Getting a buyer’s agency agreement is not always simple. Most states now have adopted and required some type of disclosure and buyer’s agency agreement but, so if you’ve been waiting until the sales agreement is drafted to get the buyer agency form signed, it’s time to start doing it before you even look at houses.
While the Buyer’s Agency Agreement (Or BAC as it’s commonly known as) is meant to protect the buyer, it is equally vital for protecting yourself. It keeps you out of distress, and if a buyer ever strays and works with someone else, you can have a chance to fight for your hard earned commission.
I have never had any problems ever in getting a buyer’s agency agreement signed. I don’t know if this will work for everyone, but this is exactly what I say to clients:
“This is a buyer agency agreement form. It allows me to fully represent you and your best interest and work solely for you. It provides that everything you tell me will be completely confidential. We can make this contract for a week, a month, just for the houses that I show to you so if you choose you wake up tomorrow and don’t like me you’re not stuck with me. But we need to have it so I can look out for you and fully represent your best interest.”
After I let them look at it and read it and answer any questions they had, I would question them, “How long should I make this contract for? A day? A week? 3 Months?” I always clarified it will automatically renew but after x amount of days they are allowed to cancel anytime for any reason.
Granted, Buyer Agency agreements are going to vary from broker to broker and state to state, and you may or may not have the flexibility I had with being able to change the dates, but it worked for me every time in securing the Buyer’s Agency Agreement.
How do you get Buyers to sign the Buyer’s Agency Agreement? Share your techniques in the comments below.
[...] their target interest (work, school, family). This can be a killer on time and gas money. Instead, get that Buyer’s Agency Agreement signed and offer to take them out to the homes closest to your office or their interest first. If [...]