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Why Use Exclusive Buyer Representation Agreements? Part 3

Buyer-agreement-agent benefits
As the real estate industry continues to navigate multiple lawsuits regarding the requirement of sellers (through the Listing Brokerage) to offer compensation to a buyer’s brokerage, it is more important than ever to learn the benefits of Exclusive Buyer Representation Agreements. This is Part III of a three-part series breaking down the benefits of this underutilized Agreement.

Part III

First and foremost, an Exclusive Buyer Representation Agreement guarantees that you’ll be paid for your time, effort, expertise and expense should your customer purchase property covered by the Agreement.  The exclusive agency agreement binds a buyer to you, thereby preventing that buyer from requesting that another agent show property or write an offer to purchase a specific type of property, for a predetermined period of time, within a certain price range, and within an agreed upon geographic area.

The exclusive agency agreement allows you, the agent, to memorialize the amount of compensation due you if any purchase takes place. Entering into an exclusive agency agreement also builds trust between you and your purchasing customers. It is meant to give your customers assurance that they have an agent working for them to get the best result possible.  In short, an Exclusive Buyer Representation Agreement will ensure that you’ll get paid even if your customer, without your knowledge or assistance, signs a purchase and sale agreement with any other agent to purchase a property covered by your Agreement.

Access realMLS’s Exclusive Buyer Representation Agreement in Flexmls under Menu > Forms/Info > realMLS Buyer Representation Agreements. We hope you have found this three-part series on Exclusive Buyer Representation Agreements useful. Access: Part I (Consumer Transparency) and Part II (Buyer Benefits)

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