How to Get That Buyer’s Agency Agreement Every Time
Jul 29, 2008 Uncategorized
Getting a buyer’s agency agreement is not always easy. Most states now have adopted and required some type of disclosure and buyer’s agency agreement however, 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 important for protecting yourself. It keeps you out of trouble, 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 decide 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 ask them, “How long should I make this contract for? A day? A week? 3 Months?” I always explained 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.
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Tags: BAC, buyer's agency agreement, how to get buyers to sign a buyers agency agreement
DAILYPRESS by
July 29th, 2008 at 3:44 pm
This is good advice how I introduce it is anytime I show a property (which is where i meet the potential client for the first time) many times they will want me to obtain additional info about that house OR another they saw I then bring up the BBA and explain that I really cant go around trying to obtain info for them unless they are a client. (would a lawyer just show up in court to start fighting a legal battle for some person they barely know or have even been agreed to be paid by??) Once i explain the fact of them having to employ me to be able to work for them by indentifing info for them it works 99% of the time.
July 30th, 2008 at 12:31 am
I like the lawyer comparison - makes a very valid point
July 30th, 2008 at 1:42 pm
I like the advices too. Very well said Michael. I totally agree with you. Nice comment!
August 11th, 2008 at 10:07 pm
Texas does not require a buyers agency agreement but does require disclosure through the use of a Information about Brokerage services form. We would love to have buyer’s reps in everycase, but most leads we get from our website are initially reluctant to sign something with someone they just met. We’ve found a simple way to keep the new client comfortable while protecting our agents. We use a “specific property” buyer agency agreement. When we get a new client or lead from our website that wants to visit a home, our policy is to ask a them to sign a buyer agency agreement that’s limited to just the one or two homes they want to see. We explain to the new client that we want them to be comfortable using us to see a couple of homes without being tied to us for a longtime unless they decide purchase one of the initial homes they see. Typically, after the first outing, the new clients are satisfied that they have a found a good agent to work with and will go forward with a broader buyer agency agreement.