Subscribe to Answers
I assume an IABS form is a buyer agreement? Here in VA it's state law to have a buyer brokerage agreement and I get the same response from time to time. I make light of the form and make sure I tell my clients that I follow the law and that any buyer agent that is not offering one is breaking the law and would they want to deal with someone that breaks the law?
League City, TX
Hermosa Beach, CA
White Plains, NY
Annette Lawrence , Pa...
Palm Harbor, FL
Lynn B. Friedman
I'm 100% with RVA HomePRO Michael Hottman - make it clear that you only work with an agreement with GOOD HUMOR when explaining.
In Georgia, the law requires the Buyer's signature on one of two documents before submitting a contract. The Buyer may elect to be a CUSTOMER or a CLIENT.
If a CLIENT, there is a contractual relationship established meant to support the formation of a team. If the choice is CUSTOMER, that Buyer has signed that no affiiation with an agent is there. Hmmm, why would a real estate professional want to spend time on a potential Buyer who isn't going to demonstrate any loyalty?
Have a happy day -
League City, TX
Hermosa Beach, CA
Explain them how you work.
Do the right thing. Sign here please or make note they got mad, indicated last five had not and would not sign. No gun to the head if they refuse. It happens. Sounds like the last five could have asked but they don't sign for you, for anyone. Very consistent people and wary of regretting the what am I really signing feeling.
" Meeting with new client for first time". Do you mean potential new client? They don't have to sign anything if they haven't yet decided that they want you to be their agent. Sounds like they are in process of interviewing agents. But if they do decide they like you the best of the 6, just tell them the form can be good for 1 day, 1 week, 1 month etc. It is legal in VA to work with buyers without a written agreement. It just depends on intent of buyer as to when a written agreement should be established.
I tell them I am sorry that the other agents they met did not treat them appropriately and lets get this started the right way with full disclosure.
I do not want them to sign anything on the first visit - except mandatory agency disclosure form.
Education is the key. Meet the client in the office first.
What is an IABS?
Tell them that you take your profession seriously and will need it to be signed.
Sounds like a question for your broker...
''at least, 5 agents they met''? Red flag!
Not the best clients to work with.
Oops, you stumbled on the answer to what a lot of us have wondered (at least in Texas)-are all agents handing this out at the first "substantive meeting"? I think because agents experience pushback from potential clients about signing this form especially since the potential client assumes it is a binding document and/or it takes about 2-3 minutes to read it when they really just want to discuss a house, the document is not getting delivered all the time. As an aside, the TREC just requires us to deliver it and ask them to sign. While we can't be held liable if they choose not to sign, we should mark on the document that they chose not to sign it and file it.
I would never ask a buyer to sign an agency agreement on the first meeting. Typically, I offer to take them out once or twice. Once it's clear they want to keep working with me, I will then ask.
I'm assuming you are talking about an exclusive buyer representation agreement? I never just give one to a prospective client. I first talk through the differences between being a customer and client. I also offer them my "Easy Exit Buyer Representation Agreement," which is a no-risk sign-up for them. If they still "balk," I say let's sign something for 30 days; if you're happy with me you resign and if not, we can go our separate ways or I can simply treat you as a customer and represent the seller.
I agree with comment # 4. In Pa we have a consumer notice , which is not a contract that we can explain to prospects at initial appointment. Most people do not mind signing it.
Great answer from RVA HomePRO Michael Hottman . I agree on the need to explain and do in a light and humorous way that helps may you look good and slightly discredits the other agent.
Here in Florida, it's a "Free for all" with some agents getting the EBA signed and others simply wing'n it till the buyer finds a house they like.
I received a purchase offer just this week. The agent stated the buyer did not want to see the house but love the community and want to buy. Wow!
It turns out this buyer did see the house two days ago with another agent.
If your buyer is unwilling to make a commitment, there is a clue.
I take to conversation out of the normal realm and convert it to a 'compensation' discussion. This is important because how I get paid depends on the real estate the buyer chooses. "Do you want to see real estate where you may be required to pay all or a portion of my compensation?"
"WHAT....?" they respond.
"That's why we need to review this information and get your signature to indicate to my broker I have informed you properly."