Karen Fiddler recently wrote a good post discussing the reasons she feels Buyer Broker agreem
ents are bad. Many people are sharing their reasons why they do or do not support these agreements, but in Virginia it is a mute point.
Effective June 1, a new Virginia state law requires a buyer broker agreement or a notice of non-client representation!
When discussed, council for the VA Association of Realtor stated, there has been way too many issues recently. We all know the last couple of years the market has been tough. People who are unhappy with their situation have been trying to take it our on their REALTOR via a legal process. Therefore, it is the opinion by those in power to make it a requirement to have buyers sign a brokerage relationship in order for any agent to perform any activity.
If a potential buyer wants to see a house, they will have to sign a brokerage agreement or a non client agreement. If a potential buyer refuses to sign an agreement or a non-client representation agreement, and an agent shows them a house, that agent would be in violation of Virginia State law!
So you can imagine the conversations that will be happening. I feel this is the best way for Virginia Realtor to protect themselves and properly represent their clients.
I know some agents will be unhappy with this, but I approve. I can't tell you how many times a week I get a call from a sign or one of our websites where people want information. But only want to talk to the listing agent. I don't understand this, why do you want to talk to 15 agents? Why wouldn't;t you want to work with one person who can do all the work for you?
Now everyone will have to play by the same rules! You want to see a house, you gotta sign. Buyers will no longer be allowed to work several agents at the same time. Either your a client or you are not!
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