Dr. Karen Lewis, Broker 954-2489149, No Compromise When it Comes to Our Clients! (Align Right Realty K1 Group)

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Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

A Buyer Broker Agreement with a Buyer is the equivalent of a Listing Agreement with a Seller.  While a BBA is still "optional" in AZ - we don't spend time working with Buyers who are unwilling to sign the BBA - we refer them out. 

Jun 04, 2017 06:30 AM
Rainmaker
1,574,666
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I have never used them in my 15 years... if someone is dissatisfied with using you then best they walk.  If they stay, you will get referrals and future business when you do your job well!  To me, I will take a chance on my service quality and less on forced loyalty.

Jun 04, 2017 04:42 AM
Rainmaker
5,095,661
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Personally, I'm not a big believer in them. I sold a ton of real estate in NYC in the 90's where we had no official buyer agency. At the end of the day, as far as I'm concerned if a buyer under an agency agreement wants "out," what are you going to do? Hold them hostage to the agreement? I think not. Their only value at the point an offer is being made is to ensure all parties to the contract understand you are representing the buyer's sole and best interests.

Jun 04, 2017 04:28 AM
Rainmaker
1,528,324
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Ask any of the folks chiming in that say they don't use them, believe in them or need them if they make their Sellers sign a listing agreement?

If they do...  why?

If they do not need a buyers agreement, why do they need a listing agreement?

Do they treat their buyers different than their sellers? Why?

Do they value their sellers more than their buyers? Why?

Is their time less valuable with buyers than sellers? Why?

I've used one with almost every buyer I've worked with in 18 years. I say "almost every" because the one I neglected to do so burned me and would not have been able to had I not gone against my policy of all buyers sign one or I refer them to another agent.

I use them quite successfully. To each their own, but I think this document separates the professional business owners from the amateurs. I make no apologies for this opinion-it is my opinion; my clients signed contracts when I performed at their weddings, painted their houses and when I helped/help them buy or sell houses. The written agreement keeps honest people honest and all involved with sharp memory of what was agreed to.

Jun 04, 2017 01:14 PM
Rainmaker
5,583,167
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

most in my office do not have buyers sign an agreement....if the connection is there, one is not needed and the buyer is loyal.... that's what we experience....

Jun 04, 2017 07:03 AM
Ambassador
3,382,984
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

There are duties that the agents must live up to, and I'm guessing he won because the agent didn't live up to those, from the sound of your comment to Ron and Alexandra Seigel .  

I think every buyer's agent should use a Buyer Brokerage Agreement.  If nothing else, it is a great lie detector to root out a buyer's intentions to use whoever they want or will answer the phone.  Those are not the types of buyers I would ever want to work with.  They flinch at the BBA, I ask them why I should be loyal to them if they are not loyal to me?

Jun 04, 2017 09:56 AM
Rainmaker
3,415,644
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I find that too many buyers see a home online, email the site they see it on and get paired with an agent who says sign this. The next thing they know they hired a buyer agent who is not read, willing or able to do what the buyer wants or needs to find a home. 

Jun 04, 2017 07:29 AM
Rainmaker
4,550,037
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

I don't use a buyer broker agreement.  Unfortunately they are not that common in my market.   

Jun 04, 2017 07:23 AM
Rainmaker
2,774,896
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It is always important to remember core contract basics: 1. Contracts are only as good as the people behind them 2. The intent of the agreement. Summing it up...it is the spirit behind any law, contract or point that matters

Jun 04, 2017 06:34 AM
Rainmaker
1,513,143
Raymond E. Camp
Ontario, NY

If we are taking care of the client there is no need for one.

I left as a buyers agent as the Broker wanted them signed and with many years of sales will not use it.

Jun 04, 2017 06:26 AM
Rainmaker
715,949
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Kinda a quirky situation if you ask me - makes no sense. It's a messy subject-matter. I would not address that on air - you are opening a can of worms , unless you have years and years of RE experience and yourself resolved BB issues.

