The Buyer’s Representation Agreement is also known to industry professionals as a BRA–no pun intended (or offense) to the ladies. It’s purpose is simply an agreement that the Broker will represent the buyer in their purchase of a home. As a real estate consultant, I require my clients to sign a buyer’s representation agreement, for their own protection, and here are five reasons why.
1. Customer vs. Client
What’s the difference? Well, as a customer, the real estate consultant does not owe you a fiduciary duty. Yup, without the agreement, the realtor has a duty to the seller not you. With the BRA on the other hand, you become a client with full fiduciary duties provided by the real estate consultant. The way I explain it, is that with a BRA, I represent you and only you, entitling you to superior service. The consultant is required to disclose and negotiate on your behalf.
2. Your Best Interests
A buyer’s representation agreement provides you with the full attention, accountability, and disclosure you deserve; keeping your best interests at heart. Not only do you become a client when you sign a BRA, you become my primary area of focus. I dedicate my time and attention to clients that form a win/win relationship with me, where I can keep their best interest in mind at all times.
With a BRA, my clients and I act as a team. The goal is to make your home buying process a positive experience with positive results. Helping you get the home you want, and love the house you get.
4. Getting paid what I’m worth
A BRA guarantees that the real estate consultant gets paid for the hard work they put forward to provide exceptional service – like I do. That’s correct, many times the consultant will do the work up front and then the buyer goes to his/her cousin or friend to write up the contract, leaving the consultant out in the cold, penniless and heartbroken.
5. You can terminate
If you find that you are not working well with the real estate consultant you selected, know that a BRA can be terminated early, unhooking you from responsibility to pay an agent who isn’t performing. That’s right! Even though it specifies a time period, you can terminate it if both parties agree that you can no longer work together – oh snap. Some consultants may require a 24-to-48 hour written notice, but normally, it’s as simple as “I don’t want to work with you anymore, I found better support elsewhere, so get me out of my BRA.”
So don’t be afraid of that 4-page agreement. Go ahead and sign it. It’s just an agreement not a contract, and like any good BRA, it can always be taken off or adjusted.