1,543,662
I've used them for 18 years. I've only had to enforce one once. I think agents that do not use them under value themselves. When in business would you not cement a professional relationship without a contract...you make sellers sign them...why not buyers? I'm a small business, professional entrepreneur...I use them...they carry the same weight as a listing contract.
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Praful Thakkar
Andover, MA
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Susie Kay
Plano, TX
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Richard Weeks
Dallas, TX
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Tony and Suzanne Marri...
Scottsdale, AZ
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Pete Xavier
Pacific Palisades, CA
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Susan Emo
Kingston, ON
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Thomas J. Nelson, REAL...
La Jolla, CA
5,104,931
I use them because they are required to earn a commission for a listing that says it will only compensate a buyer's agent and also as a way of explaining to my clients that I am there to represent only their best interests. But I don't use them upfront to "lock in" a buyer... let's face it, at the end of the day if they decide they don't want to work with you, you'll release them. I can't believe one would hold them hostage.
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Ron and Alexandra Seigel
Carpinteria, CA
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
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Richard Weeks
Dallas, TX
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Thomas J. Nelson, REAL...
La Jolla, CA
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Jeff Pearl
Lovettsville, VA
1,452,819
I use them and always have. Mainly to protect me from other agents, not buyers. I've been successful in reclaiming my $ from other brokerages.
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
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Pete Xavier
Pacific Palisades, CA
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Susan Emo
Kingston, ON
1,725,996
No better than the paper they are printed on. All the prinicpal has to state is that in their opinion, you are not adequately representing them and BOOM; Gone~!
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Ron and Alexandra Seigel
Carpinteria, CA
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
2,436,099
If your broker doesn't have your back, I would think it's time to move on.
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
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Eve Alexander
Tampa, FL
509,449
It depends on the broker, some will and some won't. I always ask my buyer to sign the Buyer Representation Agreement, even for 1 week. I have attended a class taught by one of the attorneys who wrote the TREC contracts. He said because there's a 3 types of agencies (one representing the buyer, one representing the seller, one as an intermediary) and there's a subagency in the MLS if the buyer doesn't want to sign the representation agreement then the agent works as the subagent of the seller. The agent can write an offer or show properties to buyers but looking after the seller's interest.
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Sandy Padula & Norm Pa...
, CA
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Pete Xavier
Pacific Palisades, CA
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Susie Kay
Plano, TX
3,345,091
I am bothered by the fact that a broker will not back an agent. I personally do not use them. Its a personal choice. It has nothing to do with under valuing myself. To the contrary ... I am confident in what I do and how I serve my clients ... papering that with a 14 page agreement just feels unnecessary.
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Sandy Padula & Norm Pa...
, CA
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Susie Kay
Plano, TX
5,583,278
I believe they do, but most agents do not use them..... I love the listing end.... always an mls exclusive right to sell!!!!
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
1,617,916
It is a great start
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Susie Kay
Plano, TX
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Thomas J. Nelson, REAL...
La Jolla, CA
4,882,355
It is always best to establish that agency relationship in writing. Also if a buyer will not sign one they probably are not going to buy.
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Susie Kay
Plano, TX
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Thomas J. Nelson, REAL...
La Jolla, CA
3,071,489
Thomas J. Nelson, Realtor, CRS nailed this one!
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Susie Kay
Plano, TX
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Thomas J. Nelson, REAL...
La Jolla, CA
613,494
I have enforced twice, not for myself but for my agents sake. Got paid on both...one made payments for 2 years.
Brokers who worry about their reputation more than their agents income have missed the boat...there is nothing wrong with expecting someone to live up to a contract they signed.
One time I had a heafty deal where at the last minute the seller decided NOT TO SELL to my buyer. The listing office sat on their thumbs and decided to do nothing about the commission that was owed (my commission was in the contract). I faxed the seller a letter telling them that I still expected to get paid. He acquised and closed.
Not even a thank you from the big franchise office that made tens of thousands thanks to me.
Eve
Ps: This should be the same thing with referrals that don't want to pay.
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Susie Kay
Plano, TX
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Kathleen Daniels, Prob...
San Jose, CA
5,772,575
2,224,473
Dang... Nina Hollander has my answer. I had this come up where only a buyer's agent was given a commission.
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Nina Hollander, Broker
Charlotte, NC
4,936,610
I am a firm believe that you should explain them to the buyer and sue them on the first day!
