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#69968 - 07/01/05 02:32 PM Re: Buyer_Agreements
RealtorBarbaraT Offline
Member

Registered: 06/25/05
Posts: 452
Loc: Wantagh, NY
I have a real different take on it but I do think if you want to practice Buyer agency, then you must get your designation.
_________________________
Century 21 American Homes
http://newhorizonsrealtyteam.com
http://www.wantaghrealtorbarbaratretola.com

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#69969 - 07/01/05 02:36 PM Re: Buyer_Agreements
RealtorBarbaraT Offline
Member

Registered: 06/25/05
Posts: 452
Loc: Wantagh, NY
I do not agree, I think you are always under obligation to the seller unless you become a buyer agent to the buyer customer (thereby making them the client instead of the seller). Otherwise you are violating your fiduciary duties to the seller, your real client.
_________________________
Century 21 American Homes
http://newhorizonsrealtyteam.com
http://www.wantaghrealtorbarbaratretola.com

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#69970 - 07/04/05 08:06 AM Re: Buyer_Agreements
Jim Lee Offline
Major Contributor

Registered: 07/01/99
Posts: 4785
Loc: Knoxville, Tennessee, Knox Cou...
Quote:
Originally posted by RealtorBarbaraT:
I do not agree, I think you are always under obligation to the seller unless you become a buyer agent to the buyer customer (thereby making them the client instead of the seller). Otherwise you are violating your fiduciary duties to the seller, your [b]real client. [/b]
That may be true where you are but it is not true in all states Barbara.

In Tennessee for example, unless you have a signed agency agreement with either a buyer or a seller you are nobody's agent and not under any obligation to either party except to follow the real estate commission's regulations regarding duties to consumers and the Realtor's Code of Ethics.

Tennessee calls that status "facilitator", other states call it "transaction broker" and maybe there are other terms. Whatever the label it does not involve any fudiciary duties to a buyer or seller unless mandated by law.

We have "designated agency" in Tennessee which makes only one agent in a company have fudiciary duties to either a buyer or seller client and you have to have a written agreement with either to be anyone's agent.

As an example one agent in my company can be the "designated selller's agent" and another can be the "designated buyer's agent" with full fudiciary duties to both AND the broker is not a dual agent in this case.
_________________________
Jim Lee, REALTORŪ, CRS, ABR, e-PRO
[url=www.KnoxvilleHomeCenter.com]www.KnoxvilleHomeCenter.com[/url]
[url=www.KnoxvilleTennesseeRealEstateBlog.com]www.KnoxvilleTennesseeRealEstateBlog.com[/url]
I am not an attorney & I am not giving you any legal advice.

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#69971 - 07/20/05 06:51 AM Re: Buyer_Agreements
Irene Morales Ward Offline
Member

Registered: 06/12/05
Posts: 68
Loc: Northern Virginia
But neither she nor I have ever needed a signature to ensure loyalty. Instead, we do what the Guru advised.
We ASK for it!

Duncan [/QB][/QUOTE]

I agree wholeheartedly with your advise and philosophy. That is precisely the kind of explanation that gets my clients committed to me. Almost 100% of my clients are referral so explaining to them how I do business and what I expect from them in return is very simple. If you don't explain how you work you can't blame the customers for not understanding the implications of using multiple agents.

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#147800 - 06/13/07 03:24 PM Re: Buyer_Agreements [Re: Duncan Pollock]
Dave Skitz Offline
Member

Registered: 06/13/07
Posts: 51
Loc: New Mexico
Originally Posted By: Duncan Pollock

...They can go to any open house they want. They can call up their own on whatever listings they see or happen to notice while driving by. Or they can ask you to get the information for them as often as they wish. Indeed, they can do whatever they choose to do EXCEPT for one thing: when they are ready to make an offer, they let you and you alone be the agent that draws it up, presents it, negotiates it, and -- by this simple, straightforward, but undeviating means -- allows you to get paid for what you've done...

How do handle this type of situation, if they're working with another agent in a similar fashion?

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#147867 - 06/13/07 07:38 PM Re: Buyer_Agreements [Re: Dave Skitz]
Jade456 Offline
Member

Registered: 09/10/04
Posts: 122
Loc: Las Vegas, Nevada
Good question Dave. I'm guessing one agreement with supercede another.

