Profile picture for Chuck Gollay

Chuck Gollay

Premier Agent

Residential Realtor (10 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Short-Sale,
Consulting

Advice

  • (1 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

Contributions are sorted newest to oldest.

How does an exclusive buyer agency agreement protect the Buyer's interests?

Answer

These agreements are designed to establish a working relationship between agent and buyer client.  The sample buyer broker agreement you used is, in fact, very heavily stilted in favor of the agent/broker, and spends little or no time detailing the benefits to the buyer client.  I'd be reluctant to sign it, too.I prefer to use my "Buyer Services and Loyalty Agreement" instead of the traditional buyer-broker agreement.  This loyalty agreement spells out in specific detail the services I provide my buyer clients.  This assistance includes, but is not limited to:1) Securing best financing program for buyer's situation;2) Frequent updates on new properties that meet their needs;3) Arrange private showings on all listings, new construction, FSBO, and even unlisted properties;4) Prepare a Comparative Market Analysis before buyer writes an offer;5) Assist with offer to get best price and terms possible for buyer;6) Present all offers on buyer's behalf, and negotiate in buyer's best interest;7) Refer client to qualified affiliated professionals with respect to buyer's purchase;8) Guide client throughout the entire proccess from offer to closing.I work very, very hard on behalf of my clients, and I believe (and hope you do too) that the services I provide have great value.  All I ask in return is loyalty from the buyer.  Inform me which properties are of interest, and I'll arrange showings, without consideration of commissions offered, or any incentives offered.  In the interest of disclosure, I ALWAYS disclose if there is a selling bonus being offered. If and when the buyer finds the property he/she wants to own, then he/she agrees to write the offer through me.  Buyers are not obligated to purchase or build a home.  I think that's a reasonable trade-off for my time, my efforts, my knowledge, and my skill.  The key, of course, is to develop rapport and trust before signing any agreement.  I don't doubt that there are those agents whose work is not commensurate with the commission to be earned, and it's those agents who make a bad name for the rest of us.  Working with a committed real estate professional can be a huge, huge benefit to a buyer.  But buyers do need to scrutinize the agents they come in contact with, and choose to work with one who is honest, ethical, and hard-working.  Believe me, there are for more agents who exemplify those good qualities than there are slackers and bad apples. 

  (0)