Realtors have lots of reasons for not wanting to approach a buyer with a buyer representation agreement on the first meeting. But if you are going to show properties, spend time researching the perfect home to show, it is wise to want to protect yourself from getting burned.
It is essential to have every buyer sign the buyer representation agreement. Why? So you, the realtor, gets paid if that buyer ends up closing a deal on a house you showed them first.
How do you get a buyer to sign a lengthy four-page buyer representation agreement like this one provided by the California Association of Realtors:
C.A.R BRNN FORM:
Yes, this is one option that locks the buyer in for a longer period of time, and may scare them off. But there is another option.
Big Block Realty has a simple one-page buyer representation agreement that can be used for just that day and covers the agent on any properties shown on that day, and includes the extension of protection that the longer version of the contract covers.
HAVE Questions About BUYERS REPRESENTATION AGREEMENT or anything else real estate related, feel free to reach out:
With a one-page document that is far less intimidating, it is an opportunity to not only have the buyer sign the buyer representation agreement, but begin to build trust each time you take them out to view properties, and eventually ask them to consider signing one dated for 30 or 90 days.
In this episode of Spencer's Legal Spin:
:50 Getting burned by a buyer
1:27 What is the Buyers Representation Agreement Used For
2:42 Big Block 1-page Buyer Representation Agreement (California)
3:27 Why do agents not have a buyer sign a Buyers Representation Agreement
4:29 What to say to your buyer about the Buyers Representation Agreement
5:13 The benefits of protecting yourself with a Buyers Representation Agreement
7:39 What is the extension clause in the Buyers Representation Agreement
Want more Spencer's Legal Spin? Check out these other informative videos:
Agent Visual Inspection Disclosure(AVID): https://youtu.be/O6zFxJsTEfY
Canceling of Contract: https://youtu.be/1Y26yx52kS8
Contingency Removal: https://youtu.be/UgwaIKTJHbI
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