Buyers Agency Contract, Will That Agent Want A Contract With You?
Buyers Agency Contract, Will That Agent Want A Contract With You? Yesterday I closed on a transaction where I was the buyers agent. Yes, we had a contract that I was her exclusive representative. We met a few weeks ago at an open house. She wanted to see different properties. I was willing to show her around and we spent a couple of afternoons looking at properties. It was then that I asked if she were willing to sign a contract. She seemed willing, took a couple of days to review it, and executed the contract.
Yes, we completed a transaction, and her last text to me was how excited she was about her new purchase.
Compare this with a situation a friend brought to me before I was licensed in Utah. He and his wife were looking at a home in North Salt Lake. They were moving here from the Midwest. He came to me with a buyer broker contract, wanting my opinion. The agent met them and pulled out an exclusive contract to represent them. They met the agent/broker by calling on a sign. The agent came and showed the home, he was a new agent and took the phone call at the office. (they call it floor time). There were a few issues that concerned my friend: they were unsure if they wanted to live in North Salt Lake. (They actually ended up buying in Pleasant Grove). They weren’t confident this was the right agent for them. They hadn’t seen the inside of other properties and were wanting to consider all options. It was clear that this agent didn’t know the other markets they were considering.
So what is the right conclusion about signing a contract with one agent? You could not sign anything, let that agent take a chance of having your sale. You could sign and take a chance all goes well.
It is important to know that these contracts are very binding. If you abort the contracted agent it’s probable that agent will be the one who gets paid, no matter who sells you the home. Neglect by that agent can put agents in a situation where the MLS has to arbitrate the result.
It is also important to understand the values to you the buyer when you contract with a good agent. 1- you become a high priority. So many people are willing to waste agents time, to have one offer such loyalty is highly valued and appreciated. That signed relationship will likely cause your agent to go far and beyond the normal service level to make sure you are taken care of. 2- Often, a trusted relaxed relationship that develops. You become trusted friends. The client I referenced has become an extremely important person in my wife’s and I lives. 3- The pressure is off of you when shopping on your own. You know you have an agent and if you are looking around, open houses or invites by friends to see their neighbors home for example, you take any pressure off from another agent by merely informing them that you have a contract with another agent.
Here are a couple of ways that might work for you. First be willing to sign a contract that names the homes you see with an agent, not sign for every home you consider in every market. This won’t limit you if you decide to move on to other considerations. Second, do as the example of my recent sale. Both of you invest some time together. If it is working, if you like and trust the agent, go ahead and sign the contract.