Vetting clients is always #1 on my list...it is amazing how may unqualified buyers have been looking at property with agents.  

Solid PQ or proof of cash is a must.

Agency contracts:  In florida there are no mandatory agency disclosures but in order to be represented it must be in writing...contrary to what most brokers think.  So no agency contract=no representation.

Yes we always use an agency agreement.

Buyers have to be pre-approved here for quite some time. 

Yes for agency disclosures but I do not do contracts where the buyers pay my commission. Very rare for me. I would if it was a FSBO that buyers wanted to go after.

'cash proof to back it up'? LO should verify funds. I don't get this one.

I rarely work with buyers these days.  However, when I do, even working with past clients, they all need pre-approval and proof of funds before I engage in showing homes.  It is the best practice I have used for many years. 

Agency contracts do you mean buyer/broker or Agency Disclosure? 

I do not use buyer-broker agreements as I have not felt the need for one. 

Agency disclosures - Always - they are required! 

Richie,

That is a loaded question, and my answer is it depends on which strata of the market you are working in...If you are showing a $12 million dollar home,  I would not recommend asking for an approval if the potential buyer is Bill Gates, or any other notable tech figures.  In that arena, you already know who is who in the luxury crew who can afford this home... A

I don't do much for prospective buyers without a pre-approval. Agency contracts not as focused on... so much of my business is repeat and referral so I know people will stay loyal to me. Usually they ask me if there is something they should sign for me. And let's face it, if you have an agency contract and someone really wants to get out of it, they will find a way to do. Besides, why hold someone hostage. Move on to someone better.

Absolutely. I am not a tour guide. And yes to agency. I teach that CE class!

We have always required a pre-approval (or pre-qual back in the days when they were worth something).  That has been SOP out here in Ventura and my part of LA County for 30 something years, at least!

"Show me the money":  If the buyer is using one of our recommended lenders or a well known local lender, it's not an issue because we know they've done the proper leg work.  If they have an internet lender, we'll request they reach out to a local lender as well.  If they use a no-name lender, we'll call and vet the lender.

Agency contracts are a relatively new concept and not one we've felt the need to latch on to.  To date, it's only bitten us once at an open house.  The Broker would need to sue the buyer to enforce the contract, which generally isn't worth it from a financial or publicity stand point.

I can tell you that I've recently seen buyer agents who don't and they are often the pushiest ones, demanding an acceptance when they haven't shown their hand! 

As Ron and Alexandra Seigel shared....it depends.
Those who arrive at my door step without proper vetting are humans just like me. AMAZING!
What I know is all humans make decisions to avoid shame.
So instead of telling them my requirements I acknowledge their expectation.
If that is not responded to with 'who do you recommend' I must see the 'red flag' and understand there may be another game afoot.
I witnessed a buyer go berserk when their agent insisted on a pre-approval through the brokerage in-house. It looked and smelled and was manipulation that frequently and in this case did, result in RESENTMENT.
The house this buyer needed to sell, I just noticed, was listed with another brokerage.

We now require loan approval and proof of funds to show many of our local listings.  I try to get it in advance but will show clients that seem to be qualified and motivated if they don't have it yet.  I don't require a contract to work with buyer because I personally wouldn't sign one.

I see many relo buyers, and get them to the lender (or get proof of funds for cash offers) before they get to Colorado to look for homes.   In CO buyer agency is required in writing, but usually wait until the first full day, so they know if I am the right agent for them.   

Buyers receive a minimum of a prequalification and if cash purchase proof of cash. We are required to have a mandatory agency disclosure

Yes, always qualify prior to moving forward to avoid the dreaded waste of time. Prior to submitting an offer, they also enter into a buyer broker agreement.

It's a very rare occassion I ask for anything before it's time to write an offer.  Generally speaking I can verbally have a conversation and know my clients are qualified to buy.  We generally wait until they have identified a property to get a lender involved... we have a variety of property types (including lease lots) and which lender is needed is not known until the property is identified.

These are good business practices.

Yes.

Yes.

1.  Why give Sellers false hope by showing their house to unqualified Buyers? 

     Why waste my own time? 

     Why set Buyers up for a great disappointment when they want the house, and the Lender says, "Sorry, we can't qualify you for a mortgage loan"?

2.  Nobody understands Agency in Florida, especially the Realtors. 

    The so-called "Exclusive Buyer Brokerage Agreement" standard form in Florida only guarantees a commission to the Realtor.  It does NOT guarantee a Fiduciary relationship between the Broker and the Buyer (unless that box is checked).    When that is explained to Buyers (that they do NOT have the full confidentiality and loyalty of the agent who they thought was "their agent"), they realize that they were misled, they don't appreciate it.