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Buyer's Rep Agreements

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Real Estate Agent with Carolina One Real Estate
Our company is complying with a state license law that requires the office to keep a copy of a Buyer's Representation Agreement on file in the office, 2 days after obtaining a signature. It'll be interesting to see how many of these start flowing into the office.  A lot of agent's say they are working with buyer's all the time and there really is no evidence of that unless the buyer's sign a contract to purchase.  Many people hate these agreements, and don't want to sign one.  They say they are just looking and don't want to be locked in to anything.  I realize it is a good business practice, as you are protecting yourself from working with buyer's who aren't serious, or who may just wander off and never be heard from again.  I know this has been beat to death on AR, but what are some good scripts to come up with to tell buyer's that it is in their best interest to sign an agreement with you?

Comments(3)

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Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Bruce, I think the best one is you won't show them anything if they don't sign. Everybody needs to get paid for their work. The Buyer's Agency agreement will keep honest people honest and eliminate the flakes and time wasters.

Bill Roberts

Oct 10, 2007 05:21 AM
Dale Campbell
Virginia Real Estate - Mechanicsville, VA
Bruce - I agree with Bill.  I had a client go behind my back (after I showed the house and negotiated for him) and contact the seller directly to try to get a better deal without the seller having to pay a buyer's agent.  I now tell them that it is a required policy for every showing that my company does.  If you are an agent, blame it on company policy.  It will take the responsibility from you.  If they don't want to sign long term, I get them to sign for that house only for 6 months, so they cannot go back later without me and try to get a better deal.  Then they are not tied up with me if they don't want to be.  But if I show you the house, you are going to sign...at least for that home.
Oct 23, 2007 02:16 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Bruce,

I have taken the stand and make it clear from the start that I can not and WILL NOT be able to show them any homes unless I have the Buyer's Representation Agreement signed.

I have on occasion, when time has allowed, to stress just a particular day of showings or homes.

As for the office keeping them, I am not aware that my office wants or needs them unless there is an Agreement of Sale being turned in.  I will ask though.

Good Luck!

Oct 23, 2007 02:21 AM