As a first-time home buyer myself, do NOT sign an exclusive agreement with any broker unless you both establish the ground rules. The exclusive agreement cuts for the agent not the buyer. If the agent wants to sit on his duff and wait for you to identify property to purchase, he gets paid.I signed an exclusive agreement and other than the listing alerts I received from the agent, he did nothing. We never toured any of the 30 or so properties I identified as 'favorite'. I was prequalified so I sent him my financial packet with the prequalification letter. Nothing would make the agent spring into action. We talked a lot on the telephone and emailed back and forth for over a month, but when the time came to do actual work, he was not available or had scheduling conflicts. After a few weeks, I terminated the agreement. But to think I was bound by an agreement that proscribe my activities as a buyer and none for the agent is very odd and off-balance. If it is possible and I think it is...check out the agent first touring a few properties and only after you are confident that s/he will be responsive and proactive should you sign an exclusive agreement if at all. I have toured with over seven brokers until I found the perfect one. I have spent countless hours going on tours and I am happy to say that I now have a ratified contract and will be closing in the middle of next month.
Exclusive buyers agreement is saying that I am going to get paid on any house you buy.
Many real estate agents will want you to sign an exclusive buyers agreement before they do anything else. Offer to sign a non exclusive buyers agreement. That way you can have more control over the home buying process. Also your real estate agent will be very motivated to provide you with superior service and find you a house that best meets your wants,needs and lifestyle. Much luck to you on making your decision.
Jon Tucker with RE/MAX 100. Most agents want an exclusive buyer agency agreement. This means that no matter what home you buy within the contract period, you are obligated to see that your realtor gets paid. As the seller pays the fee on your behalf, it is free to you.
This way everyone has solid expectations. Agents all independent contractors who affiliate with Brokers. We spend a lot of time, effort and money to work with our clients and our personal expenses are high. It is in your best interest to have a great relationship with one good realtor vs. several partial relationships with many. Those who don't commit to me won't get my best efforts. If there is a conflict in evening or Saturday showing appointments, guess who I am going with. If there is a last minute showing request, I may not want to rearrange my schedule to accomodate.
If I asked you to come work for me for a week, alongside others, and then decide at the end of the week who gets paid, would you take that deal? Making several realtors run around is not fair to them, nor will you get their best effort.
If you are interested, I would like to work with you to acquire this home or any others in Maryland. Thanks, Jon Tucker, 443.538.4316, TuckerRealty@comcast.net, http://www.JonTuckerHomes.com.