Texas Real Estate: How to Get Dedicated Representation As a
Buyer?
In earlier
articles, I explained
two very important concepts that you need to understand
before you buy real estate in Texas:
brokerage services and how an intermediary agency works
and
how real estate sales commissions are paid. Another
thing that is important for you to understand is that a real
estate agent in Texas who uses the MLS is always, by
default, looking out for the best interest of the Seller
unless the Buyer (you) has a written Residential
Buyer/Tenant Representation Agreement (Buyer's Rep Agmt.)
with the real estate agent.
NOTE:
View a sample of my
Buyer's Representation Agreement and please note
Paragraph 17 on page 4.
With a Buyer's
Rep Agmt., you are considered to be a client. Without
a Buyer's Rep Agmt., you are considered to be a customer.
And as a customer, the advice that I can provide to you
regarding houses is somewhat limited. This chart shows the
difference...
For more
information about the benefits of having a Buyer's Rep Agmt.,
please read
http://realtytimes.com/rtpages/20000622_clientorcustomer.htm.
As you can see,
it is important that you establish yourself as a client to
get full representation by your real estate agent. Having a
Buyer's Rep Agmt. with me benefits you by protecting your
confidentiality; allowing me to provide you with
professional advice and opinions on prices; allowing me to
negotiate based on your best interests; and giving you a
partner who is loyal to you.
And the Seller
stills pays the real estate commission, most of the time,
even when you have a dedicated real estate agent. They agree
to do that when they agree to let their home be listed on
the MLS.
This is agreement
is for your protection; it is not meant to "tie" you
to me. To prove this, and because I'm confident that you
will enjoy working with me as your real estate agent, I put
a Release Clause in Para. 17 stating that you can cancel the
agreement at any time for any reason.
NOTE:
I only work with Buyers with whom I have a Buyer's
Representation Agreement. This just simplifies things
because then I don't have to worry about whether I'm
giving you too much information (or properly
representing the Seller). As my client, I can give you
my full professional opinion at all times and answer any
and all questions that you have.
Once you have a
Buyer's Rep Agmt. in place, you should always state that up
front to other real estate agents (at open houses) and
builder's sales agents (if touring new home models) because,
by law, they need to know that you have representation.
Remember: My job is not "just" helping you find a house to
buy...there are over 100 tasks that I perform for you during
the purchasing process! I'm
looking out for you every step of the way and keeping my eye
on the Listing Agent, the Seller, the builder (if
applicable), the lender, the inspector, the title
company...I'm on your side because I'm your agent.
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