Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of
Why Buyers Need A Rep Agreement
A Buyers Representation Agreement is very important for several reasons. If there is no signed agreement between you, a buyer, and me, the agent, then as far as Texas Real Estate laws go, I represent the seller, not you. What does this mean exactly? Keep reading...
Real estate agents don’t really understand people’s reluctance to sign the Buyers Representation Agreement. I for one, work very hard on my client’s behalf. But, for me to work on your behalf in assisting with interpreting comps, determining an offer price, negotiating contract terms and repairs, (in other words, looking out for your best interests), there has to be a Buyers Representation Agreement between us. Without the agreement, I am just a facilitator. I can send you comps, but I can’t interpret them for you. I can communicate to the seller for you, but I can’t help you decide what to tell them. I can prepare your offer documents, but I can't help you decide what to offer. I have to do what is best for the seller, not you.
I can only represent you to the fullest degree that my license allows if I have a signed Buyers Representation Agreement. Sure, I can and will still give you great service even if you are only a customer (no signed agreement), but I am taking a risk by giving you that attention and service knowing that it could all be for nothing if you later decide to work with a different agent.
Think of it this way: What if you worked on a project at your job. Then, before it is finished, your boss took you off the project, gave it to a coworker, and then paid the coworker, but didn’t pay you anything. All of that hard work, and you got paid nothing. You’d be very upset, right?
Another very important issue is: You only need one agent. We all have access to the same data, the same listings. Of course, there needs to be a level of comfort between you and me. I need to show you value from my services. If you don't feel you are getting the service you expect (keep in mind, we aren't mind readers and we don't have magic wands - sometimes what you want isn't available or possible), then I would want to you talk to me about it first. All professionals deserve the chance to make it right, to be able to fulfill an expectation, and to clear up any miscommunications or misunderstandings (refer back to the "we're not mind readers and we don't have magic wands comment).
The agreement also protects Clayton Nash Real Estate in case there is a problem with commissions (if there was a problem, which is rare, verbal agreements don't hold up).
Clayton Nash Real Estate requires that I have a signed agreement in order to get my part of the commission. Remember, I don't get paid until you close on a home.
While is it best to have the agreement cover any listing in the entire HAR MLS area, it is a possibility to just list one listing address at a time. Then, if no contract is executed for that address, an Amendment can be drafted and signed to change the market area to the address of another listing that you want to pursue.
It really is to your benefit to have written representation, and besides, all it takes is an email that either party wants to terminate the agreement (unless you are already in a purchase contract ), and a termination form is drafted and signed.
You can review Buyers Representation Agreement here. If you decide you want me to be your Realtor, then I can draft the agreement and send it to you as an e-document to sign electronically.
Sherry Hamm, REALTOR®
Clayton Nash Real Estate
Get my mobile listings app: text “sherryhamm” to 713-955-7131
Sherry Hamm obtained her Texas Real Estate License in 1999. Sherry is a devoted full time residential Real Estate Professional focusing primarily on Houston's Westside, Katy, Northwest/Southwest Harri....