Working for Buyers: The Representation Agreement

Brown eyed rufusAll of us get our butts out of bed in the morning for different reasons. For us, it’s this pesky dog. Rufus the Dufus whines and cries and whimpers at the crack of dawn until we let him out to go potty. He is an annoying little 50 lb.-creature, but he gets us out of bed. It’s hard to be mad at him once our sleepiness subsides.

What gets us into the office is something entirely different. Our Clients have an expectation that we be at the top of our game when it comes to representing them. There is a big difference between a “Buyer Client” and a mere “buyer customer”. We ONLY advocate for the interests of Buyer Clients after they’ve formally retained our services to do so. We’d rather avoid working on behalf of buyers for weeks or months, putting aside our evenings and weekends and family time only to (argh!) have a buyer suddenly decide to have their newly licensed cousin represent them, for example.

Part of formal buyer representation includes an “Exclusive Buyer Representation Agreement”. This document outlines what the buyer and agent parties can expect of each other and what documentation is required to get started.  We take representation of Buyer Clients as seriously as we take our representation of Seller Clients. Here are a few of the benefits of formal buyer representation:

  • We’ve built a reputation among fellow agents in our market area for having rock-solid buyers. Our Exclusive Buyer Clients benefit from this by having their offers submitted by us be taken more seriously, especially in multiple offer situations which are common in our area. This means we have compiled a complete Buyer Package before we show even one property to a buyer.
  • Exclusive Buyer Representation ensures our Clients that they are our first priority. Evenings and weekends, for example, are reserved for Clients first and foremost.
  • Many of our Clients are high profile, very busy individuals. We take the time to preview properties for Exclusive Buyer Clients and record walk-thrus and report to them whether or not a property is even worth seeing.
  • We attend weekday real estate marketing meetings where we broadcast what our Exclusive Buyer Clients seek, and often learn about upcoming listings long before they hit the market.
  • We send out monthly real estate e-newsletters to broadcast to our databases what our Exclusive Buyer Clients want, and through this medium, we also learn about properties that will be available before they hit the market.
  • If our Exclusive Buyer Clients MUST move into a specific neighborhood, we’ll knock on doors and send mailers out to ask those neighborhood property owners if they have interest in selling rather than wait around for something to come available.

Right now, our Exclusive Buyer Clients include a recovering peninsula dweller buyer, the newly engaged couple, the seller of this gorgeous home who’s buying in the San Ramon area to be close to family, and also the family of a US veteran who’s seeking an affordable home in the East Bay.

We’re darn good at what we do, so there are certain steps we take before we use our talents, expertise, network and experience to advocate and help protect a Client’s interests. There are only 24 hours in a day, after all…