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Why Buyers Will Jump on a Buyer Representation Agreement

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I’ll admit that I never used the buyer agreement much at all in the past. When I looked at it, I got into my buyer’s shoes and perceived it to be a way to lock them to me, without much benefit to them. Since my buyers mostly came from out of the area via my website, they were pretty loyal by the time we actually met, and there really wasn’t a reason to risk alienating them with the agreement. It just didn’t feel right to try and lock them in without some tangible benefit to them in exchange.

Saying that it would assure them of my “best efforts” on their behalf would be a lie, as they would get that without signing anything.

The situation has changed in Plantation dramatically now. Even if discounting isn’t yet big in your area, there are more FSBOs than ever before. The Internet is encouraging more sellers to try to do it themselves.

With more of them out there, there is a definite problem for buyers who want to make sure that they’ve made a purchase decision with all of the information available. That isn’t happening when we’re not showing FSBO or discount listing homes.

The buyer sees it all – There is immense value to a buyer to sign a representation agreement that guarantees their agent/broker a minimum level of compensation. They will be exposed to every listing that meets their requirements, which will not happen otherwise.

Ethics & professionalism – The agent shouldn’t be afraid of losing a client by offering the agreement.

 

On the contrary, if presented properly, it should help to gain more buyer clients who see true value in your services. Who better to have all the resources to locate even the most obscure of listings, even if the seller has done a lousy job of exposure? One might be so bold as to say that not offering a buyer representation agreement indicates a lower level of professionalism at the least, and a possible ethical lapse at the worst.

Get listings, yes! – Most homes end up full-service listed when they fail at the do-it-yourself approach, as well as many who give up on the discounter when they don’t sell. They’ve been bombarded with marketing stuff from those wanting to list their home. Part of that marketing stuff states that agents aren’t showing their home for various reasons. But you’ve actually brought potential buyers into their home. Who do you think they’ll consider in a friendly way when they decide to list? Say nice things about their home at the showing and leave your card.

 

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