In this business, as a fairly new Sales Rep, I love to hear as much feedback as I can possibly get. This business is a tough one for many reasons. I have recently (and not the first time) come across something that really gets me down and is very hard to shake off at times so I would appreciate honest feedback from consumers in regards to this:
We have what is called a "Buyer Representation Agreement". What this is, is a contract between my company (me) and a Buyer that I am working with and showing houses to. This means that we are under contract with one another. I owe fudiciary duties to this Buyer client and this Buyer client cannot decide to work with another Realtor unless this contract is cancelled. This Buyer Rep agreement is basically saying that the Brokerage (Realtor) is working on the Buyers behalf 100%. It sets out the property type and geographic location for your potential new home, lists the services to be provided, addresses the issue of commission that may be payable to the brokerage, and it also specifies the duration of the agreement. As a client, the brokerage has a special responsibility to follow your instructions, protect your confidential information and promote and protect your best interests. This Buyer Rep agreement works in favour of both the Realtor and the Buyer.
For a Realtor, this gives them peace of mind that all their hard work, time and money spent on this Buyer client isn't going to waste and they know that once the perfect house is found the Buyer will use them to make and offer to purchase. For a client, they know that this Realtor is working in their best interest the entire time.
Personally, I don't like getting these agreements signed. I guess I'm a little old fashioned in that I believe in trusting my clients and my clients trusting me. I provide the best service that I possibly can and hope/trust that the client will appreciate that and continue with me on their journey of finding the perfect home.
BUT the other day I was surprised to hear from someone who I had been working with for over 3 months saying that they had put in an offer on another property with another Realtor. I hadn't gotten a Buyer Rep signed with this particular client because I had assumed that we built a relationship and wasn't worried they would use another Realtor.
At this point, there is nothing that I can really do. No matter how busy you are, it still hurts that after building a relationship between us, they easily decided to go with another Realtor. We Realtors work extremely hard and in this business and we work way before we even see a paycheck (if any at all like in this case).
My question for all of you is: Would you be offended if someone asked you to sign a Buyers Rep agreement?
Some people don't want to be locked to one Realtor, and I don't blame them. Especially if you don't know the Realtor you don't necessarily want to be locked in with them if down the road you realize your personalities don't mesh well together. However, the idea of being locked in is actually false because if you signed an agreement and for some reason its not working out, you can ask your Realtor to sign a cancellation form with no problems at all!
Some busy Realtors will get Buyers to sign these the first day they meet so that they don't waste their time. I don't like to get them signed at all until were ready to put an offer in. After some thought, I considered asking Buyers to sign it after 2 or 3 houses- once we build that relationship and see that we can work well together. I understand from a Buyers standpoint that they don't want to be locked in, but I also don't want to devote a lot of time and money on people who would do this so I am having difficulty coming up with the best solution. Any ideas? Thoughts? Suggestions?
Check out this website to get more information on what a Buyers Rep is all about: