Over the past few weeks, we’ve had the privilege of working with some great families, with international experience. We have looked for homes for both families and, after several hours of conversation and spending the better part of a day with each family, we felt there was some trust built and a working relationship developing.
However, there still seemed to be a guarded reaction to some specific questions regarding motive to look, financial position to buy, and other pertinent components that are critical to helping a client meet their goals in a home purchase.
Then, it finally came out that in their international experience when looking for a home, ALL realtors were working for the seller.
Aha! We found the thing holding all of us back to success. Past experience led them to believe that, like Miranda laws, anything they said could and would be held against them. So, they felt they needed to keep their guard up.
When that "aha" moment occurred, we realized that here, we discuss all aspects of the situation without fear. This allowed us as their REALTORS®, to fully understand their viewpoints and position. It certainly allowed us to move in a more strategic position for these families.
For buyers new to Canada:
- When you sign an Agency form with a REALTOR®, all fiduciary duties are in place, including confidentiality
- Ask about what transactional brokerage is and the possibility of other conflicts of interest
- When you sign a Buyer's Brokerage Agreement (more on BBAs here), you are signing an agreement for that agent to work on your behalf, in your best interests
Once we explained that when a buyer has agency and a Buyer's Brokerage Agreement with a REALTOR® (in Alberta), that REALTOR® works for the buyer's best interest, we were able to move forward easily
Like a lawyer, accountant or any other professional, REALTORS® who have an agency relationship and a Buyer's Brokerage agreement with buyers work at the highest degree confidentiality and always in the buyer’s best interest.