Question: “What are the benefits of a Buyer’s Representation Agreement?”
Christie’s Answer:
This is great question! Starting August 17, 2024, the Buyer will now negotiate compensation directly with the Realtor® representing them as their Buyer Representative. This means that unless the Seller agrees to pay a commission to the Buyer’s Realtor®, the Buyer will pay that commission. Buyers and the Buyer’s Realtor® will sign a Buyer’s Representation Agreement. The benefits to an agreement are:
- It is a legal document which formalizes your working relationship with a particular Buyers’ Representative detailing which services you are entitled to receive and what your Buyer’s Representative expects from you in return.
- It clarifies expectations and defines loyalty of all parties.
- It insures that everything has been discussed, and is evidence of agreements and disclosures.
- Buyers will be treated as a client instead of a customer, receiving a higher level of service.
- It brings strength as a team. When you and your Buyers’ Representative work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience!
- While representation agreements specify a time period, they can be terminated early if both parties consent. The time period is negotiable and can vary. A single day or week, several months, or a year depending on what has been agreed upon by both parties.
As certified Accredited Buyer’s Representatives (ABR®) and Seller Representative Specialists (SRS), we are committed to offering our attention, expertise and professionalism to all our clients.
Contact us with any questions about real estate on St. Croix!
From Chris & Christie’s July 2024 newsletter (read it here).