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As you said, real estate is a local thing. In Georgia, you are legally required to have a written agreement to act as a buyers agent. It spells out what services the agent will provide, who's interests he/she is to represent, etc.
Do most agents have a written agreement? I don't know. But I do agree with your statement that the vast majority are just looking for a "deal" so they can make more money - often at the expense of providing good service.
If someone insisted then I'd find somebody else - who was seriously interested and willing to help me find what I was looking for - and not just trying to put more bucks in their pocket regardless what tidbits they might find to toss me.
You're assuming, with gross inaccuracy, that an agent who requires a Buyer Rep agreement is inferior to an agent who doesn't. You're way off base. All of the best and most successful buyer agents I know absolutely require a formal relationship to be established before putting a buyer in their car.
Also, our MLS system distinguishes between the Buyer Agent commission amount that is paid out on a listing and the "Sub Agent" commission that is paid out. Most commonly, the sub-agent commission offered is a reduced number, or zero - and the Buyer agent commission is a number that most agents consider full commission.
An agent without a signed buyer rep agreement is technically working for the seller as a sub-agent, not the buyer. Since I want to be representing my buyer, not the person my buyer is purchasing from, I have to have a buyer rep agreement that states that. Most brokers don't want to have the liability of dealing with a sub-agent, who's competence and experience he has know way of determining, thus the listings that offer ZERO compensation to sub-agents.
It may be, as others have stated, a "when in France, do as French" sort of thing, and the concept is too foreign for you to accept or appreciate. But there is no muddy water in Texas. We are required at the first significant contact to provide the form that explains agency representation, and agents working with buyers are expected to be Buyer Agents in the legal since (which means in writing), not just the casual since.
You're assuming, with gross inaccuracy, that an agent who requires a Buyer Rep agreement is inferior to an agent who doesn't. You're way off base. All of the best and most successful buyer agents I know absolutely require a formal relationship to be established before putting a buyer in their car.
Also, our MLS system distinguishes between the Buyer Agent commission amount that is paid out on a listing and the "Sub Agent" commission that is paid out. Most commonly, the sub-agent commission offered is a reduced number, or zero - and the Buyer agent commission is a number that most agents consider full commission.
An agent without a signed buyer rep agreement is technically working for the seller as a sub-agent, not the buyer. Since I want to be representing my buyer, not the person my buyer is purchasing from, I have to have a buyer rep agreement that states that. Most brokers don't want to have the liability of dealing with a sub-agent, who's competence and experience he has know way of determining, thus the listings that offer ZERO compensation to sub-agents.
It may be, as others have stated, a "when in France, do as French" sort of thing, and the concept is too foreign for you to accept or appreciate. But there is no muddy water in Texas. We are required at the first significant contact to provide the form that explains agency representation, and agents working with buyers are expected to be Buyer Agents in the legal since (which means in writing), not just the casual since.
Steve
Nope...I think you are doing most of the assuming...
I would however assume that an agent who demands a buyers broker agreement in states where it is not required by law is covering his own needs not that of the client.
Most of the west does not have sub-agents. Your choice is effectively buyers agent or listing agent. In Nevada we do not have customers or transaction brokerage. We do provide the client with a document explaining the duties owed by a Nevada Real Estate Agent at first significant contact...but that is generally the writing of some contract...not a casual conversation about houses. Note though that once you do establish a relationship with the client it starts at first contact.
Actually I think with sub-agency around you are the one with the out of date environment. In actual fact the great value of Exclusive buyers agency went away with the demise, in most places, of sub-agency and the adoption of designated agency...
Now all of that ain't perfect...And there are better overall solutions...but sometimes you go with the doable rather that the ultimate.
We are required at the first significant contact to provide the form that explains agency representation, and agents working with buyers are expected to be Buyer Agents in the legal since (which means in writing), not just the casual since.
Austin-Steve,
You confuse an agency disclosure statement with buyer representation. An agency disclosure statement and a buyer representation agreement are two different things.
So the people who come to you then think that a buyer representation agreement with the buyer being locked into a term and paying commission to you is required by the state. That is sad, misleading and ridiculous.
Actually I think with sub-agency around you are the one with the out of date environment. In actual fact the great value of Exclusive buyers agency went away with the demise, in most places, of sub-agency and the adoption of designated agency...
I actually have no idea what you're talking about. Maybe it's best not to have these discussions. I'll keep doing it my way, which works well for me, and you do the same.
Quote:
An agency disclosure statement and a buyer representation agreement are two different things.
Yes I know. I didn't mean to infer they were the same. I guess I wasn't clear. My fault. It's not worth debating further.
I actually have no idea what you're talking about. Maybe it's best not to have these discussions. I'll keep doing it my way, which works well for me, and you do the same.
Yes I know. I didn't mean to infer they were the same. I guess I wasn't clear. My fault. It's not worth debating further.
Take Care,
Steve
Yup...often the case...strong opinions and absolutely no understanding of how it all actually works.
Yup...often the case...strong opinions and absolutely no understanding of how it all actually works.
OK, I tried to exit gracefully, but I guess I'll respond to the cheap shot.
I do have a perfect understanding of how it works, for me in my market..
It was a mistake to try to say how things ought to work elsewhere, because it's different in your market, and other markets. I'm sorry I wandered in and shared my opinion. You keep practicing real estate your way and I'll keep doing what works best for me and my clients. I'm sure you're an excellent agent and I wish you the best.
It doesn't matter. The integrity of the person you use is what matters, not the agency (buyers/transaction) you have with them. In Florida, you have more responsibility for actions of the person representing you if you go with a specific type of agency (buyer's agent/seller's agent). Get a referral from someone you know, or start interviewing people.
As for you question about how we, agents/brokers look at someone that is a buyer's agent, again, it depends on who you are dealing with. Me, personally?
I don't ask what agency they have with the buyer. I don't care..that's their concern, not mine.
OK I will apologize a bit...but you need to get straight that you are coming on as a fire breathing EBR. To be one is OK if it works for you. But don't start pressing "works for you" into "works for you because of basic goodness".
I will agree that requiring all buyers to have a buyers agent would probably be a good thing.
But the exclusive bit is far more agent serving than client serving.
And the exclusive listing bit is far more agent serving than client serving as well.
As a first time home buyer I unwittingly signed a buyers agent agreemant and now I feel like I'm trapped. The agent ended up being completely horrible and incompetent and I blame him for losing the home of my dreams. I told him that I have deceided to stop looking in hopes that he would go away. I have been looking on my own now and have found a home I want to make an offer on. I found this home myself and set up my own appointment to meet with the selling agent. If I make an offer and end up buying this home and my buyers agent finds out can he leagally go after me for his commission? I would think where he put no work into my purchase and it being a home he knew nothing about that he wouldn't be entitled to anything. Please help!
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Can my buyers agent sue me?
