Should You Sign a Buyer's Broker Agreement?
This sounds like a Catch-22 situation, doesn't it?
Part of a buyer's reluctance stems from the fact that many buyers do not understand why agents want them to sign an employment agreement, because buyer's broker agreements have not always been considered standard in the real estate industry. For years, buyer's agents and buyers worked together on a verbal promise. But that ship has left the dock.
Growing numbers of buyer's agents today sign agreements with their clients. It protects the agent in case the buyer decides to switch agents, and it lays out the duties the agent is supposed to perform for the buyer. It also establishes representation, which is generally a wise move for a buyer who wants to avoid dual agency. In fact, in some states, dual agency -- representing both the seller and the buyer -- is not legal.
Here are workable solutions for buyers who don't want to be automatically locked into hiring the first agent who comes along waiving a buyer's broker agreement . . . read more about Buyer's Broker Agreements.
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©2007 Elizabeth Weintraub
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Comments
I never pressure buyers or make them feel uncomfortable by trying to have them sign a buyers agency right away. Once they get to know me a little better and are comfortable that they want to commit to work with me, then I ask them to sign a B.A. agreement. I am very easy to work with and am not a pressure person but once a buyer starts requesting to look at a decent amount of homes without a willingness to commit then I unfortunately have no choice but to draw a line in the sand. This is a very unique circumstance but it does happen from time to time. For the most part, buyers are willing to commit to an agent once they are comfortable knowing that agent is knowledgeable, likable, and trustworthy.