Many homebuyers are hesitant to sign a Buyer Representation Agreement (B.R.A.), and their first thought is why do they need it? Is there anything in for them or are they going to be stuck in an agreement? In reality, the contract benefits both parties, the homebuyer and the real estate agent.
The agreement specifies mutual expectations and obligations on both parts accounting for a more transparent work relationship based on mutual loyalty. Of course, as a GTA homebuyer, you deserve a trustworthy agent, but to hire one, you need to find the right one. Interview several agents before you find the one you like the best. Find out about their experience, their negotiation skills, and if they can give you a reference list of previous clients. Building trust is essential, and great agents are more than willing to prove to you that they’re professionals who will invest time and effort to get you what you want, so don’t be shy to ask.
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The benefits you get as a client
The agreement will describe in detail what the Buyer Representative Agreement has to do on each party. As a GTA homebuyer, you will get an insight into the Realtor’s obligations towards you. The price range you desire, the type and size of the home you are looking for, timelines and many other details you agree on that the real estate agent will abide to.
It will not cost you more
Sellers usually cover the commission of the buyer’s agent, which means that you don’t have to pay any extra fees or incentives to your Buyer Representative. Agents are usually not trying to get a higher commission with B.R.A., only your loyalty. The agreement represents a guarantee that they won’t be replaced after months of commitment and hard work.
From customer to client
By signing the Buyer Representative Agreement, you gain the status of a client and not just a customer. The agent will now be able to offer you more of their services, additional information, and negotiate on your behalf with the seller and their agent. It is certainly more motivating for the agent. After all, once they invest time and money with their customers and clients, they do not want to see them leave with another agent.
The Agreement is open to negotiations
You can also negotiate the agreement if you are not comfortable with certain terms and conditions. Also, most of these agreements can be cancelled if both parties agree. Agents will usually end the agreement if the cooperation doesn’t work for you, so you don’t have to worry about being “stuck” in the agreement. It is highly unlikely that an agent would not agree to terminate the agreement if their client is unhappy.
If you have more questions about the B.R.A., available listings in the GTA area or the real estate market, contact Susan Macarz - an experienced GTA real estate agent who has successfully worked with numerous clients and closed numerous successful deals.
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