Quote:
Originally Posted by notfarnow
I would be VERY interested in hearing more about this, and how your buyers react to it. Buyers agency contracts are not the norm up here, but we will see a LOT more of them as the no-service and flat-rate listings pop up.
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We actually have an agency agreement
and a buyer-broker agreement. The agency agreement is mandatory on all transactions, and is more for defining the relationships/duties of all parties involved. The buyer-broker agreement is more of an exclusive employment/compensation agreement, and is usually used on a case-by-case basis.
If I am dealing with a past client, friend, or family member, I won't bother with one. However, if I am representing a buyer that is completely new to me, I will bring it up. It can be a challenge to explain/articulate to some, but if you just level with them, very few (serious buyers) will have an issue with it.
The bottom line is that I have no problem doing copious amounts of leg-work (sometimes for several months) for someone, as long as they are going to remain loyal, and I am going to be paid for my efforts. The buyer-broker agreement ensures that "loyalty". I usually don't bring it up immediately, but after spending a day or so together building a rapport and seeing if we are going to "click" beforehand.
