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If you choose not to sign a Buyer Agency Agreement, you need to remember: I don't work for you.

By Tish Lloyd

Real Estate Agent with BlueCoast Realty Corporation

May 31, 2011 03:01 AM

If you choose not to sign a Buyer Agency Agreement, you need to remember: I don't work for you.

Funny thing I'm noticing in our market: Fewer Buyers want to sign a Buyer Agency Agreement. They seem to think they will get a better deal if they work with more than one agent, so they're going it alone.

Picture of couple with home I hate to see this. And I was even one who didn't think Buyer Agency was such a good idea when we first started doing it. It didn't take me long to see the benefits; and I'm surprised there are Buyers out there who don't think it's a good idea for them to have their own representation.

There is one main reason to work with a Buyer Agent in Wilmington NC; when an Agent works FOR you, YOUR best interests are protected. It's your money, shouldn't YOU be the one with representation? Are you really comfortable with an Agent representing the Seller and putting your money on the line while doing it? Do you realize that the Agent you're NOT working with is obligated to get the Seller the most money? That's right, they are not required to help you maximize your investment!

Are you aware that there are Sellers who won't allow Sub-Agency? That means they will not pay a commission to an Agent who is working with a Customer. They have signed with an Agent so they will have representation and expect anyone looking at their home to have the same. It wouldn't make any sense for an Agent to show a home with no hope of being paid, would it? So how many homes are you going to miss out on? Do you really have the time, energy and expertise to call each and every listing agent?

If you choose not to sign a Buyer Agency Agreement, you need to remember: I don't work for you. You are a Customer, not a Client. My first loyalty is to my Clients. I have a fiduciary responsibility to them which I take very seriously. I do have time for Customers, but not as much time as I have for Clients.

Look, no one's trying to twist your arm here, you are free to work with whomever you choose, even with no one. But if you want to buy a home in Wilmington NC, your best bet is to find an Agent you trust, sign a Buyer Agency Agreement and KNOW you and your interests are protected.

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June Piper-Brandon

Coldwell Banker Realty - Columbia, MD

Creating Generational Wealth Through Homeownership

Tish, I am finding more and more buyers not wanting to lock in with a buyer's agency agreement here in Maryland. I often don't get it signed the first meeting and I tell my buyers that by the second meeting we should both have made up our minds whether or not we want to work together.

May 31, 2011 03:10 AM

Liz Flint

Century 21 Hardee-Team Realty - Houston, TX

Houston\Tomball Realtor (832)816-8066

Hi Tish, hopefully the buyers will read this post and get the gist of your message. It is an important topic that most don't understand.

May 31, 2011 03:13 AM

Liz and Bill Spear

Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH

Transaction Alliance Cincinnati & Dayton suburbs

Tish, We're getting more direct calls as listing agents to show our own listings. How much is a matter of having more listings, how much is a shift in buyer attitudes remains to be seen. But regardless, buyer's should get an agent that works ONLY for them! And in your area, you should be getting that call!

May 31, 2011 03:15 AM

Daniel H. Fisher

www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC

MCRP - Charlotte Real Estate, NC or SC

If Buyers understand different types of agency and verbally agree to work with us if we bring a property to their attention and/or show it to them and pay us eventually, we can and do work the old fashioned way - they give us their word and a handshake.

Once we've worked together a while, the agency agreement becomes a non-issue.

May 31, 2011 03:21 AM

Michael McInnes

Keller Williams Check Realty - Prescott, AZ

MBA, Realtor | Prescott Arizona Homes for Sale

Good post. Personally, I have never used a buyer agency agreement. It has been recomended to me by many fellow agents that I do so. Reading this post has helped me see more clearly the reasoning behind such an agreement. Again, thank you for sharing.

May 31, 2011 03:37 AM

William Feela

WHISPERING PINES REALTY - North Branch, MN

Realtor, Whispering Pines Realty 651-674-5999 No.

I agree about the difficulty of getting a buyers contract. I will tell the people that I will do a contrct that is only good for the properties that I show them. This works most of the time.

May 31, 2011 08:01 AM

Anita Clark

Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA

Realtor - Homes for Sale in Warner Robins GA

Your last paragraph says it all Tish! I see this on occasion here as well and believe many buyers think they will get a better deal if they come without a Realtor, which is 180 degrees from the truth.

May 31, 2011 08:56 AM

Tish Lloyd

BlueCoast Realty Corporation - Wilmington, NC

Broker - Wilmington NC and Surrounding Beaches

June ~ Interesting -- In our area you have to disclose whom you are representing before showing the property.

Liz ~ I believe most agents don't understand; therefore, they make it much more difficult than it need to be.

Liz & Bill ~ I'm always shocked by the number of agents who don't understand dual agency and designated agency, therefore it gets a bad rap . . . thanks!

Daniel ~ You make an interesting point -- when do you disclose to the Sellers and have them sign the required agency disclosure agreement?

Michael ~ Hope it was helpful.

William ~ I have seldom had any issues getting the Agency Agreement signed, but when I do, it is just a bit frustrating to hear some of the objections.

Anita ~ They do believe they'll do better on Craigslist and in dealing directly with the Seller themselves while using us and our resources to help them find the available properties and become educated.

David ~ Thanks, that was my only goal.

May 31, 2011 11:49 AM

Christine Smith

Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA

Exclusive Buyer Agent & Attorney, Canton, MA

I am not sure why it is so hard for buyers to understand. I have to say that I do not require a Buyer Agency Agreement - it is not a requirement for my firm & so I choose not to do that. First of all, my fiduciary responsibility is to buyers all the time as an exclusive buyers agent. Secondly, as mentioned above, buyers are wary of them. I explain that I feel I offer them value & that they will choose to work with me. If I am not a fit for them, I tell them that's fine - just let me know. It may come back to bite me one day. So far, my target are those buyers who know the value of representation - the others, I'm not so sure I want to work with.

May 31, 2011 02:56 PM

Karen Baker

Sunset Beach and Beyond Realty - Sunset Beach, NC

Professional Help with Rapid Responses...

Tish ~ Educating our clients with the "Working with Real Estate Agents" brochure covers who works for who ~ we provide the buyer agency agreement and explain all the benefits of working with buyer representation ~

Knowing their interests are protected, they sign the agreement and we move forward ~

May 31, 2011 02:57 PM

If you choose not to sign a Buyer Agency Agreement, you need to remember: I don't work for you.

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