Is Buyer Representation Agreement getting the deserved focus or are realtors used to the old system?
For far too long representation for the buyer has been overlooked. Most Realtors’ have made it to look as if it is not necessary or much needed. They have also made the work we put into buying look as though there is not much work involved.
We as realtors know only too well that there is much more work involved when representing a buyer than when representing a seller.
Many an agent can tell the story of running out constantly with a buyer to look at houses, only to have all that invested time and money thrown out the window because the buyer decided to go with a different agent in the end.
This would not be an issue, if every agent were to get the buyer to sign the Buyer Representation Agreement.
My theory is to stop making excuses and get the Buyer Representation Agreement signed. By having your client signed to Buyer Representation Agreement,
•You would find as a realtor you will be more dedicated to your client, and your client will also know that they are in turn well taken care of.
•You will be more committed to making the effort to do proper research knowing that your time is well spent and not wasted.
•Being fully invested in your client as opposed to a by the way sort of attitude will make clients begin to fully understand and appreciate that more work is involved when dealing with buyers as opposed to sellers
With the economy on everyone’s mind today, with jobs and the unease of people changing their minds easily, you don’t need the additional ifs and buts. Realtors who are not committed to your clients you should simply stop representing the buyer. When you as a Realtor are not committed you end up doing a lame job which results in buyers thinking that there is not much work involved and creates a bad impression about our profession in general.
Remember by signing the Buyer Representation Agreement, the buyer is not the one paying the commission. It is the seller who usually pays the commission. If and when there are special circumstances involved where the buyer will have to be responsible for a part of the commission, you as their representative should be able to explain that to them beforehand. If your client chooses otherwise, you would have still done your job right by disclosing all the facts upfront.
I am sure that a lot of honest Realtors would admit that ever so often they run into consumers that do not trust a Realtor, or think that buying or selling a home is so easy there is no need for a Realtor. Now, I am not saying that signing a Buyer Agency Agreement will take care of all the misconception the consumers have about us Realtors but here is what I know by having your buyer sign up for Buyer Representation Agreement is the surest way to get rid of the misconception that is associated with representing the buyer.