Buyer Broker Agreement Nay or Yea?

By
Real Estate Agent with RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident BRE# 01215778

A Realtor works for Free right up to the time there is a successful closing of the sale of the home.  Time, knowledge, training, laws, property and community information as well as calls, text, emails are all exchanged with their clients for free.

 

Many professional Realtors feel that the best solution is a Buyers Broker Agreement that requires a client to work with them for the length of the binding agreement.

 

 

There is a reason that I have never used this agreement in my thirty-five-year career.  The reason is that I put myself in the client's shoes.  Let's say I moving to New York City form Los Angeles, California.  I have no clue as to the best neighborhoods, schools, safety, future investment and I find a Realtor to represent me on a purchase.  Let's say that I do sign a Buyer Broker agreement and commit for six months or even one year and find out that the Realtor is not easy to reach or doesn't have great communication skills.  Let's say this Realtor proves to not have the professional quality or local knowledge that was expected and won't let me out of the contract. 

 

 

I personally don't wish to work with anyone that doesn't want to work with me.  Of course, there will always be those that will be disloyal but for a long and successful career it is best, in my opinion, to be honest, loyal and professional and in the long run I will last longer, have a loyal following and benefit financially.

 

Presented by your Friends & Realtor,

Tony & Dani Lewis Summit Real Estate Group

Call or Text us at 661-510-7975

www.TonyLewis.com scvtony@gmail.com

Comments (4)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing your thoughts on this topic.

Take care, be safe and have a great day.

Jul 21, 2021 12:17 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Florida Buyer Broker Contracts (the standard form) only protect the commission to the Broker.  Unless boxes are checked or verbiage is added, you (the Buyer) do not have the undivided loyalty or complete confidentiality of the agent (no fiduciary)!

 

   I'll tell you what, let's work together a couple of days, let me see if you (the agent) and I (the Buyer) "mesh", let's see if you are a professional who knows their stuff, and let's have you put in writing that you are MY agent and I have a Fiduciary relatioship with you... then maybe I will sign your EBBA.

Jul 21, 2021 04:10 PM
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

There should be a termination clause in the agreement for easy out for both parties. If the Buyer wants representation in Maryland it is required to have a signed agreement. The state did away with assumed Buyer representation a few years ago.

Jul 22, 2021 04:23 AM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I have always been wary of these agreements.  I purchased a home two years ago.  The agent who showed me only the one house, slipped a buyer-broker agreement in with the offer we wrote.  He said it was required by his office and the state.  It was written very one way.  For example, if I decided to end the relationship, I owed him $500.  If he decided to end the relationship for any reason, he owed me nothing.  I refused to sign his agreement.  I will never sign one, regardless of how it is written,  and I will not make my clients sign one either.  If my clients like me, they will stay.  I appreciate your take on these agreements.  Thank you!

Jul 25, 2021 07:35 AM