Shopping for homes on your own? Feel you can find something faster and better than having your own exclusive real estate agent? Some people shy away from having an “exclusive agent” as if by signing a buyer agency agreement obligates a buyer in any way. On the other hand, a buyer agency agreement, gives the buyers more guarantees:
1. Your agent will do more. If you commit to your agent 100% in writing, this guarantees you will get the same type of commitment from your realtor. Both parties are left feeling equally covered. A realtor invests their time and money into helping you research, preview, view, counsel and negotiate on your part. Realtors are not on salary and their time is as important as yours.
2. It gives you the right as a buyer to question, inquire, voice your concern and be heard. In the end, you are hiring someone to work for you and work in your best interest. If your realtor is not communicating with you either by phone, email or text then you need to find someone who will. Your realtor should be working alongside you and researching and understanding your every need.
3. You expect loyalty from your agent meaning the above: Communication, diligence, to find you the best offers, to negotiate earnestly on your part, to reveal any pertinent information they are expected to do. This goes both ways. An agreement protects an agent as well so their work and efforts and commission is not given to someone else who hasn’t done the work. If you see a house without your agent, visit an open house or talk to another agent, you must reveal the fact that you are working with an agent. This simply avoids misunderstandings among brokers, listing brokers and buyer brokers.
4.If you don’t sign an agreement, an agent is in no obligation to represent you as the buyer but they could be representing the seller. Broker buyer agreements can be daunting; it seems like they have a whole lot of legal jargon that seems to want to lock you into something compromising. Your realtor should explain each part to you and there are some key parts for you to know: