400,356
I knew this was coming.
As a client, I was never willing to sign a buyer broker agreement, but wasn't going to cheat on an agent who is doing a good job for me, either. I have a bit of a hard time insisting that a client do something I'm not willing to do.
With buyers, I can give them a little or a lot. I do generally ask in a friendly way if they're working with other agents. If they say they are, I wish them luck and send them on their way. If they seem to be a fit and I think the synergy is there, I stick with them.
Buyers can pretty much find available inventory on their own, but sellers can have a difficult time finding qualified buyers. With sellers, I am responsible for marketing the property and bringing the buyers. There's more investment with sellers in my view. I wouldn't make the effort to expose the property to prospective buyers/buyer's agents without knowing I'll be compensated.
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Brenda Mayette
Glenville, NY
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Tammy Lankford,
Eatonton, GA
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David Gibson CNE, 719-...
Colorado Springs, CO
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Greg Cremia
Nags Head, NC
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Nina Hollander, Broker
Charlotte, NC
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John Meussner
Fair Oaks, CA
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Joan Dickie
La Crosse, WI
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Candice A. Donofrio
Fort Mohave, AZ
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Tony and Suzanne Marri...
Scottsdale, AZ
5,111,821
Don't forget that you don't have a listing contract legally without signed documentation. If I want to list property in NC, I must have a signed listing contract. In New York State when I worked there we had no buyer agency agreements, so you never had one. Some states don't have them. I've sold listings to people who sign-called me and whom I did not want to represent because I didn't want to be a dual agent. And at the end of the day, even if I have a buyer agency agreement in place, let's face it, if a buyer wants out I'll release them. How bad would it look for a company like RE/MAX to appear to be holding reluctant buyers "hostage."
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Michael Setunsky
Woodbridge, VA
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Les & Sarah Oswald
Eastvale, CA
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Candice A. Donofrio
Fort Mohave, AZ
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
5,583,328
it costs time and money to market, if one does it properly....I'm not spending money unless I get a return on it....
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Les & Sarah Oswald
Eastvale, CA
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
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Nina Hollander, Broker
Charlotte, NC
556,536
Every single person who answers this question will meet with a seller, tour their house, run comps, do a cma and spend hours working for the seller to determine a fair market value and they will do it just for the chance to get the sellers signature. 4 hours with an unsigned seller who might sign or 4 hours with a buyer who is going to buy.
What is the difference?
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Fred Griffin Florida R...
Tallahassee, FL
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Candice A. Donofrio
Fort Mohave, AZ
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
5,772,575
Tony and Suzanne,
We usually had them sign a one party exclusive agreement, because I had a real buyer or a real tenant. They were always happy to do that! A
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Les & Sarah Oswald
Eastvale, CA
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
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Nina Hollander, Broker
Charlotte, NC
634,532
BBA's are not common in my market. If they were I would always have they in place before investing time with a buyer. Listing agreements are required and there isn't resistence from clients on those.
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Greg Cremia
Nags Head, NC
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
1,513,143
Because it is required by the board to list the property and pocket listings are not allowed.
As to BBA if we are taking care of the client there is really no need if everything including the BBA is explained to them.
We never had it in auto sales and my retention has always been good.
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Greg Cremia
Nags Head, NC
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Nina Hollander, Broker
Charlotte, NC
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Tony and Suzanne Marri...
Scottsdale, AZ
4,800,132
Because, here in Florida the buyer broker agreement isn't worth the paper it's written on, but an exclusive right of listing agreement is a completely different story.
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Tony and Suzanne Marri...
Scottsdale, AZ
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David Gibson CNE, 719-...
Colorado Springs, CO
223,831
Because we spend thousands on advertising and marketing a listing.
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
1,466,257
Tony and Suzanne Marriott, Associate Brokers Good question! Fear of rejection would be my guess.
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
1,056,097
We have to have written authorization to plant signage, advertise, etc. and most listing portals make us pinky-swear that we have the owner's permission to post our offerings. But you are right! It is pretzel logic!
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David Gibson CNE, 719-...
Colorado Springs, CO
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Tony and Suzanne Marri...
Scottsdale, AZ
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Greg Cremia
Nags Head, NC
617,935
Our MLS requires a written listing agreement to enter a property in the MLS. I also agree with Candice A. Donofrio.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,505,863
I can't legally list your house without a contract. I can legally show you homes for sale all day every day without one.
Buyers contracts are a fairly new invention (last 10 years or so) and I think came about from some pretty insecure agents. Do a good job and you'll keep the client. Do a piss poor job, and you'll lose the client contract or not! I almost picked up a buyer because an agent refused to show the client the listing because it offered 2% commission instead of 2.5%. Not only did she almost buy my listing from me, but when she decided not to go for the listing, I almost got her as a buyer because she lost all faith in her agent... contract or not.
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Tony and Suzanne Marri...
Scottsdale, AZ
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David Gibson CNE, 719-...
Colorado Springs, CO
3,167,489
because my MLS requires a copy of the listing agreement and my state requires signatures to advertise otherwise I'd still be listing homes on a handshake too.
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Tony and Suzanne Marri...
Scottsdale, AZ
6,416,169
I think it is the nibble effect.
"I'll show them a couple then ask for a commitment"
Then they have an investment in time so they are afraid to offend the buyer by demanding an agreement, so they waste some more time.
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Tony and Suzanne Marri...
Scottsdale, AZ
2,684,569
My Buyer Broker agreement states that if they buy a property that I showed to them within one year (of the last date we were in or on that property), they owe me the commission that was offered (to me the Broker) in the MLS at the time of the showing.
That prevents them from seeing a property with me, then a week or a month later calling the Listing Agent and trying to go around me.
Yes, I do track Buyer names on the Public Records website for a year after we part ways. I have never gone to court for a commission, but I would if the situation arose.
Aside from that, I will let them go if they want to (or I may kick them to the curb if they don't make a decision in a reasonable time). I am not going to "bind" someone to me - neither Buyers, nor Sellers.
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Tony and Suzanne Marri...
Scottsdale, AZ
4,025
I will not work with any client without an agreement as I feel that is not the best representation for any potential buyer or seller. To fully represent, there must be trust, mutual respect, and a goal to reach specific Real Estate needs for their best interst and at the best terms.
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Tony and Suzanne Marri...
Scottsdale, AZ
2,784,416
Actually, I have a working relationship with a client where our word to each other is good enough. However, Real Estate law requires written documents
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Tony and Suzanne Marri...
Scottsdale, AZ
1,249,963
If Buyer's Agreements were enforceable, I would probably use one. Now, I review all the information with buyers orally and let them know how I get paid and what I will do for them.
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Tony and Suzanne Marri...
Scottsdale, AZ
637,484
Because listing agreements are mandated to be in writing in both California and Hawaii where I practice real estate. Buyer Representation Agreements are optional.
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Tony and Suzanne Marri...
Scottsdale, AZ
864,708
I think that agents are fearful of change. The same way, that many won't request a copy of their clients driver's license during first meeting.
It has to work both ways. I will only work for clients that respect me as their agent. I can sleep better at night.
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Tony and Suzanne Marri...
Scottsdale, AZ
765,973
A seller is expecting to be under contract so the work is already done in advance. I won't put a buyer under contract because they shouldn't be forced to work with someone if they later find out they are not compatable. It is wise to get an agreement that they will only buy a home you show them with you. I don't do this either.
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Tony and Suzanne Marri...
Scottsdale, AZ
1,153,794
With a Seller their home is the known commodity you will be marketing and several dollars will be spent to accomplish that. A Buyer is much less tangible and lke a work in progress the trust must be developed over time. A piece of paper has difficulty holding divergent personalities together.
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Tony and Suzanne Marri...
Scottsdale, AZ
902,038
In CT it's illegal to work with a buyer without a Buyer Agency agreemet, but alss it is not always observed. With sellers, it's perceived as a different situation, but you ask a good question.
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Tony and Suzanne Marri...
Scottsdale, AZ
2,191,471
This practice will eventually backfire when they buy from someone else !