Why Do Some Real Estate Brokers make buyers sign an Exclusive agreement before they show property and some do not?
This is a touchy subject for both buyer and Real Estate Broker. My work ethic of loyalty tells me if I work hard for my clients they will be loyal back and won't want to work with another Real Estate Broker. The reality of this concept is different however.
It comes down to the buyer being educated. As the buyer, you have the right to choose who you would like to work with. I would be weiry of a Real Estate Broker that will not show you property until you sign an exclusive agreement with them. Both buyer and Real Estate Broker need to know if they are the right fit for each other.
Buyers also need to be aware that there are good and not so ethical Real Estate Brokers out there, just like any other industry. Red flags are if you have told the Real Estate Broker that you are working with another agent and they still push you to write an offer with them &/or sign an exclusive agreement with them. Buyer if you are happy with your agent, don't ask another agent to show you a home, ask the agent you have been working with.
Real Estate Brokers work very hard for there compensation. I like to explain to clients, if you worked at your job for 3 or so months and found out at the end of that time, you were not going to get paid for the work you did and another person in your office who did nothing, got all the compensation for your hard work, would you be upset? Of course the obvious answer is yes. I think that loyalty between buyer and Real Estate Brokers is crucial. I personally have never had any of my clients sign an exclusive agreement to show them property, I am a firm believer in building rapport and creating a positive experience for each and every one of my clients. Unfortunately, the reality is that not every one is that way and I have been bitten by this fortunately only a couple of times. With that being said I will not let that spoil my thoughts on all the wonderful and loyal clients I have had the opportunity to work with over almost the past decade. There will be clients and other Real Estate Brokers that do not abide by the same code of ethics as in true in any other aspect in life.
Once an offer is made at that point an exclusive agreement is made at that time between buyer and Real Estate Broker as that agent will be representing you in that transaction.
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