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How to get a buyer to sign an exclusive buyer agency and commit to working exclusively with you

By
Real Estate Agent

 If you’re working with buyers, then you’ve got to get them to commit to working exclusively with you. How many times have we put the time, effort, and mental energy into a buyer only to have them purchase with the listing agent? It’s frustrating. That’s why I get my buyers to sign a buyer agency.

  The whole buyer agency is a process. When you first meet with a buyer at your office, you explain to them the benefits you bring. You tell them, “I will be on the lookout for a home that will meet your needs. I will represent you and fight to get you the best deal. I will be on your side, versus working for the seller.” After that, you show them how much time it will take you to help them. How much time does it take to help a buyer find a home, write the contract, negotiate the contract, handle the closing, go to the closing, etc? On the low side it is 40 hours and sometimes well over 100 hours.

 You show them all the things that will take up your time. Then, you say, “I’m going to do my best to help you find the perfect home. Then, I’m going to represent you to get you the best deal on that home. Here is all the work involved. I have to find houses to show you and show you those houses until we find one that meets your needs. After that I will have to write up the offer to the seller. Then, I will have to present that offer on your behalf to the seller. After that I will negotiate the contract with the seller. Then, I have to order the home inspection, order the termite inspection, order the survey, and coordinate all the closing details.

  I’ve detailed all of that time on this sheet here. If you add it all up, I’m going to be spending 89 hours to help you find the perfect house. I’m committing to spending that amount of time. All that I ask is in return you commit to working exclusively with me. Is that fair?” After that you shut up.

  Most people will agree that is fair. Once they’ve agreed it is fair, then have them sign the buyer’s agency. Now you have a much higher quality buyer than before. You can put the necessary time into helping them, because you know it will pay off. Give them some cards and tell them to let any FSBOs, Builders, and listings agents know that you are representing them.

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Glenn Roberts
Retired - Seattle, WA

I've done all of that many times, but never has a good close. Your is perfect. "Is the fair?" And then shut up. Thanks

Feb 03, 2010 12:42 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Not a problem.  When I first speak with a buyer, "hard core real estate talk" lets them know that they need an agent and I have the experience to help them.

 

Feb 03, 2010 12:43 AM
Team Honeycutt
Allen Tate - Concord, NC

I have never thought about giving the buyer an actual number of hours that you will have invested in working for them. Good advice.

Feb 03, 2010 12:58 AM