 5% and 20% of the prices of exit of the buildings.
REMEMBER: A real estate consultant is looking for a property to sell. The main interest is the sellers. (individuals)
EBA does not rely on the properties it has to find a buyer, but looks for personalized orders from buyers. They only defend the interests of the buyer.
An EBA usually works with a buyer client. He helps the latter to find a property.
A real estate agency usually has many clients for a house.
Although normally to be a personal shopper it is advisable to have 2 years of experience in the real estate sector.
What are our functions?
The main function is to find the property that fits what the buyer asks for. Especially if you have to look for a house outside the city where you live.
The work that the personal shopper does is:
- Qualification of the client
First a meeting is held with the potential client to find out what their needs are. What type of property are you looking for, objective of the investment, % of profitability, budget and what are your priorities.
If the budget is not consistent with what the client is asking for, the order is usually not taken.
The EBA delivers the personalized offer to the client.
The offer will detail the services that will be performed: the action plan, the commissions, the price of the services and everything that the personal shopper will do to find the perfect home for the buyer.
- Preparation of the report with the potential properties
The buyer agent will deliver a report with all the homes he has or has found according to the needs and objectives of the buyer.
- Choice of potential properties
The houses are first visited by the EBA and if he considers that it fits he makes the report and presents it to the buyer. If the buyer selects it, a second visit is made with him In this step a sifting is done and the properties that can come closest to what you are looking for are chosen. In this way, we will start preparing the visits.
- Programming the visits
The EBA will organize and guide the following visits and taking into account the availability of the client.
- Evaluation of the properties visited
A dossier will be provided with the technical report and the objective evaluation of the selected housing.
- Presentation of the offer
At this point the buyer has already made the decision. The personal shopper prepares a report which he will present and argue to the seller.
- Legal advice in the purchase process
The buyer agent will accompany you and help you with all the procedures until the signing of the deeds at the notary’s office.
How much does a EBA charge?
Personal shoppers work exclusively. Their fees are fixed and are determined at the beginning.
There are no commissions. The total fee is between 2,5 and 3% of the budget.
In other words, the way they charge fees is: initial provision of funds (10%) + 50% in reservation document + 50% in signing of deed.