Given the large dollars involved, these corporations realize they need someone they can trust who will represent their interests above all others… someone who will research all available properties to see if they are suitable for their needs… someone who will provide expert guidance relating to property values and locations… and someone to negotiate skillfully on behalf of the company with the Seller or Seller's representatives. They astutely retain their own, exclusive representative… someone they know will find the right property at the right price, and who will protect their interests 100% of the time.

You, too, can benefit from this same level of professional service, expertise and exclusive representation at no extra expense. When acquiring a substantial resort property, it just makes good sense to insist on having your own Agent to represent you, and only you. Wouldn't you agree?

Exclusive buyer's brokers work only with buyers and don't take listings. They're obliged to help you find the best deals and lowest price. Unfortunately, agency standards have changed so much in the past ten years that real estate agents themselves are likely to be confused about their obligations to buyers and sellers, even though in most places they are supposed to give you a disclosure form explaining your relationship. Bottom line: You don't truly have an advocate in your corner unless you both sign a contract saying so.

Many large firms have indulged in the lucrative practice of "in-house sales" in which only one company is involved in listing the property and producing the buyer. In other words, the same company acts as the seller's agent and buyer's agent in the same transaction to pick up the 6% or so set aside to pay two agents. Recent laws passed in Texas, Georgia, Illinois, Minnesota, and Colorado would appear to minimize broker liability for this "double dip."

Nevertheless, until the industry gets used to old-fashioned rules of loyalty, you should remember that you are the boss in this market, and you set the terms of employment. When you engage a broker or attorney to act as your agent, you should look for companies that subscribe to a "single agency" policy or "exclusive buyer agency" policy. Steer clear of companies that offer disclosed dual agency as a policy. Remember, the first question you should ask your broker is: "whom will you represent?"

"Don't ever buy a property directly from the listing broker. Having your own agent will help you get the best price and terms. It won't increase your costs, because your agent shares the commission with the listing broker. This percentage amount is previously determined in the listing agreement and will be paid according to that agreement, usually when the transaction closes."

*Hume's advisory board includes such notable experts as William E. Simon, Louis Rukeyser and Dr. Morton Shulman