In this episode of the Realtor Fight Club podcast, hosts Jenn Murtland and Monica Weakley are ready to throw down over today's topic. Should you sign a buyer agreement? Monica gets under Jenn’s skin on this one!
Episode Highlights:
- Jenn thinks that there’s no excuse not to sign a buyer’s rep agreement because contracts are part of a business transaction.
- While she’s not against people signing a buyer’s rep agreement, Monica does not think it’s always necessary.
- When Monica was asked to teach her entire office how to use buyer agreements, she stopped using them herself.
- Monica has seen no difference between the time that she used buyer’s rep agreements and when she hasn’t.
- Contracts aren’t really worth anything if one of the parties is not of sound mind.
- Jenn believes that contracts, while worthless, give you options if the agreement is not honored.
- People expect to sign a contract when engaging with any business regardless if it is a contractor or an accountant.
- Monica finds an issue with agents that do not set any sort of expectation or some sort of agreement.
- Jenn fears that buyers who employ agents without a contract are susceptible to being scammed.
- It’s hard for Monica to argue the benefits of having a contract, but she hasn’t had any troubles without one.
- By not using a contract, Monica risks the possibility of getting burned by a buyer using another agent.
- People aren’t intentionally looking to screw over agents, but they don’t know what they don’t know.
- Jenn is a fan of having more choices with everything in life, but she does have a problem with the number of different chips available at the grocery store.
- To the surprise of everyone involved, most people agreed with Monica’s stance.
- If you are choosing not to have the buyer sign a contract, ensure to set the expectations at the buyer consultation.
- Erin Fay acts as mostly a buyer agent in Cincinnati and Northern Kentucky with Comey & Shepherd.
- Never in her career has Erin ever had a buyer sign a buyer’s rep agreement, nor does she know any in her area that uses them.
- Erin has only been ghosted 10-15 times in her 10-year career without using an agreement.
- When getting a listing, Erin has her sellers sign a contract because she sees the relationship as different.
- For first-time home buyers and those that haven’t bought a home for many years, Erin always ensures to do a buyer consultation.
3 Key Points:
- By not setting a date and pre-signing the cancellation agreement, Jenn gives both parties the option to cancel if the contract is not upheld.
- Whether or not you use a buyer’s rep contract, Monica and Jenn agree that there must be a buyer consultation in which expectations are set.
- When engaging with most businesses, including real estate agents, people expect to sign some sort of agreement. Make sure you protect yourself and the client.
Resources Mentioned:
