BUYER REPRESENTATION EXPLAINED

Buyer Representation Agreement

Jimatthetop | Jim Pedicord | RE/MAX Top Realty Houston | 713-558-2537

What in the world is a Buyer or Tenant Representation Agreement? 

Here’s the National Association of Realtors® definition:

"A Buyer Representation Agreement is a legal document that formalizes your working relationship with a particular buyer’s representative, detailing what services you are entitled to and what your buyer’s rep expects from you in return. While the language used in the document is formal, homebuyers should view it as an important and helpful tool for clarifying expectations, developing mutual loyalty, and most importantly, elevating the services you will receive. " 

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OK, does that sound a little like scary legal mumbo-jumbo?
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Let me try to break it down and explain it a little better.  

I’m sure your real question is, “Why should I sign a Buyer or Tenant Representation Agreement?  What does it do for ME?”  Am I right?

Fair question!  Just briefly, there are a few important things it does for you to make your experience a positive one:

  • It is FREE to you, the buyer or renter!  In almost every case, home sellers, landlords and new home builders have already agreed to pay an agent’s commission and have it factored into their financial considerations, so you actually can get more without paying more!  What a concept!!


  • Signing me up when you start looking at homes puts me 100% on your side, working my hardest to achieve your real estate goal and protect your interests.  (Don’t forget, a listing agent or builder's sales rep has a legal and fiduciary responsibility to the seller, NOT you!)


  • It is a mutual commitment that makes you and I into a TEAM and there is STRENGTH in a team!


  • I can work for signed clients to a higher level, research in depth, help you with lenders, title companies, home warranties and all of the long list of critical things that have to be done to get through the process of buying or leasing a home -- of course you can certainly recognize how I can’t go to that kind of effort if there was a potential for me to do all the work then have you go to Aunt Nellie to finalize the deal and let her pocket the commission.  That’s makes sense doesn’t it?


  • The 150-plus agents in our office generally share listing information BEFORE a property hits the market, so clients get first shot!


  • I can preview properties for you to eliminate the ones I know aren’t right for you.


  • And, NO, you are NOT obligated to buy or rent a house!

Another thing too, some cold reality: we are living in the real world, you know?   A fact of life in this day and age, without a representation agreement to show, I might not be able to collect from the seller or landlord and their broker or a home builder -- not everyone plays by the rules, as you can imagine, especially where payments are concerned. 

OK, so that IS a selfish reason – for MY Peace of mind too.  For one thing, it tells me YOU are serious, but it also tells me that I can pay my bills.  I make a monthly investment in my career and my success with RE/MAX Top Realty, and getting paid for my hard work for my clients is just as important to me as it is for YOU to have YOUR paycheck to compensate you for YOUR hard work.  Don’t you think that’s fair?

 

 All that being considered, are you ready to head on down the path to YOUR new home?

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James Pedicord
James Pedicord
Realtor® MRP, ACP, GMA, NHCB