an exclusive Buyer's Representation Agreement. Any concerns with this?
Gift? You give a buyer credit?TXAggie4Christ said:
They are a TREC requirement but I'm pretty low key early on with presenting the buyers' rep as we see if the working relationship is a good fit.
Since some agents research, prep, preview, log lots of miles before even meeting with the buyer, it's nice to know you have the buyer's commitment they are going to work with just you.
If the relationship ends up being a rough fit, I always shred the doc, no strings attached. Goal is a satisfied client. I do use the form too as a commitment on my part for accountability to document my realtor credit I give at closing to the buyer. I'm over 50 so it's good to get the gift to buyer in writing!
Well aware of that. Still doesn't change my statement.Diggity said:
Not true. There is a specific section where you can name the area(s) where the agreement applies.
EagleCamden said:
It sounds reasonable to me. I like my agent and he's going out of his way to show me property. He's asking for exclusivity for 6 months...
doesn't it seem kind of unprofessional to not have a contract signed?
This is correct. Without agreement he is a sub agent and does not represent you. People do it all the time which is a bad idea for both parties. Like stated before, you can sign it and fire them if not happy.EagleCamden said:
Thanks. This realtor was referred to me by one of my good friends, so he has that built in trust factor. In this one form he showed me, he said if he works as a "subagent", where no agreement is signed, technically he has to put the seller's needs first. He showed it to me in writing!
He said the agreement clearly outlines each party's role and it protects buyer and buyer's agent.
I'm going to sign it because I like the guy.
HarleySpoon said:
A great agent will be properly motivated to find your home and get closed without one. A lazy agent will not be motivated by having one.
scrap said:
Myths: You can fire the agent anytime you want. Wrong! If you sign the agreement most of the time there is NOT a termination clause that allows one to exit the agreement unilaterally. YES, in a lot of cases agents will allow it but are not required to grant it. If they ALWAYS allow termination, then have that procedure spelled out in the agreement.
More nonsense.Bonfire97 said:
I don't know why anybody would sign one of these. Makes no sense to me at all. My strategy is to not tie off with a particular realtor. Just call up the listing agent. You can sign up for alerts on most major websites like Zillow and get the alert the same time the realtor does. And, who is going to have more motivation to sell - a listing realtor getting 3% (if you show up with a buyer's agent) or a listing realtor getting the full commission minus the company's fees (going straight to the listing agent). The only way I would see an advantage to tying yourself to a particular realtor is if they are the one in the area that gets all the "good" listings. You might then find out about new listings faster than the general public.
ATM9000 said:
More nonsense.
1. An agent doesn't sell a home... a seller does.
2. A listing agent is contractually obligated to share everything with their client and do what's in their best interest.
3. Do you really think the majority of clients aren't getting all antsy and asking the listing agent to revise their fee down if the buyer has no agent? You will say well the listing agent doesn't have to... once again, a 3% spread isn't small and a seller can just say I'm not signing up for this deal unless you revise your fee down to the agent.
scrap said:ATM9000 said:
More nonsense.
1. An agent doesn't sell a home... a seller does.
2. A listing agent is contractually obligated to share everything with their client and do what's in their best interest.
3. Do you really think the majority of clients aren't getting all antsy and asking the listing agent to revise their fee down if the buyer has no agent? You will say well the listing agent doesn't have to... once again, a 3% spread isn't small and a seller can just say I'm not signing up for this deal unless you revise your fee down to the agent.
ATM: Are you a realtor, been a realtor or have a family member a realtor because you only see this discussion from a realtor's perspective.
You say " All you have to do is tell the broker you won't be signing anything to buy or sell a house with them representing you and I guarantee you the broker is tearing the agreement up."
Thats big hat no cattle talk right thar! First off you should not have to tell the broker that, it should be in writing ways to terminate but there is not. Secondly, YOU can't guarantee dog doodoo. Yeah, it probably makes good business sense to do so but there is this thing called ego and emotions that just might get in the way. YOUR guarantee means NOTHING......just saying.
Many people don't have the outgoing personality to challenge the agreement since there is no termination clause written. So they just live with what they signed. They didn't think far enough ahead to consider what happens if things don't go as planned. So simply telling someone to go to the broker to tear up the agreement is not in a lot of peoples' wheel house. Just like a lot of people will not ask the waiter to take back the food because of some flaw, they live with it.
Lastly, you say "So while you are right that it isn't unilateral... since you ultimately are the only one putting up capital, it pretty much is". But, yet you know that the buyer has a goal and may be under time constraints and having to wait till the buyers contract expires might not be ideal to the goals of the client.
I'm not against buyer or sellers agreements, but TREC and the realtor industry should write them in a way that are very much slanted in favor to the agent. PUT IN THE REQUIREMENTS FOR EARLY TERMINATION and we are all good, especially since we always work with HIGHLY RECOMMENDED, TRUSTED AGENTS, right.