Is an exclusive buyer agency contract a best practice?

Yes! An exclusive buyer agency agreement maximizes transparency between the parties. It helps buyers understand exactly what services and value the agent/broker is providing and how much is being charged for those services. It provides an opportunity for a discussion about commission, the fact that commissions are negotiable from broker to broker based upon the services provided, and that there is no standard or average commission. The written agreement sets forth options for compensation – such as: compensation (or a portion thereof) to come from the listing broker or seller, the ability for the buyer to pay for services directly, or a combination of these. The written agreement also establishes other important information and terms (types of agency, contract length, scope, authorization to order services, and much more).