Other than FSBO property, procuring cause is a better hook to hang compensation on than a buyer broker agreement. Besides, maybe I want to be a taxi cab driver so I can have wannabuyers find me some really good investment property;)
Mike - but how do you find an agnet, how do you know who is a good one, when you have to sign the BBA BEFORE they move the finger.
I understand the perspective of the Agent, but if I were the Buyer, no way I wouldhave signed something like that. The most would be signing one for one showing. If the relationship is of trust, I would want to build that trust first.
If I walk into your office asking to show me properties, and the first thing asked from me is signing a BBA, how is that about a trust?
Jon, if you have to see how I unlock a door to decide whether you want to engage my services, you're probably looking for a good reputable custodian.
There are many ways to gain confidence of potential clients, and none of them should involve a field trip to prove I know the difference between a kitchen and a closet. Just as in marriages, divorce is always a possibility if the relationship proves to be a poor match. If you walked into my office insisting that I show you property, and the property looked promising, yes I would do it. If you have found some good listings at great prices, maybe I'll buy them. Of course, you could first become my client:)
Mike - I can't imagine the situation with me buying a property that I shoved to the customer and liked it, or he found that listing.
You see, you do not have to be under the BBA not to do it. I am a transaction broker, and do not ask to sign any BBAs (which is not common in our area anyway), and if it happens that I like the property and would love to buy it (which is not a common occasion), I would not do anything until I see that the Buyer is walking away from it, or not choosing it out of several s/he saw. And even then I would contact the Buyer and say that I would love to buy it for myself (or my investors), but I would not do it if s/he is interested. S/he has the first choice here.
Jon, I understand that many Florida agents prefer to limit their fiduciary responsibilities to consumers, and I know that the state of Florida makes it relatively easy for that to happen. Are you required to wait until the consumer/customer chooses to walk away?
Mike - I do not know about any requirement. I do it based on the situation. I may tell my customer tha if he does not want to buy this unit, I have an investor for whom I am authorized to write up offers, and if he does not tell me that he wants this unit by certain time, I will do it. The time is reasonable, but usually short because if thsi is a great deal, I have a few hours.
Sometimes it maybe weeks, if this is a more expensive property and it is unlikely it would be snatched. I have never had a conflict with a customer, usually they tellme right away if they might be interested or not. If they wold hesitate, and would not agree to shorter time, I would go with losing the deal but will not buy it from under the customer.
Even when they say they are not interested and I am placing an offer right away, it is not a guarantee I get the property
Jon, I appreciate your discretion, and I'm sure your customers do also. It seems, however, that many consumers would rather have the assurance that the force of law would prevent them from having the real estate rug pulled out from under them. Many consumers would also feel better knowing that the agent is bound to negotiate on their behalf, and to do all possible to obtain the best price and terms for them.
Mike, it is also a way to keep the agent onthier toes. A buyers agent can't just sit on thier hands waiting for something to happe.n
And in addition to all those great reasons lets not forget... dont devalue your time and effort and expense in all this. You did not spend years learning thousands training and CE, courses to become more knowledgeable as well as learning your market to be a taxi cab driver