I recently received a call from a potential client who asked me to show her a home for sale. I told her I’d be happy to help; however, in the process of getting some information from her, she told me she had signed a Buyer’s Exclusive Agency Contract.
A Buyer’s Exclusive Agency Contract (also called simply a Buyer’s Agency Agreement) is a contract between the agent, the agency (or broker) and buyer stating that the agent/agency have a specific period of time to find the buyer a home. This gives the agent/agency exclusive rights to your business – in other words, you are not allowed to work with another agent during the contract period.
This can be a problem should the buyer become dissatisfied with the agent.
As a Realtor with Sycamore Group Realtors, I do not have my clients sign a Buyer’s Agency Agreement for one simple reason – Why would I want to have a contract with somebody who is dissatisfied with me or my work? Additionally, if I find that I’m not going to be able to sufficiently help a client to their satisfaction, I can suggest to the client that they should work with another agent.
In my opinion, a good agent does not need a Buyer’s Agency Agreement. My clients stay with me because of how hard I work for them – I find out exactly what they are looking for in a home, negotiate a fair price and ensure the entire home purchase process goes smoothly.
In fairness to the agent, buyers should not work with an agent without a Buyer’s Agency Agreement and then decide to work with another agent whose name is on the yard sign. In that case, the original agent has no recourse and the time he/she has invested in your business is lost. Remember, regardless of the listing agent, any licensed Realtor can show you any home you’d like to see. This is an Indiana law.
So make sure you like the agent before entering any type of agreement. Meanwhile, the agent should carefully evaluate whether or not they can work with the client.
If you have signed one of these documents and are unhappy with your agent, I recommend that you call the agent’s broker and say you want out of the Buyer’s Agency Agreement. There is a good chance the broker will convince the agent to release you from the contract because the agency doesn’t want a dissatisfied customer.
If you are looking to buy or sell a home in the Indianapolis area, including suburban communities such as Brownsburg, Carmel or Zionsville, give me a chance to work with you without the obligation of a Buyer’s Agency Agreement.