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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6 Comments on Why Sign a Buyer Agency Agreement? Lesson Learned...

OCT
08
2006
I feel your pain, sorry to hear you had go be on the wrong side of the deal when it sounds like you really put it out there for the client. Like they say.........karma's a bitch, let's just hope she shows up at their door soon.


Pete Willner
Who Will? Pete Will!

Broker Direct Real Estate
www.PeteWill.com
1:36am • #1
150,130 Points 54 Featured Posts Localism Sponsor Outside Blog Hit Router

I always tell my team that the important thing is to "learn the lesson" and then put it behind you and  "move on".   I see a bigger and better buyer in your future! 

 

7:12am • #2
292,807 Points 52 Featured Posts Localism Sponsor Outside Blog Hit Router

You need to immediately contact an attorney about this matter.

 I believe that you still have a pretty good chance of getting since the buyer and seller pretty obviously conspired to do this deal without you or the listing agent.

Procuring cause of a sale is a legal doctrine; not unique to Realtors.

7:16am • #3
Localism Sponsor

Wonderful lesson to share with the rest of us Sam.....so sorry about the circumstances that brought you to sharing the lesson.  I usually write my BBA's for a fairly lengthy time, explaining to buyers that it has to carry through the to the settlement day.

However, thinking back, I am quite sure some have run out and I am still working with people.  One more entry for my calendar!

As Linda said, I'm sure bigger and better things are right around the corner!

 

8:10am • #4
OCT
10
2006

Hi Sam.
I cant really tell when you made that offer originally and how your BBA agreement is.. but in S. FL we have a protection period,. normally 180 days. Meaning if you show that property and your agreement end te next day, you still get paid if they buy that house in the next 180 days.

I would consult an attornet. 21K is a lot of lettuce to jsut give up. Yes, move on.. but dont quit.

best of luck.

nick

Nick
4:34pm • #8
OCT
11
2006
3 Featured Posts
Thank you all for your comments.  I have decided to pursue this further and hopefully get partially compensated.

Unfortunately, here in Canada this is not the case. If you do not specify a holdover periood, you are basically sol.

Now, we have put in an offer but the offer papers do not allow a holdover period and maybe they should...

Thank you all!
7:10am • #9

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Sam Kamoutsis

Toronto, ON

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PLANiT Real Estate Inc.

Address: 658 Danforth Ave, Suite 401, Toronto, ON, M4J 5B9

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