Buyer Agency Agreement Buyer Brokerage Agreement Benefits of Working with a Buyer's Agent
Buyers: I know what you're thinking..."why should I sign a Buyer Brokerage or Buyer Agency Agreement with my Realtor?"
As a Buyer's Agent, I can tell you that my reasons for wanting you to sign the Buyer Agency Agreement with me is for more than just securing you as a client. This contractual agreement protects both you and me, and it is in your best interests to sign it. And in Georgia, it's the law. Here's how it works to protect both sides -- you, the Buyer, and me, the Buyer Specialist:
First of all, by signing the Buyer Agency Agreement with me you ensure that I am working for you in a client relationship, meaning that I represent you exclusively in the contract. I can tell you all of the information I know about the property. I am obligated to work in your best interests.
The traditional agency relationship requires that all agents have fiduciary relationship with the seller. By that I mean it's their job to protect the interests of the seller. By entering into a Buyer Agency Agreement with me, you ensure that I will always be working in your best interests, not the seller's. This is how it protects you.
The agreement also protects me. It means that you are acknowledging that I am representing you for the duration of the contract period, and you are agreeing that you are working exclusively with me for the duration. The benefit of working for you as a Buyer's Agent is simple: if I know what the seller's motivating factors are, as a Buyer's Agent, I can tell you everything I know, therefore increasing your leverage in negotiations.
The Buyer Agency relationship is serious. It's like being married - you don't date other people. And once we're ‘married,' you don't go shopping for homes with other REALTORS®. This is how it protects me.
A Buyer Specialist solely represents your interests. Someone who has a signed agreement with the seller represents the seller's best interests. Would you, for example, want to be represented in court by the attorney working for the other side? I would guess that your answer is no. So you may not want to call the listing agent to represent you in the purchase. Why would you want to be represented by the agent who also represents the seller and has had a relationship with them for longer and cannot, legally, work solely in your best interests?
With me as your buyer agent, we can work together and pull up what the seller paid for the home, comparable sales, and I will represent you on your behalf.
I believe it is my responsibility to prove to you that you should work with me and trust in my abilities. Because of that, you can sign the Buyer Agency Agreement with me for one week - or even just one day - so that you can see how I work and we can build rapport and trust. Then, we can move forward with a longer contract period for the Buyer Agency Agreement and find you that perfect home.
Do you have further questions about the benefits of working with a Buyer Specialist? Would you like to know more about how I work as a Buyer Specialist? Please feel free to contact me!
Wednesday, June 18, 2008
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2 comments:
I have found buyer broker agreements to be tough to get signed. Just to play devil's advocate- does your doctor make you sign something ti make sure you keep coming back? :)
Hi, Carol! Thanks for commenting!
I look at it this way - the Buyer Brokerage Agreement protects both the REALTOR and the client if used correctly. If a buyer is trying to decide if they want to work with me and we are looking at a few homes as an "audition", I ask them to sign the Agreement for that day only and write in the MLS numbers of the homes we see that day. I am protected for the work I have done with them that day, and they still have a choice as to whether they want to work with me for the whole length of the transaction.
Thanks for your input!
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