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#148572 - 06/16/07 03:06 PM Re: Buyer_Agreements [Re: Jade456]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
"I'm guessing one agreement with supercede another."
If they have signed 2 agreements to pay the agents, they could owe 2 commissions.

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#148693 - 06/17/07 12:31 PM Re: Buyer_Agreements [Re: Pikes Peak]
Dave Skitz Offline
Member

Registered: 06/13/07
Posts: 51
Loc: New Mexico
Sorry, I guess I didn't state my question properly. Referring back to Duncan's post: "...Indeed, they can do whatever they choose to do EXCEPT for one thing: when they are ready to make an offer, they let you and you alone be the agent that draws it up, presents it, negotiates it, and -- by this simple, straightforward, but undeviating means -- allows you to get paid for what you've done..." How do handle this situation, if the they're working with another agent(s) without having signed an agreement with either you or the other agent(s)?

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#153075 - 07/05/07 08:13 AM Re: Buyer_Agreements [Re: Dee in Austin]
Leighlee Offline
Junior Member

Registered: 06/24/07
Posts: 5
Hi

I was reading your post, and I was wondering, could you share with us what you put on your list of services that you can not provide to the prospective buyers?

Thank you
Leighlee

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#154465 - 07/10/07 04:10 PM Re: Buyer_Agreements [Re: Leighlee]
MrsSea Offline
Member

Registered: 07/09/07
Posts: 258
Loc: Washington, DC
Ok, I know this was covered I think on my first day of class..but Imma ask again anyhow.


I have a client, we have an agreement, could I tell her that if she sees a home/condo elswhere with a different realtor (say they work for Remax) and she REALLY wants that one (and I work for Coldwell Banker) to let me know... how does that work....she's loyal and tells me "I want that home, what can you do to make a deal?"


Edited by MrsSea (07/10/07 04:11 PM)

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#154771 - 07/11/07 11:37 AM Re: Buyer_Agreements [Re: MrsSea]
rwilson99 Offline
Member

Registered: 09/04/05
Posts: 479
Loc: Tampa, Florida
You cover that when you complete your buyer agreement...

Mr./Mrs. Buyer

There are ostensibly two rules for you with this agreement.

1. I get to show you the property, if you see something let me know and I'll arrange the showing, OK?

2. I get to write the contract, after all if the seller's agent writes the contract, I don't get to protect you're interest, make sense?

You will need to trade a little bit of instant gratification for a higher level of service, does that sound fair?

Super... I need your driver's license so we can complete the paperwork.
_________________________
Robert Wilson
Keller Williams Tampa

I am not a laywer, and I can't even spell very well.

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#158228 - 07/25/07 09:02 PM Re: Buyer_Agreements [Re: Guest]
Devil's Advocate Offline
Veteran Member

Registered: 01/03/05
Posts: 538
Loc: Ontario, Canada
If applicable, study up on agency law and then be in a position to explain to the prospect the difference between a fiduciary relationship and a non-fiduciary relationship and the advantage and disadvantage of both relationships. An intelligent consumer will quickly see the difference if explained to them right and if they are not willing to engage your service, then don't give then any.

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#159539 - 07/31/07 08:44 PM Re: Buyer_Agreements [Re: altarealtor]
rich1mck Offline
Member

Registered: 07/13/07
Posts: 246
Loc: Port St Lucie, Florida
Excellent post Duncan!
_________________________
Ignorance is Bliss...Stop being Blissful.

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#166844 - 08/30/07 04:09 PM Re: Buyer_Agreements [Re: Guest]
Bella Offline
Member

Registered: 08/29/07
Posts: 30
Loc: Maryland, USA
This could lead to many commission disputes (procurring cause) and be costly to all agents involved thus must be avoided.
If buyers are hesitant to sign the agency agreement, inform them that this is your office policy. Further, you can explain in detail that they have the right to cancel the agreement if disatisfied with your services. That should eliminate any discomfort or concerns unless they are not serious about buying.

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#166862 - 08/30/07 05:40 PM Re: Buyer_Agreements [Re: Bella]
Pikes Peak Offline
Major Contributor

Registered: 12/15/04
Posts: 2799
Loc: FL
"If buyers are hesitant to sign the agency agreement, inform them that this is your office policy."

If it really is not office policy, it could be perceived as discrimination and land you in different hot water.

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