Second, you are dabbing into contract law, and since you are not an attorney, you should not be giving legal advice.

Bottom line: If don't like them, then don't sign them. 

In AZ, they are enforceable with a whole range of terms and conditions. And it's messy.

Jun 04, 2017 06:01 AM
Ambassador
2,044,966
Alan May
Jameson Sotheby's International Realty - Evanston, IL
An offer you can't refuse!

They're not that common in my area, but there are some that use them.

I have never used them in my, now, lengthy career.  If I'm going to act as a fiduciary for my clients, the very first thing I'm going to do after having them sign an exclusive buyer's agreement is to have them tear-it-up... because it doesn't serve their best interests, it protects me and my commission.

If I'm doing my job properly, they will buy with me.  If I'm not, well, then they will buy with someone else.  I try to keep my buyers loyal to me by providing them excellent service... instead of tying them to me with paper.

Jun 04, 2017 05:45 AM
Rainmaker
4,846,785
Richard Weeks
Dallas, TX
REALTOR®, Broker

I use them; however, I include either party can terminate at any time for any reason.

Jun 04, 2017 05:31 AM
Rainmaker
809,258
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Every state law is so different with regard to agency that I'd be careful quoting anyone in here about their take on agency.  Take a look at the sub-comments on many of these answers and it's clear that every state is wildly different and therefore we sometimes THINK we are talking about the same thing but may be coming from completely different perspectives and understandings based on our state laws and standard practices. -Kasey

Jun 04, 2017 05:00 PM
Rainmaker
706,402
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I always encourage buyers service agreements. And when they are used - signed before taking buyers out for the first set of showings - with the understanding that after one day of working together, if both parties find they are not working well together, the agreement can be torn up, it works great. This agreement saved one of the agents in our brokerage a $1,200,000 sale.

Jun 04, 2017 03:46 PM
Ambassador
5,198,152
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Karen, they are required in our states (North and South Carolina) by our brokerage and must be in our files when an Offer is submitted. Honestly, why WOULD a buyer want to work with an agent who is technically working for the seller (as a sub-agent)? 

Makes no sense to me why one wouldn't have a Buyer Agency Agreement, because it's there to not only protect the agent but, the buyer. As a 'customer' or unrepresented buyer, any agent with whom you speak can disclose your information to the seller. As a buyer, I would want someone who represents ME - not the seller!  

Are there buyers who stray from them - of COURSE it happens! I've never personally had it happen but, it does happen.

As an agent, I will say that the majority of our MLS listings offer commission ONLY to buyers' agents - not seller sub-agents. So, having a BA Agreement is in our best interest...if we want to be paid!

Jun 04, 2017 01:52 PM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

I don't get the thinking of some Fake buyers agent who believe that an EB agreemt is not valid or worth it or it means nothing.

Really?? than why do you list seller properties?  Same thing.  Exactly the same thing!

I have been an exclusive buyer agent for more than 25 years and I have NEVER had a buyer leave me or want to leave me to go work with someone else...why?  Because I take my job seriously and never take shortcuts...

Try giving a buyer 100% and they will never look elsewhere.

Eve

Jun 04, 2017 12:21 PM
Rainmaker
4,969,075
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

I always have a buyer brokers agreement. If a buyer isn't happy I will always release them but have never had to do that in my career. If I sell any of my brokerages listing I have to have one to give me the right to act in Intermediary.

Jun 04, 2017 10:00 AM
Rainmaker
7,783,544
Roy Kelley
Retired - Gaithersburg, MD

Agents should have an easy release policy to avoid these disagreements.

Jun 04, 2017 09:24 AM
Ambassador
6,348,261
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

An agreement is only as good as the honesty and integrity of those who sign it, clearly the guy on your radio show is not a man of integrity.

Jun 04, 2017 09:19 AM
Ambassador
2,678,419
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

      The Florida (Association of) Realtors EBBA form is deceptive and misleading.   It favors the Real Estate Company,  it does NOTHING to protect the consumer/Buyer.   It guarantees a commission to the Broker, and that's all it does.  

     The form provides NO fiduciary relationship; it even has a checkbox for NON-representation or transaction brokerage.

    

 

Jun 04, 2017 07:51 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Karen Jones Lewis, MBA, Realtor BBA's are mandatory in my State.

Jun 04, 2017 07:07 AM
Ambassador
3,338,299
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

I do not use them.  It's all about working with people I like and want to do business with. With those folks, it has never been an issue. We work together and we close. 

I don't just work with anyone.  

Jun 04, 2017 06:30 AM
Rainmaker
5,772,353
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Karen,

This is not enough information to comment.  

Jun 04, 2017 05:53 AM
Rainmaker
1,617,866
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

I am sure the broker did not want bad publicity. Not worth it

Jun 04, 2017 05:37 AM
Rainmaker
1,839,276
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

You Q is pretty vague. After all, the buyer did sign an agreement. I am sure they woulnd't mind holding your feet to the fire when needed so ?? I guess it doesn't work both ways legally. Consumer is getting bullied?

 

 

Jun 04, 2017 04:56 AM
Rainmaker
949,072
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Not understanding this fully. Buyer agreed to sign an agreement...and he somehow won a lawsuit? He signed something he disagreed with? Doesn't make sense. 

Jun 04, 2017 04:38 AM
Rainmaker
176,557
Dr. Karen Lewis, Broker 954-2489149
Align Right Realty K1 Group - Fort Lauderdale, FL
No Compromise When it Comes to Our Clients!

I use them but if a client wants to go you are right are you going to hold them hostage. Thanks

Jun 04, 2017 04:32 AM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Karen Jones Lewis, MBA, Realtor we live in a litigation country where McDonald's had to pay a huge sum to a customer for reasons beyond my understanding.

Jun 04, 2017 09:49 PM
Rainmaker
1,497,548
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I've heard and seen that they are pretty easy to get out of and some brokers won't enforce them.  They are more psychological than anything else.  I don't use them, although recently I've started warming up to them.

Jun 04, 2017 08:26 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

If the agent is committed to the client there shouldn't be any issues that come up. The problem I see is that some agents get frustrated with the buyer and stop contacting and abandon the buyer. Then the buyer is contracted to stay with that agent but is not getting any agent services. That's the rub.

Jun 04, 2017 03:00 PM
Rainmaker
1,712,551
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not enough information.

Jun 04, 2017 04:45 AM
Rainmaker
1,045,440
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I would agree with many here..simply put if a buyer is unwilling to sign a BBA then they aren't worth investing time or effort. As for Winning on getting out of an agreement the real bottom line is that any good lawyer can find a way out of most any agreement. So really its about whether the people agreeing to a contract believe in keeping their word.

May 11, 2018 10:08 AM
Rainmaker
1,236,920
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In CA I am not aware many realtors or brokers signed one with buyer.  I have eyes out there if I catch anyone doing it he can get off my car on the freeway.

I did ask an investor to sign one that she offers me to list any that get into contract. She will also pay me if I can not get paid.  In CA not all deals pays the buyer agent fee anymore.

Jul 03, 2017 10:46 PM
Rainer
332,121
Adam Feinberg
Elegran - Manhattan, NY
NYC Condo, Co-op, and Townhouse Advisor

We don't have them in NYC (another rain'er commented as much with experience in the 1990's). While I am sure I could make an argument supporting their use - I don't see enough of a value to even having the discussion of implementing them here. While NYC has wildly fluctuating numbers of 25,000-35,000 agents- the reality is most work with rentals and the number of agents that work mostly with sales is far smaller. Woring with buyers can mean they go to the next agent but it becomes obvious very quickly who specializes in sales vs. a licensed agent that mostly does rentals and doesn't often work with buyers. Loyalty should be earned- and I don't need an agreement for that.

