Brokerage Reminder: Get paid, not played!
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Working with buyers is a must if you want a successful real estate career in today’s market. However, if your buyers, like many other buyers out there, are working with multiple agents or out touring open houses, your efforts may be at risk.
Most brokers have come to the realization that a signed buyer’s listing agreement (also known as a buyer’s agency agreement or a buyer’s representation agreement) is necessary to produce the maximum financial return for the time, effort and money agents invest when representing buyers in negotiations. Why should you require a lesser commitment from a buyer when locating property than from a seller for selling property? Your services are valuable; you need to be guaranteed of a fee for them before commencing efforts to locate qualifying properties for a buyer.
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About The Author
Fernando Nunez
is first tuesday's in-house Broker Consultant. Fernando has over 20 years' experience in California real estate, including the single family residence sales, mortgage loan origination, investment properties and commercial leasing. Fernando assists the editorial staff with real estate writings and writes first tuesday's weekly Brokerage Reminder series.
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This is a great idea but there is no training from the local real estate associations or California Association of Realtors(CAR) on using buyers listing agreements. The CAR ZipForms has all three versions but no explanation on which one to use.
Seminars would need to have an attorney or someone knowledgeable to explain the legal differences between them and someone to train on how to explain and present them, agree with the buyers’ on which one to use and get them to sign one.
Recent court decisions have found against real estate brokers who did not use at least the simplest one to define the parameters of their duties to the buyer. So there should be one for the buyer(s) in the file.
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