Buyers Agency for Out of Towners

By
Real Estate Agent with Keller Williams Realty TN R.E. License 292369

Because so much business in Real Estate can be generated via the internet and are out of town relocations, it becomes difficult to broach the subject of  buyer's agency.  Just because we haven't had the opportunity to sit down and talk with a client face to face or put them in our

car to show houses doesn't mean that a lot of time, research, and effort hasn't been spent on their behalf.  To do all this just to find that when they came to town they drove by a house and called a listing agent instead of you can be frustrating.  

When I began writing this I debated whether to make it "members only" or "public" post, but decided that the public ought to know we don't like to work for free or being taken advantage of either.  

My expectation is not, simply because I am contacted through a website searcher that they are committed to me as an agent.  I do hope however, that after we have had several phone calls, texts or emails and I have spent significant time, they would at least sit down with me for a buyers consultation and wait until they met me to either commit to me or move on.  My approach for all buyers is this, I have a Buyers Rep. Agreement that I explain and request they sign.  If at any time they feel or I feel it is not a good working relationship we can mutually agree to terminate the agreement.   Our goal is that find the best house and have an agent they trust, respect who advocates on their behalf and gives them the service they expect and are entitled.

My dilemma is this, and I am open to any and all suggestions or comments;  How do I tactfully broach the subject of buyer's agency in an email or phone call?  Do you feel it is a good thing to do?  Do you think I would be chasing business away?  Have you done it, if so, what is the best approach.

 

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Franklin TN, Brentwood TN and Nashville Tennessee Real Estate

 
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Rainmaker
1,560,481
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

As you mention Mike, just because it might start out long-distance, we can put in hours looking up properties, staying on top of the local market, communicating, and also consulting on areas, etc. even before we begin/meet in person.  I've told buyers in our intial conversation (either over the phone or in email) that I work under contract.  This establishes a few things, which I explain.  The two levels of service are: 1) customer level and 2) client level.  If they want to work with me on the client level, I'm happy to begin working for them.  When they arrive in town, they know they have an agent -- their contracted agent -- waiting for them.  Quite frankly, clients come first.  An agreement establishes fiduciary duties, above and beyong that of "customer level."  I would think if folks are coming in to town, one agent that they have contracted with is the best beginning.  If I wouldn't have a contracted representative, I'd be very unsure of making plans to come all the way into an area, without engaging the services of a Realtor(r).     

Aug 18, 2010 09:15 AM #1
Rainmaker
472,248
Patty Clark
Morningside Homes, LLC - Aurora, CO
Helping Families Move with Care

Sometimes you have to earn their trust and respect before approaching them with the Buyers Agency.

You could tell them this is how I work because I give you my loyalty and I would like to have yours. Give them an out if they are not happy with you but also explain that your services are free. They get good representation so you can negotiate for them and tell them everything you know about the property.  Maybe when they know the dept of the Agency they will be okay with you. You have already proved yourself by the work you have done so ask for their loyalty.

Aug 18, 2010 09:16 AM #2
Rainmaker
278,265
Franklin & Brentwood, TN Homes Mike Nastri
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Wow, you have exceeded my expectations Carla, Chris and Patty for both the quickness and depth of your comments.  I do expect to first "earn" their respect before we enter that agreement and I like the customer or client level approach.  Coupled with emphasizing that there is no charge to them for my services I should be able to get that agreement.

Aug 18, 2010 09:30 AM #3
Rainmaker
215,151
The Brewer Team - Benchmark Realty
Benchmark Realty - Franklin, TN

Mike - I think Carla has the right idea. If they want your help, It would be worth the effort to get an agreement signed to at least try to keep them honest. 

Aug 18, 2010 12:01 PM #4
Rainmaker
171,007
Diane Osowiecki
Diane O and Friends - Benchmark Realty - Franklin, TN
Greater Nashville Real Estate

Mike,

The buyers rep agreement is only as good as we realtors make them.  It is not only the buyers who don't respect them, but also other realtors.  Until the buyers rep agreement gets real teeth we can only hope that our "clients" respect our time and are willing to pay for it.

Aug 19, 2010 01:23 AM #5
Rainer
27,328
Julie McLeland
BENCHMARK - Brentwood, TN

As in any relationship, trust is paramount. When I was a rookie, I always had them signed. Now, I have come to realize that is seems like a grab for money. The agreement, as MRS. O pointed out, has no teeth. This makes it more of an obstacle than a help.

Aug 22, 2010 03:16 PM #6
Rainmaker
278,265
Franklin & Brentwood, TN Homes Mike Nastri
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Hey Diane and Julie, it was great to see the both of you today.  

I received another pleasant surprise, an out of town buyer actually read and commented on this blog (in an email since non-members are closed for comments on my blogs since an unfortunate spammer).  His comment coupled with yours Diane and Julie make me more comfortable with a verbal agreement.  I also heard it put another way this week, a "Loyalty Agreement".  A buyers agent described it as an easy-out, one day notice type of thing, when either side felt the agency relationship was not working.  He also described as that loyalty going both ways, we should not expect that once an agreement is signed the hard work is completed.

As for the time and effort for which we often go unpaid.  That is all part of the job, hopefully it makes us better agents.   

Aug 25, 2010 04:03 PM #7
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Rainmaker
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Franklin & Brentwood, TN Homes Mike Nastri

It matters to us as much as it matters to you.
Buying or Selling your home, call Mike (615) 294-3912
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