Jul 03, 2017 09:38 PM
Rainer
177,546
Cheryl Dukes . . . . . Intown Atlanta
Guaranteed Offer for your Home - eXp realty - Atlanta, GA

To protect myself and to give them the commitment they deserve, I ask them to sign it. Then if they don't want to sign it for some reason or the other, I know it's time for me to move on. I choose not to make a commitment of my time and resources to someone who won't give me the same consideration.

Jul 03, 2017 07:26 PM
Rainmaker
5,846,708
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Colorado, if you are representing the Buyer as an exclusive Buyer Agent, it has to be in writing.

Jun 06, 2017 06:18 AM
Rainer
353,865
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

No, but I rarely work with buyers whom I don't already know.  If you give good service you don't need to force them to work with you.

Jun 05, 2017 09:29 AM
Rainmaker
1,722,226
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

BBAs are no better than the paper thy are printed on.

Jun 05, 2017 07:17 AM
Rainmaker
599,124
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

They are required by law so a client can complain all they want and I'm still going to require it.

Jun 05, 2017 07:07 AM
Rainmaker
986,452
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

IMO - not worth paper they're written on

Jun 05, 2017 05:18 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I am not a big fan of these agreements, as they are difficult to enforce.

Jun 05, 2017 05:13 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I agree with Chris Ann.

Jun 05, 2017 03:38 AM
Rainmaker
3,986,196
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

When you get a buyes agreement signed you better make sure you do everyting on times and to the best you can or if there is a compaint files, and you messed up just a bit you WILL lose

Jun 04, 2017 06:04 PM
Rainmaker
907,978
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

They are required in VA, but we have some flexibility on how and when to use them. I remember a trainer at NVAR telling the class that when agents are holding open houses, they should ask visitors if they have a sign buyer broker agreement. So it's a good idea to have one, even if it get canceled at a later date.

Jun 04, 2017 02:59 PM
Rainmaker
4,894,510
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Will be interesting to see what others say!

 

Jun 04, 2017 01:20 PM
Rainmaker
897,138
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

No comment since I don't know the issues invloved. I'd like to know what the disagreement was about before I express any opinions.

Jun 04, 2017 12:35 PM
Rainmaker
921,404
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

It's human nature.

NO ONE likes to have their choices limited. Signing the EBA pledges loyalty to one agent, eliminates others and complicates the world of the buyer. Some franchises make the EBA a requirement. This requirement makes the consumer feel MANIPULATED and always ends in resentment. It's human nature.

However, such an argument dismisses the plight of the real estate professional. Without a change, the data shows only 20% of citizens an agent works with actually result in a home purchase. 80% of the time the agents time invested in a citizen who expresses good intention results in nothing. That is the reality TODAY with the EBA in play.

Be aware, a closed transaction can involve anywhere for 6 to 60 hours invested by the agent. 80% of that activity results in the buyer not making a purchase. Imagine if you will, being paid for only 20% of the work you accomplish

Any business person would see this statistic as an opportunity for improvement. What are the options?

1. Have the buyer 'pay as you go.'

2. Subscribe buyer to 'purchase a package' plan

3. Provide transaction oversight service only

4. Create loyalty plans

5. Refuse to provide any service to buyers who don't see the value in loyalty, commitment and professional duty.

6. New business models that reduce agent involvement to activities that can be completed from the desk and NO driving....EVER!

7. Eliminate EBA entirely, business as usual, 20% of buyers actually make a purchase....leaving the agent funding all of the failed 80%.

8. Agents sue buyers for non-performance. 

Then, just for the fun of it I would ask these 'resentful' buyers if they see themselves playing a role, see themselves at all in this video that lists the attributes of the real estate professional.  It  is the GOD MADE A REALTOR video.

Regarding your question, please tag me in a response that expands on 'made a compliant' and 'won."

 

Jun 04, 2017 05:34 AM