Most consumers know that if they want to “hire” a real estate broker/agent to sell their home and represent their interests, they must sign a contract. Realtors® are not allowed to list a property without one. The contract clearly spells out the terms of the agreement including length of time, compensation and each party’s responsibility.
While buyer agency representation is not a new concept, it has been actively practiced in FL for the past 15+ years. Yet, many buyers and some agents still do not understand the benefits of a written Buyer Agency Agreement/contract. Just as sellers are protected, why would a buyer not want the same security and protection?
Buyers often call us to ask for help finding a home and many tell me they have had disappointing experiences with "their buyer agent." When I ask if they had a contract with the agent, they answer is almost always “no”. Well, of course they are disappointed! How did the agent know what the buyer expected? And if the buyer's expectations were realistic?
The benefit of a contract is that both the buyer and the agent know what to expect and that each is accountable. The buyer knows which geographic areas the agent covers, they know how the agent is going to be compensated, and that the agent is legally obligated to act in the buyer’s best interest.
Buying a home is a process not an event - there is a lot more involved than finding a picture on the internet or going to open houses to "look." Successful negotiations are based on trust, confidentiality, and mutual respect. Buyers, you are entitled to have a qualified broker/agent on your side to ensure you get the representation you deserve and a written agreement is the first step.
While any agent can call themselves a buyer's agent, without a buyer broker agreement between the buyer and their representing agent, how can an agent's actions be held accountable throughout the transaction?
Before you start looking for a house find a qualified buyer agent/broker who will listen to you and respect your needs; one who knows the market in the area, knows how to negotiate, has a network of resources - lenders, home inspectors, attorneys, movers, etc.; and who will educate you so you can make the best decisions about your new home. Real estate is about relationships so make sure you have an agent who knows and cares about your well-being. Ask for their commitment in writting - ask for an Exclusive Buyer Broker Agreement!
Get Representation: Exclusive Buyer Broker Agreement