OK... I just have to get this off my chest. I need to feel better and learn the lesson.
And here's the story.
I was working with a client since December. In January, we signed a Buyer Agency Agreement that was valid for 90 days. Although I forgot to renew it in March but we kept on working till beginning of September. My service to them continued non stop for months, most of the time on a daily basis.
My client's requirements were quite difficult to satisfy: find a place to accommodate all 10 members of the family, the property had to be new or fixed up and close to the 600K range. Well, we spent a lot of time seeing properties with no luck. I advised the client to raise their price and we started looking in the 800K range.
I must have shown them 50 homes or more because they wanted to see "everything", big and small, knockdowns, side by side homes, new construction and land. I worked my ass off and usually had to visit them after 11 pm at night because some of the family memebrs returned from work too late. I spent hours and hours away from my family in order to accommodate their needs.
Evenutally, we did put in 4 offers on cetain properties. They signed the Buyer Agency Agreement in January 2006 for 90 days. We attempted an offer on a property in February 2006 with no luck. The price was too high and our offer was too low. The client was still under contract. The 4th and last offer we pursued was in the beginning of summer but as mentioned the Buyer Agency hadn't been renewed.
After the house came off the market, and while we were still looking for properties and emailing and calling each other back and forth and she is telling me "find me a property", they went back privately to the expensive house we had put in an offer in February, and bought it directly from the Seller!
Even with hundreds of emails, of confirmations, of showings, of logs of what we have seen, of offers on properties we pursued, because I forgot to renew the Buyer Agency agreement, I will not be able to claim the $21,000 of commissions owed and I have to bite the bullet!
Well, I promise you thing: NEVER AGAIN...
Lesson Learned
Make sure your Buyer signs the Buyer Agency Agreement! You never know when the client will screw you...
Personal Feelings
Is the job and time of a Real Estate Saleperson not worth anything?
Solution
The Buyer Agency Agreement should be mandatory for all.
Life goes on... doesn't it?
Sam Kamoutsis
Broker of Record
PLANiT Real Estate Inc. Brokerage
658 Danforth Ave, Suite 401, Toronto Ontario M4J 5B9
Tel: 416-951-0110 Fax: 416-628-6860
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