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Nina Hollander, Broker
Charlotte, NC
900,128
In CT, we are a Buyer Agency state, which means these agreements are mandatory for agents if they are taking buyers around. Alas, many don't bother. Some attorneys ask for a copy before handing out a commission check, that would be the only way to make sure there is an agreement, but then the agent runs out to "fetch it from the car" and has it signed quickly, if buyers go along with it. So you definitely have a point.
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Susie Kay
Plano, TX
763,883
564,494
A written agreement is step one - then keeping copies of all correspondence and docs is step two...
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Susie Kay
Plano, TX
4,800,082
1,466,207
Michelle E Davis BBA's are mandatory in my State. Never had to enforce one.
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Susie Kay
Plano, TX
989,652
They can yes, but often not worth the paper on which they are written
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Susie Kay
Plano, TX
2,178,553
Maybe the problem isn't with the Buyer Representation Agreement. Maybe you have the wrong broker?
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Susie Kay
Plano, TX
2,781,173
The best agreement one can have is between two decent people....
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Susie Kay
Plano, TX
5,216,398
The dishonest will always break the rules and the litigation cost may turn off most brokers. It is a way of reminding people to be honest! Personal decision!
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Susie Kay
Plano, TX
440,656
I think this demonstrates to the buyer and agent you are committed to working together and the buyer understands this is how we get paid. However, I tell buyers if they no longer want to work with me OR I no longer want to work with them we will cancel the agreement.
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Susie Kay
Plano, TX
2,182,502
3,416,038
I tend to agree. I do think the agreement does keep most buyers honest, but those who will roam, will do so with or without an agreement and when caught, they go on an offense most want to avoid
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Susie Kay
Plano, TX
911,338
Do everything as if you will need to go to court. If a judge ask to see a copy of you Buyer Broker Agreement, and you don't have one, there is nothing to enforce. Case closed-Next case. If you do have one, at least the judge can read it, then analyze the agreement, ask the person to explain why they aren't honoring it, and make a ruling. So they can offer some protections, and it might help make other agents think twice about trying to steal a buyer you've been working with.
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Susie Kay
Plano, TX
7,836,134
Verbal agreements or assumptions provide no protection at all.
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Susie Kay
Plano, TX
3,260
It's a terrific question, Michelle.
Sometimes, in fact I would say *most* times, the conversation is worth more than the paper. We are often so close to our profession that we forget that clients don't really do this that often. Sometimes, they simply don't know the etiquette of working with a Realtor.
Our business is largely referral business. This is a reflection of time spent getting to know and educate our clients. Whether clients actually sign agreements or not, as part of our inital conversations they learn about the services that we can provide and why it is in their best interest to select a particular agent to work with (hopefully, and usually, us).
We find that being proactive on the front end, educating (whether they sign or not), pays great dividends, avoiding the kind of circumstances that necessitate buyer agreements in the first place. So I would say you are *not* wasting your time, in fact if you're doing it well... you're building trust and confidence into clients who will refer you future business.
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Susie Kay
Plano, TX
6,393,179
As long as your clients are honest they may protect you.
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Susie Kay
Plano, TX
815,253
953,617
4,272,548
4,319,419
Michelle E Davis - if they are going to do what they are, it is not prudent to go legally after such buyers.
62,840
I totally agree with many of you and I do use the Buyer Representation Agreement faithfully because it is necessary that our working relationship be solidified in writing (just like we do with sellers). In addition, these agreements are very important because they help us to explaining agency and how we get paid to our buyers. The harsh reality is that if you are an agent with a broker that refuses to enforce them on your behalf, these agreements do not protect us but they do give us some “hope”. We can only hope that our buyers understand and respect us enough to honor the agreement. Otherwise, we will be left with no real recourse. I really appreciate all the responses and insight that I have received on this question. This is an awesome group and ActiveRainers truly rock! Have a wonderful weekend!
5,868,482
3,986,258
599,274
1,502,998
I have only used them once, when I was working with a buyer I brought to a house under remodel. I had one instance last year where a buyer (unknown to me) was using two agents (but liked me better). In that instance the buyer agreement would have brought that issue to light much sooner. In the end, I had brought the client to the house and wrote an offer which was accepted.
When they were first introduced here they had the "oh that agent doesn't trust their client" stigma and for me that never washed off. I have not lost money or sleep over not signing them and neither has my broker (who's been doing this for 30+ years, before those forms even existed).
4,434,127