Buyers: I know what you’re thinking, because I’ve heard this question from almost every buyer I’ve worked with: “Why should I sign a Buyer Brokerage or Buyer Agency Agreement with my REALTOR®?”
As REALTORS® who works with many buyers every year, we can tell you that our reasons for wanting you to sign the Buyer Brokerage Agreement with us is about more than just securing you as a client. This contractual agreement protects both you and me, and it is in your best interests to sign it. And in Georgia, it’s the law. Here’s why:
First of all, by signing the Buyer Brokerage Agreement with us, you ensure that we are working for you, we have created a client relationship, meaning that we represent you exclusively in the transaction. I can tell you all of the information I know about the property. I am obligated to work in your best interests. We have a confidentiality agreement with you and our fiduciary duty is to you, and you alone.
The traditional agency relationship requires that all agents have fiduciary relationship with the seller. By that, I mean it’s the agents’ job to protect the interests of the seller. By entering into a Buyer Agency Agreement with us, you ensure that we will always be working in your best interests, not the seller’s. This is how it protects you.
The agreement also protects us. It means that you are acknowledging that we am representing you for the duration of the contract period, and you are agreeing that you are working exclusively with us for the duration. The benefit of working for you as a Buyer’s Agent is simple: once you sign it, we work for you. If we know what the seller’s motivating factors are, as your agent, we can tell you everything we know, therefore increasing your leverage in negotiations.
The Buyer Agency relationship is serious. It’s like being married — you don’t date other people. And once we’re ‘married,’ you don’t go shopping for homes with other REALTORS®. This is how it protects me.
Once you’ve signed this agreement with a REALTOR®, that person solely represents your interests in the transaction. Someone who has a signed agreement with the seller represents the seller’s best interests. Would you, for example, want to be represented in court by the attorney working for the other side? I would guess that your answer is a resounding no, so you may not want to call the listing agent to represent you in the purchase of their seller’s home. Why would you want to be represented by the agent who also represents the seller, has had a relationship with them for longer, and cannot, legally, work solely in your best interests?
When you sign a Buyer Brokerage or Buyer Agency Agreement with a REALTORS® like us, you’ll work together through the homebuying process with someone who is in your corner and working on your behalf.
If you are considering buying a home and you have questions, please contact me – I’d be happy to meet with you and discuss your options.