Buyer Agreement?

Let's discuss

March 27, 2024

In my last email, I received around 180+ replies, if I haven’t replied to you yet please don’t hate me. :)

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Here’s a post from Cyndi:

“My biggest fear in all of this is being able to follow up with buyers that have signed the Broker Representation - then go buy a house with another agent while ghosting us. It’s so easy for buyers to tell other agents that they haven’t signed anything with any other agents. We really have no way of finding out if they are buying until escrow closes.”

I totally understand your fear.

Even if they owe you money - it doesn't mean you're getting it. The brokers have to sue - and when they win, the buyer still might not pay.

My former broker owes me, I won a judgment against him, and I have an attorney's debt collector still trying to get my money. It's already been 4 years since the actual judgment.

Suing every buyer who did not want to work with you is not a really good look anyway.

This would be a good opportunity for the MLS’s to incorporate a buyer registry, they should start requiring buyer agency agreements to be uploaded to the MLS to prevent legal issues.

Not that we haven’t suggested this to our MLS already… They move sooo slowly I doubt they’ll do it. We’ve had so many buyers stolen from us recently, and nobody ever wants to pursue it.

The MLS ethics committee doesn’t want to deal with commission arguments. It’s a big fat mess. Going forward with the new rules, I can only see this getting much, much worse.

Which is why we have to become professional sales agents and properly educate our buyers about the process and show them our REAL value.

Consider taking a retaining fee - that's a commitment check. Some people will say anything, but change real quick when they have to put up a little money. It doesn't have to be much.

If you or your team want to learn more about these strategies to develop bulletproof processes and value propositions…

I’d recommend scheduling a call with our partner here to position yourselves for growth early. Our friends at Agently.com are doing everything they can to lead the re-training of all agents and teams for the post-lawsuit era.

Agents who have never had to negotiate their value with a client because it was "automatically" done for them - either by the "market perception" that everyone charges 6 percent on the listing side or that the buyer "doesn't have to pay" because it is built into the listing side - are going to race to the bottom because they can't justify their value to a client and will be afraid to upset them.

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Past issues: