It’s Risky Going Out Without a “BRA”

Suze Cumming | July 30, 2015

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GUEST BLOG – Written by Judy Mitchell

 

Working with buyers can mean we are risking our time.

Some never move forward due to personal reasons, while others face problems with financing even though they may have been pre-approved. It’s very difficult to predict if they are not willing or able to purchase even when we do our best to ask the right questions before we start showing homes. Some buyers are calling many agents directly and don’t plan to commit to someone until they find the right home and there are even agents who encourage their clients to get other agents to do the initial showing and then write the offer with them.

We ask about motivation and financial readiness as well as some of the practical questions about location and type of home, but all too often agents are not taking the time to sit down and discuss the buying process in detail with their prospective clients. In addition, it seems many agents are still not signing a Buyers Representation Agreement (or Buyers Agency Agreement) with their clients.

Why is this?

The importance of this is taught through our  CNE course.

Working with buyers has always been different than our business with sellers. We would never consider,  sticking a sign on someone’s front lawn without a signed contract. So why is it we would consider a buyer our client without ever having a serious conversation about hiring us and having them sign the proper paperwork to ensure we are in fact their agent?

I decided to get these agreements signed with all of my buyers.

I gave it a lot of thought about why I don’t like to do it and have created solutions to get past these hurdles. I used to feel sticking a sheet of paper in front of the buyer and asking them to commit to me felt one sided and lacking in value for them, but I now see making the time to meet and sign is in their best interest.

I try to learn as much as I can about the client during our first contact. This helps me get a feel for whether I think we will be a good fit or not. I explain to them I work with clients who commit to me through a buyers representation agreement. If after the first showing we decide we would like to work together I suggest we meet in my office to discuss the buying process in depth and review listings that might be of interest to them. I go through a purchase and sale agreement to make sure they are comfortable with it. At the end of the meeting I ask them if they would like to hire me as their agent so far not one has said no!

We then sign the agreement and make plans to move forward. It does take a bit more time, but working with buyers who are working only with me saves me a great deal of time in the future and it makes the process much more enjoyable for both parties.

Judy Mitchell Portrait

 This week’s guest blog was written by

Judy Mitchell one of our Nature of Real Estate coaches

It’s Risky Going Out Without a “BRA”

Suze Cumming | July 30, 2015

Share this page on Facebook
Tweet this page on Twitter
Share this page on LinkedIn

 

GUEST BLOG – Written by Judy Mitchell

 

Working with buyers can mean we are risking our time.

Some never move forward due to personal reasons, while others face problems with financing even though they may have been pre-approved. It’s very difficult to predict if they are not willing or able to purchase even when we do our best to ask the right questions before we start showing homes. Some buyers are calling many agents directly and don’t plan to commit to someone until they find the right home and there are even agents who encourage their clients to get other agents to do the initial showing and then write the offer with them.

We ask about motivation and financial readiness as well as some of the practical questions about location and type of home, but all too often agents are not taking the time to sit down and discuss the buying process in detail with their prospective clients. In addition, it seems many agents are still not signing a Buyers Representation Agreement (or Buyers Agency Agreement) with their clients.

Why is this?

The importance of this is taught through our  CNE course.

Working with buyers has always been different than our business with sellers. We would never consider,  sticking a sign on someone’s front lawn without a signed contract. So why is it we would consider a buyer our client without ever having a serious conversation about hiring us and having them sign the proper paperwork to ensure we are in fact their agent?

I decided to get these agreements signed with all of my buyers.

I gave it a lot of thought about why I don’t like to do it and have created solutions to get past these hurdles. I used to feel sticking a sheet of paper in front of the buyer and asking them to commit to me felt one sided and lacking in value for them, but I now see making the time to meet and sign is in their best interest.

I try to learn as much as I can about the client during our first contact. This helps me get a feel for whether I think we will be a good fit or not. I explain to them I work with clients who commit to me through a buyers representation agreement. If after the first showing we decide we would like to work together I suggest we meet in my office to discuss the buying process in depth and review listings that might be of interest to them. I go through a purchase and sale agreement to make sure they are comfortable with it. At the end of the meeting I ask them if they would like to hire me as their agent so far not one has said no!

We then sign the agreement and make plans to move forward. It does take a bit more time, but working with buyers who are working only with me saves me a great deal of time in the future and it makes the process much more enjoyable for both parties.

Judy Mitchell Portrait

 This week’s guest blog was written by

Judy Mitchell one of our Nature of Real Estate coaches

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