To cover my com pension as per my buyer agency agreement, an invoice would be submitted to their closing lawyer's office along with a copy
of their buyer agency contract.
The increasing
popularity of buyer agency, the rising threat of lawsuits, and the sophistication of today's buyers and sellers will demand that all licensees be better trained.
None of that «per mls» or «per co-op» fee excuse used by others to cover up their incompetency on the
topic of buyer agency.
«B.C. is at the
forefront of this buyer agency phenomenon, and when others across the country get to the stage we're at, they'll understand that a zero per cent listing is a good listing, and that someone who says «look to your buyers for commissions» is not a nasty person.
Gail Lyons & Don Harlan are the
authors of Buyer Agency Today: Keeping Your Competitive Edge in Real Estate, published by Dearborn Real Estate Education.
(A reminder depending on the
terms of your Buyers Agency Agreement, you may be required to preform searches for NON-MLS-FSBOs as well as ALL MLS listings.)
When the NATIONAL ASSOCIATION OF REALTORS ® purchased the Real Estate Buyer's Agent Council, an organization of buyer's representatives, industry observers saw it as a symbol of mainstream
acceptance of buyer agency — a once controversial practice.
From day one, when
notified of buyer Agency being the new way of operating, I signed ALL my buyer agency contracts stating that the buyer would pay any deficiency amounts relative to what was offered on a co-op designation, to bring my commission amount to what was my fee — xyz.
As for the
future of buyer agency, there's a movement afoot in this area to shave commission splits, thus allotting the listing agency more than 50 percent of the gross commission at closing.
From his observations as an expert legal witness in agency cases, Hall contends that consumer complaints and litigation regarding buyer agency are on the rise — though probably not as fast as the
growth of buyer agency itself.
Although the
volume of buyer agency practice varies widely from market to market, a 1995 NATIONAL ASSOCIATION OF REALTORS ® survey of homebuyers nationwide showed that 41 percent used a buyer's representative.
After all these years wouldn't one perhaps wonder why CREA (the industry mother ship) has not produced a
boatload of buyer agency ads or actual training for the public, specifically, for the real estate law firms, and last but certainly not least, for the press who insists on declaring that only «sellers» pay the commission, creating misrepresentation by their comments and articles, either intentionally or out of genuine ignorance.
The service - to - the - consumer
aspect of buyer agency is not going to fulfill its promise until we get back to the original idea of specialization — exclusive buyer agency, in which the salesperson represents only buyers and never sellers.
In observance of Memorial Day this month, I'd like steer away from the
topic of buyer agency and share how I've applied more than 10 years of lessons learned in the military to my industry experience.
August 2005 — Jim McCaughan,
author of The Buyer Agency — Do it Right training manual, outlines why agents should get their clients to sign buyer's contracts.
The practice
of Buyer Agency is the highest calling for any real estate practitioner as it is the only one where Full Disclosure, Accurate Advice, Legal Limitations of recommendations, are all contained within a contract you draw.
I think increasing the practice
of buyer agency may help quell at least half of the consumer complaints about our industry.
If memory serves me, things had been forever that way, long before when I was licenced in 1980, and then the whole industry seemed to have changed, seemingly overnight, in the mid-90s, with the advent
of buyer agency.
Since the advent
of buyer agency, registrants have a duty to buyers as well as sellers and therein lies the problem with the outdated thinking of Ms. O'Neill.
Walt Albro, associate editor of Today's REALTOR ®, recently talked with four REALTORS ®, each of whom has observed the development
of buyer agency over the years, and asked them about the acceptance of buyer agency and the implications of this change for the industry's future.