Sign right here and we'll get started! Simple answer: It explains what I will do for you, how I will help you, and it explains what you will do to help me help you. You're looking for a new home, a place that you and your family can call your own. Mostly you're going to be looking at properties that have been listed for sale. Each of those properties has a listing agent, an agent who has signed an agreement with the seller explaining what the agent will do for the seller, and what the seller will do to help the agent. Why would you not want an agent working 100% on your behalf in the same way that the listing agent is working 100% on the seller's behalf? Think of all the agreements you have signed. The last time I went to the doctor, the receptionist had me sign an agreement before the doctor would see me. It wasn't even explained to me. I felt sick, signed the agreement, gave them my insurance card, and then the doctor saw me. The last time I needed an attorney to set up a company, the attorney wouldn't do anything for me until I signed a representation agreement. I also had to hand over a retainer. When I bought a new car (I actually leased it) and applied for the loan, I signed an agreement saying what I would do — make the monthly payment — and what would happen if I didn't. It was very one-sided in favor of the car company. I signed it anyway because I knew I could make the lease payments each month. When people get new jobs, they sign an employer/employee agreement detailing what the employer is going to do (hire you at $5,000 a month) and what you are going to do for the employer. Now you're wanting to buy a home, which will probably be the greatest expense you've ever had. Surely you want someone on your side.... You want to hire someone to represent your interests, 100% of your interests. Think of yourself as the employer and me as the employee. I can't work for you unless you hire me, and I really don't think you want to hire me not knowing what I'm going to do for you. Sign right here and we'll get started! Use my pen.... ♪♫ ♫♪ Recent blog posts:
Use my pen....
Well said! When working with other professionals, the consumer expects to fill out one to several forms and show ID. I'm hoping that more consumers begin to expect this from us as well and understand that it is for their benefit.
Jim,
A well presented perspective. Professional agreements establish a clear understanding of the services to be rendered.
Best,
Steve
I am so glad you wrote this post. I have a very difficult time not understanding why agents/buyers don't work with agreements. It really demeans our value and makes us all look less professional~ No one works without a listing agreement so I really don't quit it! Our industry has created a monster.
Hi Jim - A buyer rep agreement is a good thing for both parties, but it does make the buyer realize that if we are going to spend hundreds of hours and hundreds of dollars trying to help them find their new home, we are not expecting them to suddenly call us and say that they found a house and put an offer in without calling us.
Some buyers may think that we get reimbursed somehow for expenses. They don't realize that we are making an investment in them in good faith. The buyer rep agreement spells out the expectations of both sides.
Jim --- a clever way to introduce the concept of buyer representation(or at least agency) to a prospect.
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