BUYER AGENCY AGREEMENTS.. NEED AR ADVICE.

By
Real Estate Agent with Johnson Real Estate, Inc. RES.0761759

Realtors that I know and have worked with, along with realtors here on AR all know about Buyer/Agency Agreements.  That it is mandated that potential buyers sign one of these before property is shown to them.

All customers that I deal with, I explain to them up front what it is and why it is important.  No one has had an issue with signing one of these until Friday of last week.  I had gone over everything on the phone with a customer, but when we met at the office, they decided that they would only sign it for this one particular property I was showing them. I told them I would have no problem with this.

After I showed them the property they wanted to continue to keep looking and wanted me to help them.  I informed them I would if they signed the Buyer/Agency Agreement for a said period of time.  They still only wanted to do it property by property.

Still trying to work with them, I mentioned I would do that for two more properties.. then I would like them to sign one for two weeks.  During this time if they still wanted my services and they liked how I worked, I would want it extended for a longer period of time.

Their concern was what if they saw a house that was listed with another agency, could I get them in to see it?  I told them as long as the property met their criteria and was on the MLS, I would be informed about it and I would get them in to take a look.  If they saw one and just wanted to see it (I find buyers don't always know what they want.. even if they think they do), I would call the other agency and make arrangements for them to view it.

So at present I am working for customers.. with no guarantee of them truly working with me.  I know there is NO guarantee in real estate.. but I like my customers to give me their faith I can help them.  Being a buyers market, I don't want to loose them, but are they truly serious?  Should I have approached this differently with them?  Has this ever happened to you?  How have you handled this?

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Valerie Osterhoudt, ABR
(Accredited Buyers Representative)

Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.

VALERIE OSTERHOUDT REALTOR IN CROMWELL CT

valerie osterhoudt

Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell:  860.883.8889

email: Valerie Osterhoudt, ABR

website: www.CTrealtorMLS.com

 

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Rainmaker
211,029
Kara Casamassina
International Property Management Group, LLC - Aiken, SC
Boomers and beyond

one of my colleagues does ONLY BUYERS...no listings - JUST BUYERS.  and she WILL NOT even put the client in her car until they sign the buyers agency agreement.  She educates them on her time invested, blah blah blah... 

Jun 08, 2008 06:14 AM #1
Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Kara.. Thanks for reading my blog.. These customers signed an agreement.. but only for one property.. I'd like to know where is my motivation to keep helping them?

Jun 08, 2008 07:14 AM #2
Rainer
256,688
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate

It seems like they were just concerned that you wouldn't be able to get them in to see all properties.  Maybe, since you've told them that you can, this will make them more apt to sign with you.

Personally, I don't offer the "Buyer's Agency" until my clients want to make an offer.  I really don't worry about them going elsewhere.  I guess I just figure that if they like me, they will stick with me...That's my 2 cents...  :)

Jun 08, 2008 11:38 AM #3
Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Debi.. You are lucky.. it sounds like people are more trustworthy there in Missouri..I wish people were here in Connecticut.  They aren't.

Jun 08, 2008 11:47 AM #4
Rainmaker
284,761
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate
Up until recently I never did buyers' with a contract and never had them leave. Of course if you have nore buyers I guess they would be your priority.
Jun 08, 2008 11:54 AM #5
Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Gene.. I can't figure out with these buyers in particular how to gain their trust.

Jun 08, 2008 11:58 AM #6
Ambassador
3,823,858
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie, I agree with Debi in that is sounds like they didn't understand that they do not have to deal with the Listing Agent of a property directly and that you can get them into any and all properties on the MLS.  Hopefully they understand that now and will be more willing to make the commitment.

I think you handled it write, because if you had pushed to hard in the beginning they might not have even signed the first agreements, even though they were just property by propery specific.

Jun 08, 2008 12:57 PM #7
Rainmaker
1,052,071
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Val , I have my customers sign an non-agency agreement initially not knowing if they will be viewing my listings or someone else's, once we are at a comfort level or have narrowed it down to outside agency listings I then insist they sign a buyer agency, and become a client with all the services and responsibility that comes with it both ways. Once I've been with a customer a while we know if they are going to be clients. Steve

Jun 09, 2008 03:53 AM #8
Rainmaker
133,101
Kim Brown
Keller Williams Realty - Keene, NH
Keene, NH - New England at its Best!

Valerie--when I first meet with buyers, I am required by NH law to have them sign an Agency Disclosure.  This form outlines, in fairly plain English, the differences between being a customer and being a client.  It's not a contract, simply a disclosure.  I've found that there is usually no need to pressure buyers to sign a Buyer Agency agreement. Once we've gone out and seen a few properties, both they and I have a pretty good idea of whether or not we can/should be entering into a contractual agreement.

I'm a bit puzzled by your statement it is mandated that potential buyers sign one of these before property is shown to them.  Is that Connecticut law or a directive from your broker?  I'd be worried that I'd scare off potential buyers if I were mandated to enter into a contract with them before working with them in any capacity.  (And to be fair, I'd be a little hesitant to sign up as their Buyer Agent before knowing whether or not I am comfortable working for them!)

Since you have explained to them that you can show them any property listed on the MLS, they may now be more willing to sign as long as they understand the benefits of doing so.  I hope it works out for you--please keep us posted!

Jun 09, 2008 06:17 AM #9
Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Kim...As stated it is mandated by the state of Connecticut *before* showing property to have the agency agreement signe.  It is VERY flexible, and is geared to the buyer.. one property, one day, one town, etc. 

Jun 10, 2008 12:07 AM #10
Rainmaker
597,934
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

Steve.. Thanks for the info.  These customers I am speaking of didn't want sign *anything*, making it very difficult to work with them.  Makes me wonder if they are truly serious.  The mandatory agreement focuses more on what the buyer wants, so they don't feel *trapped*.  These agreements can be signed for one day, one property, one town, etc, whatever they wish.  To do it continuously for one property, in case they see a property with another agency, doesn't give me the motivation to help them.  Don't get me wrong, I will, I just don't like being in this "wait and see" position. Val

Jun 10, 2008 12:13 AM #11
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Rainmaker
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Valerie Osterhoudt

ABR, Cromwell, CT Real Estate ~ 860.883.8889
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