When it comes to signing an Exclusive Buyer Agency Agreement, one common reaction is:
You want me to sign what?
Georgia state law prohibits us (as a Broker’s representative) from representing you as a Buyer without first entering into a written agreement with you. Agents who do not do this are breaking the law and if they will break this law, you have to wonder what others they may disregard as well. It doesn’t have to be with this form; but it does have to be in writing. This just happens to be the form we use.
You can hear all kinds of things like “I have bought several houses and I did not have to sign any agreement” or “I would never sign something like that”. Opinions… everybody has them and they are easy to throw around. We follow the law. So, we only work with clients who sign the agreement. In fact, we feel like working through this agreement is where we begin to earn trust. If a potential client has reservations about signing the agreement even after we meet and discuss all their questions, we do not need to be working together. This relationship has to be a win/win for it to make sense.
If there are concerns, we would love to know specifically what they are. Under all the legalese and paper, we view this as a trust relationship – trust we are more than happy to earn. If you have reservations about working with us OR prefer to leave all of your options open, let’s definitely discuss it. As you might imagine, it will difficult for us to let our guard down and give you all of our knowledge, experience and coaching with no assurance of ever getting paid for it. I doubt any agent who is really good at what they do would risk working for free. We work in an industry where idiots and experts get paid the same though… And, it is hard to tell the difference in the beginning.
I am sure we can figure it out; we almost always do. Our goal is a partnership with mutual benefit – not tying you up in a contract that does not benefit you in the end.
So, what is an Exclusive Buyer Agency (or Brokerage) Agreement?
It is simply an agreement whereby we agree to invest time with you to find a property for you to buy and you agree to make sure we get paid – by working exclusively with us. The reality is that NO piece of paper is strong enough to make someone be loyal. It may cause someone to keep their word though. Our goal is to be on the same page as our clients – not to lock someone into a relationship they do not want to be in. Our expertise is hard-fought and our experience is expensive. We bust our tail to make sure our clients get what they want and are well coached along the way. Agents can also play several different roles in real estate sales. The category for these roles are called “agency”. Here is a link to the various types of real estate agency in Georgia.
How long is an Exclusive Buyer Agency (or Brokerage) Agreement for?
Generally around 90 days. It really depends on the mission. Our goal is to make it long enough so that we can focus on finding the right property without having to keep renewing the agreement to stay in compliance with the law. YOU are in control over how long it takes you to buy a home.
Who pays the real estate commission?
Our Exclusive Buyer Agency Agreements state that the Seller pays the commission. There is no obligation on you to pay any portion of our commission.