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 talk to your Broker about the Exclusive Buyer Representation Agreements.
This is Part III of a three-part series highlighting this Agreement.
Part III – Agent and Broker Benefits
First and foremost, an Exclusive Buyer Representation Agreement guarantees that you’ll be paid for your time, effort, expertise. 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 honor the amount of compensation due you if any purchase takes place. Entering into an exclusive agency agreement also builds trust between you and your buyer. It is meant to give your buyers assurance that they have an agent working for them to get the best result possible. If you have never used an Exclusive Buyer Representation Agreement, talk to your Broker. They will be able to help.