BUYERS: I know what you’re thinking, because I’ve heard this question from almost every buyer I’ve worked with over the years: “Why should I sign a Buyer Brokerage or Buyer Agency Agreement with my REALTOR®?”
As an experienced REALTOR®, I can tell you that my reasons for wanting you to sign the Buyer Agency Agreement with me are for 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 Agency Agreement with me you ensure that I am working for you in a client relationship, meaning that I represent you exclusively in the contract. I can tell you all of the information I know about the property. I am obligated to work in your best interests.
The traditional agency relationship requires that all agents have a fiduciary relationship with the seller. By that, I mean it’s their job to protect the interests of the seller. By entering into a Buyer Agency Agreement with me, you ensure that I will always be working in your best interests, not the seller’s. THIS IS HOW IT PROTECTS YOU.
The agreement also protects me. It means that you are acknowledging that I am representing you for the duration of the contract period, and you are agreeing that you are working exclusively with me for the duration. The benefit of working for you as a Buyer’s Agent is simple: once you sign it, I work for you. If I know what the seller’s motivating factors are, as a Buyer’s Agent, I can tell you everything I 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.
A Buyer Specialist solely represents your interests. 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 her seller’s home. Why would you want to be represented by the agent who also represents the seller and has had a relationship with them for longer and cannot, legally, work solely in your best interests?