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The real estate industry is very very anal about "agency" relationships, whats a customer, whats a client, etc
the reason for this, is that r.e. companies have been sue'd dearly in the past, over the clarity of agency relationships,,(who is representing who),even "implied" agency can be a problem..
so...when just meeting with a broker,,,and they shove a form in front of you to sign- most agents are instructed to do this
on "the first substantial real estate conversation"
depending on who it is...sometimes I'll wait till an offer is being developed....but depending if the buyer is a fruit-loop just wanting to see the inside of houses, and not really serious,,,,,I'll throw the paperwork right at them-
you can sign a form, just for that ONE property- it doesnt have to be for all properties, so yes technically, you can have many different agents...
but agents, are also going to try to represent you for all showings in the area....thats thier job.
Last edited by mainebrokerman; 10-02-2012 at 04:00 PM..
Thanks a lot. Your explanations help me better understand the process.
Then it seems that I could actually approach an agent and ask him/her to show me some properties listed by the office that he/she belongs to without worrying about signing the form, right? As long as I acknowledge that he/she can represent/work for the seller and not me because I did not sign it. Correct? ...
Again, that depends on the state you are in and their specific requirements for defining and disclosing the client relationship. Best to talk to a local broker about what's required.
One of my first clients was thru a lead generating system. I met her face to face a couple of days after some email interactions to view homes, after the last home, I presented her with the buyer agency agreement. She became so nervous, I thought she was going to have a nervous breakdown! I actually felt like I was doing something wrong!!!
Now I can kind of 'read' a client and know whether to present it from the beginning or wait until we find the right home and are ready to make an offer.
I'm uneasy about buyer agreements too. Mostly because almost every agent I've encountered doesn't seem very interested in helping me find a home. We exchange a couple of emails and then they forget about me. So, when I met one to look at a house, she handed me a list explaining the different relationships. She said maybe after we got to know each other, we'd be interested in signing an agreement. She ended up spending three days with us showing us houses. She hasn't mentioned it again. But if she does, I'll be comfortable signing it because she has proven to be dedicated to finding us a house. I can't imagine an agent requiring this to be signed on a first meeting.
I'm uneasy about buyer agreements too. Mostly because almost every agent I've encountered doesn't seem very interested in helping me find a home. We exchange a couple of emails and then they forget about me. So, when I met one to look at a house, she handed me a list explaining the different relationships. She said maybe after we got to know each other, we'd be interested in signing an agreement. She ended up spending three days with us showing us houses. She hasn't mentioned it again. But if she does, I'll be comfortable signing it because she has proven to be dedicated to finding us a house.
Have you seen the agreement yet? You should be able to read it before you go any further with the agent.
When writing an offer, the focus should be on the offer, not on an agency agreement explanation.
Get the agency agreement out of the way before you sit to write an offer. They are two entirely different functions.
Quote:
Originally Posted by Hopes
I can't imagine an agent requiring this to be signed on a first meeting.
I can, for sure.
I generally don't push for an agreement on first meeting, but I usually have room in my calendar to work with someone. If I didn't, requiring the agency agreement up front would be one way to protect my time.
Of course, in North Carolina, a written agency agreement is required for the agent to represent the client.
A buyers agent agreement should be put into place to protect the agent. It would be wrong for an agent to find a great house and then have the buyer submit an offer that excludes the agent from receiving commission.
A buyers agent agreement should be put into place to protect the agent. It would be wrong for an agent to find a great house and then have the buyer submit an offer that excludes the agent from receiving commission.
Interestingly enough, the forms are more to protect the buyer than the agent. The states put agency relationship forms in place to create clarity and protect the consumer from the big bad agents.
Don't get me wrong. I never said that I will go into the transaction without an agent. Also I will sign the form once I feel comfortable with the agent. I just need to have the right one. I say this because out of 3 agents I have experienced so far, one was good and I was glad to have her as my agent, but the other two were sub-par so I want to avoid that kind of situations if at all possible.
I felt that if I sign the form without having spent enough time with the agent then it puts me at risk. But some of you say that's not really true???
Some of you say you want to protect your time. Understood. Then you would also understand that as a buyer I want to protect my time, too (and much more in the end).
Some of you say you want to protect your time. Understood. Then you would also understand that as a buyer I want to protect my time, too (and much more in the end).
Which is why you either make it for specific addresses that your first see with the agent, a very short time frame (such as one day), or add an opt out clause that allows you to void the agency.
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