I was working with a client today who is really excited about shopping for a new home in Burleson, TX, and who can blame him? He has been looking on the Internet, driving around and searching magazines, newspapers etc. He did lots of research, downloaded apps to his iphone and even bought a book. I can tell from talking with him the last few weeks that he was nervous about the step he was going to make, and not sure how everything would fall into place for him.
For him there was a piece missing, and I asked him why he is so nervous. He told me he has spoken to many other Realtors in the area about the houses they had listed and even went to see a few of them. I also asked him if he had chosen one of them to represent him in the purchase of his home. For him, just like many people, this was the last item on his list. He wanted to find the right home and then choose a Realtor to help him buy it.
After selling my first home, I understood the value of a good Realtor. That is why I became one. In today's self sufficient, information overloaded, fast paced society, a Realtor's role has changed. Sure, you can surf the Internet to look for houses, mortgage brokers, title companies and other real estate businesses. You can buy foreclosure lists and books and watch real estate TV shows. It's a do it yourself world. Who needs a Realtor?
That is a good question. For my client today, he realized he needed a professional to help him when he finally made the decision to buy something. Once you commit yourself to buying a new home to meet your growing family's needs, reality slaps you in the face. It did me. He realized he needed someone to represent him, and assist him to get the most money for his current home. He needed help negotiating the pitfalls to buying a new one in today's market. Once we talked, I explained all of the services I provide. I showed him how it can be a pleasant process. He is moving forward with his life. He has earned the ability to purchase a bigger house with more land. It's his time to shine.
So now, I am hired to be his realtor and I am grateful. I pull out my Buyer's Representative agreement and start going over it with him. None of the other realtors in Burleson, Tx had asked him to sign one of those and why should I? Don't I trust him?
I explained that a Buyer's Rep Agreement is an employment contract. He was hiring me to do a job and expected me to do it well. I showed him where the broker's responsibilities were clearly described. I asked him how he would feel if I didn't perform these tasks for him. What would happen if I abandoned him in the middle of the process to help a client that would offer me a bigger commission? You see, It's not about trust. It's about business and the client is the boss. He is Jerry Jones and I am Tony Romo. Jerry would not hire Tony without a contract and Tony would not work for Jerry without one.
I think that the most important effect of the Buyer's Rep agreement is the official status change from customer to client. Once the agreement is signed, our relationship is defined as an agency relationship. I have more responsibility and I am more free to give advice to a client than I am to a customer. I am duty bound to represent the best interest of my clients over any other interests I might have. I provide representation, not just services.
I am glad to say, I went home with a new buyer client AND a new listing client as well. Now one of you please buy it! I'll have the Buyer's Rep Agreement ready for you.