Buyers should only sign a buyer agency contract if they believe that you will do a better job of getting them the best house for their money than they will on their own.

They should know that they will not be "represented" by the listing agent, that they will be treated as a "customer" - and while that really isn't the worst thing in the world, it does place the burden of evaluating the suitability of the property and the negotiation of price and terms with themselves and the listing agent, rather than with themselves and their own agent.

Good luck!

Any listing agent that does not present an offer to his/her seller rom a potential buyer is violating NJ laws, and no broker will allow his/her Agents to knowingly violate the law.

Buyer misconceptions aside, the buyer-agency agreement is designed to protect the agent -- but in practice, it does little in this regard. If I show a buyer a property, with or without the buyer-agency agreement, and the buyer elects to utilize another agent to purchase the property, there is little I can do without offending the buyer. Hence, as a practical matter, the buyer-agency agreement is not very effective.

If you want your buyers to be loyal to you, you need to establish a good relationship with them -- which means good and frequent communication and the best service.

Vz,

The biggest misconeption from a buyers perspetive is that if they hire a listing agent that will get a "better deal". In my experience, a seller knows what he or she wants to net from the sale of a property and a listing agent who brings the buyer is no better than a 3rd party agent agent who brings a buyer (and there are beau coiup threads on this site on this issue as NJ is one of a few states that allow what is referredt o as a dual diclsoded agent).

To keep it simple, 90% of the time, it is difficult to get a buyer to sign a "buyers agency agreement. Personally, I rely upon my expertise and relationship building to ensure that my buyers remain faithful, but I must admit that ony about 75 percent of the time am I successful . . . . the nature of this business . . . . win some, loss, some.


Love and Peace,
Francesca, Realtor, ePro, SRES
Francesca@PatrizioRE.com

Listing agents will SELL you the house, buyer agents will help you BUY it. That subtle difference has to do with loyalty. Listing agents represent the seller, buyer agents represent the buyer. Loyalty and fiduciary duty follow accordingly.

Buyer agency should be discussed up front because a good buyer's agent will find the best value on the whole market for their client. A listing agent will only work on that one house and it may or may not be the best value on the whole market.

I'm disturbed by this idea of a "bonus" for in-house sales. I'm sure someone's cutting their commission for the work they've done. If someone's being paid less, do they then care less? Are they just putting the deal together as quickly as possible to maximize their bottom line?

Finally, if they're willing to cut secret deals to "make it happen," what else are they keeping secret?

Without buyer's agency, the buyer is just a customer. With buyer's agency, the buyer becomes your client and, as such, you owe them a higher level of service, your loyalty, and a fiduciary duty that a mere customer may or may not get otherwise.

Brian