Many agents do not have clients sign a buyer agreement. It is a fact. The reason is that many buyers don’t want to be committed to signing to one particular agent. Its like dating, many people like to play the field. They don’t want to commit to one person. Some people do not sign a buyer agreement because it will mean that they are officially in the hunt for a house. Then there are other people that have been through the ringer and want to sign an agreement, go look for a house and move in. No games no fuss.
While there are so many reasons people have to not sign an agreement with an agent, many people expect agents to work for them with no commitment. When I speak to a buyer I always tell them the same thing, the people that make a commitment to me are the buyers that I take care of first. Anybody would agree that it only makes sense.
Here are the major “Bites” to sign a buyer agreement with an agent:
1. You will get first crack at the best deals: An agent that knows he will get paid from a deal closed will give those clients the best deals in town. Agents always get properties that are not on MLS or even hit the market. (Chris was right about that one)
2. Motivation: An agent that has a signed commitment to you will be motivated to get you into a house because he knows that your officially in the hunt and not just looking.
3. BEST INTEREST: Your best interests are at the forefront. Not the seller, or anybody else. He is working for you and you alone.
4. Research: A buyer agent will do research on comparables and what else is selling. This will help in negotiating the best price for you. Not just taking the seller agents word for it that you’re getting a good deal.
5. Hire: I believe that when handling a big purchase like a house you should have somebody who does the work for you. While looking for a house is a joint effort, many tasks of handling appointments, contracts and ancillary contacts are needed to close a deal and get you into a great property. There are many unspoken tasks that go unnoticed and people who look for a house on their own know what I’m talking about. The best thing to do is remove some of the burden an let a professional do it for you.