Dinah BuPane

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Rainer
80,043
RVA HomePRO Michael Hottman
RVA HomePRO Realtor with Keller Williams serving Hanover, Henrico, Chesterfiled and Richmond, Virginia - Glen Allen, VA
Helping you achieve goals in life & real estate

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?

 

Jan 09, 2015 03:00 PM
Ambassador
971,639
Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dinah BuPane 
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 -
Lynn

Jan 09, 2015 04:43 PM
Rainer
279,598
Dipti Thakkar
LAER Realty Partners - Andover, MA
On a team with Praful Thakkar

Explain them how you work.

May 21, 2018 11:47 PM
Rainer
9,955
Dinah BuPane
League City, TX

Thank you all for the advice! The IABS is different from the buyers rep agreement, its more informative about the brokerage services and not binding like the buyers rep. Sorry for not being clearer about that! Maybe each state is different, but from my understanding the IABS should be presented and signed at the first meeting where where substantial real estate conversation occurs. I guess its more important just to present it, and not to worry if its not signed. And yes, good points about the differences between a client and a costumer! I have had people bulk at the Buyers Rep agreement, which is interesting because until they sign it they truly are not your client! Good advice all the way around!

Jan 10, 2015 05:16 AM
Rainmaker
2,016,795
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

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.

Jan 09, 2015 09:07 PM
Rainmaker
798,677
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

" 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.

Jan 09, 2015 07:55 PM
Rainer
212,763
Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

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.

Jan 09, 2015 07:48 PM
Ambassador
4,307,769
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

I do not want them to sign anything on the first visit - except mandatory agency disclosure form.

Feb 28, 2018 09:34 AM
Rainmaker
629,751
Ajay Pandya
e-Merge Real Estate - Columbus, OH
Realtor Ajay Pandya

Education is the key. Meet the client in the office first.

Jan 12, 2018 08:29 PM
Rainmaker
4,798,978
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

What is an IABS?

Oct 21, 2017 07:28 AM
Ambassador
4,843,206
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Tell them that you take your profession seriously and will need it to be signed.

Oct 09, 2017 10:07 PM
Rainmaker
3,067,302
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Sounds like a question for your broker...

May 04, 2017 04:59 AM
Rainer
9,955
Dinah BuPane
League City, TX

Thank you James, for the clarification! It never occurred to me that other states may not be obligated to use, or even have a form similar to the IABS. This is not the first time I received this reaction from a customer; I do still wonder if other agents are having similar experiences.  Eric, I agree not the best senerio;  they contacted me to view my listing.  This is also not the first time I've met with customers who are actively looking for a home but not wanting to use a realtor for their home search. I don't understand that reasoning but I've met alot of people who feel that way. 

Jan 11, 2015 10:36 AM
Rainer
23,743
Eric Valente
Calabasas, CA
Eric

''at least, 5 agents they met''? Red flag! 

Not the best clients to work with. 

Jan 10, 2015 02:59 PM
Rainer
148,874
James Brockway
Brockway Realty, LLC - League City, TX

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.

Jan 10, 2015 05:52 AM
Rainmaker
353,139
Cindy Davis
SD Home Source Realty - San Diego, CA

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.

Jan 10, 2015 04:40 AM
Rainmaker
3,567,020
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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.

Jan 09, 2015 09:59 PM
Rainmaker
4,432,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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. 

Jan 09, 2015 09:57 PM
Rainmaker
2,766,601
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

Jan 09, 2015 09:42 PM
Rainmaker
831,758
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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."

Jan 09, 2015 09:11 PM