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Buyer Services are not FREE! They’re just Financed.
OK, be warned. This is a rant, but I need to get it off my chest.In this tough market, with so many sellers underwater, there is an increasing need to work with buyers and we’re seeing even seasoned listing agents working with buyers out of necessity. But with it, the frustration is increasingly oozing out of AR on the lack of buyer loyalty, how no one wants to sign a buyer agency agreement, that even if they sign it, you can’t enforce it, etc, etc, etc. See Mimi Foster’s excellent post An Intense (and embarrassing) real estate lesson to see a great collection of comments voicing these frustrations.I personally never worked with buyers without a signed contract (just as I never would take a listing without one) but that’s not the point of this post. There IS much less buyer loyalty than seller loyalty but I will opine that it goes far deeper than whether a not a contract is used. It goes very simply to a falsehood that we have repeated to buyers for years and is now coming back to bite us:
“Mr. & Mrs. Buyer: don’t worry about my compensation - my services are FREE to you!”
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