Chris, as you can tell from my response, I don't believe that EBA's are a good idea, and they're definitely not a good idea for the buyer (whom I'm claiming to represent, and represent their interests, and yet I'm willing to have them sign a document that makes them solely responsible to see that I get paid!... which represents MY interests, not theirs!)
I agree, a contract that's cancellable on 24 hour notice, is basically NO contract. Loyalty is earned, not written in a document. If I'm doing my job correctly, my clients are loyal. If they're not loyal, then I've done something wrong. Either I haven't serviced them in the fashion they were looking for, or I haven't educated them properly (if they end up buying a FSBO without my representation). The fault is mine, not theirs.
I agree, that clients like Gina scare me a bit, because, as you say "she's ready to throw us under the bus" already, in her opening statement. All the more reason to decline to work with her, rather than sign her to an agreement that locks us together interminably.
Loyalty breeds loyalty. Work hard for your client, they'll work hard for you. Offer value, dedication, trust, and it will be returned in spades. Yes, occasionally there will be an anomaly where a client you worked hard for, buys with someone else.
I had a buyer client who loved and adored me (okay maybe a stretch there), call me very excited to tell me "Guess what we've done!??"... and then went on to tell me that they'd written an offer on a FSBO, and now wanted me to assist with the balance. The FSBO seller, of course, refused to pay a commission of any kind, and I can't blame him. My clients were beside themselves... they didn't understand what had happened... they were prepared to walk away from the home they loved. I did not allow that... I stepped aside and let them purchase the house (and helped them in the background with the balance of the transaction)... no pay!
It was my fault! I hadn't educated them well enough about the process. And yet, now, I have one of the most loyal clients in Chicagoland. I saw them over the weekend, she's pregnant and they're getting ready to move and will want me to list their home. They've referred business to me from 4 of their friends.
No Agreement Necessary. The EBA is strictly a document that protects the pay of the buyer's agent. Loyalty, hardwork and dedication do it better. (IMHO)