Several years ago, I went to Palm Springs for a few days. One of the reasons for my trip was to explore whether I might enjoy living here in my 'golden years.'
During my stay, I met with a Realtor to learn about the housing market there, different communities I might enjoy, etc. That was the first time I had needed the services of a Realtor since I obtained my license in 2003.
The agent I met was professional and clearly knew her stuff. That said, she would only take out buyers who would sign an 'exclusive buyer-broker agreement.' I know many, many agents use these contracts, as well.
These agreements commit the buyer to use that one agent for buying their home. The idea behind this is that when an agent has this commitment from a buyer, they have a solid, ready buyer who will buy from them. The agent I met today wanted this agreement signed before she would take me out to see any homes.
I've always understood that these contracts are desirable for a Realtor, but can't for the love of God understand why a buyer would sign one upon first meeting an agent. I've thought of using them down the road, after I've been out a time or two with buyers, but right off the bat? It's like signing up to go steady before you've even had the first date!
I am always aware that when working with buyers, I may spend lots of time with them, and they may go buy from someone else. It's a gamble. I try, as does every agent, to assess who is serious, and who is not. But I am committed to the fact that it takes time for both agent and buyer to know whether working together is a good fit!!
If an agent asks you to sign a buyer-broker agreement up front, I would honestly take pause. There are many of us who don't require them. If this is the agent you intend to use, then there is no harm. If you are unsure however, and want to meet with a few other agents, give yourself the benefit of the doubt and meet with a few more agents.
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