There always seems to be a great debate on buyer broker agreements. Do you provide a buyer's consultation? If not you should! Why would you make the assumption that a buyer knows every step of the process. Even if they say they do...often times they do not! Funny thing, we never do this to a real estate seller and on many occasions buyers get shortchanged and we wonder why so many dislike real estate agents.
Through out the years I have learned many lessons when it comes to buyers and their commitment to buy real estate.
Don't assume because you know someone well that it is not necessary to use this vital document.
I have seen it and experienced it..sometimes friendships don't mean a thing.
Buying a home is business..a very large investment..friendships do not matter...when money comes into play.
Often times associates strive to get the buyer broker agreement signed with no avail..often times that is the reason they are not used and at the end...
No commission check for you and sometimes the buyer walks away or works with someone else.
A couple of things you should know about Buyer Broker Agreements.
It's not about the deposit..or escrow received! A retainer fee not necessary..if I have your word..in writing..via an agreement..a buyer broker agreement.....the escrow will be collected once we find a buyer a home.
Keep in mind for me its a commitment from the buyer to work with me...and only me..whether it is one house...get it signed...spending a day with the same buyer on several properties...get it signed...or for a longer commitment.
Plain and simple use it and get it signed.
When I hear agents complain about the price of gas...get a buyer broker agreement signed. When I hear agents upset because they feel used....get a buyer broker agreement signed.
But whose responsibility is it to protect ourselves? You and only you.
I guess it really comes down to this.
As a profession imagine if we raised the standard and used some of these legal and binding documents to ensure our compensation.
Is this charity or are you trying earn a living? I said it before and I will say it again...Real Estate is not my charity of choice! What about you? Do you use a buyer broker agreement and is it difficult for you to have a customer sign it?
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller AKA Daytona Real Estate Trainer and CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.
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