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February 8, 2007

6 Steps to Working with a Buyer's Broker

Working with a licensed buyer's broker usually includes the following:

1. The licensee sets up a listing appointment.  They

  • Let you know on the phone that they would be glad to show you property after first meeting with you.
  • Tell you that they would like to explain how they propose to do business. 
  • Explain that they would like to find out exactly what you want.

2. When the licensee meets with you and makes a presentation, they should

  • Meet with you for a minimum of 30 to 45 minutes.
  • Let you know that how they propose to do business and how it is going to benefit you the most. 

3. Explain that both of you can win in the relationship.

  • Demonstrates that they know, understand, and can explain the details of real estate.  This display of expertise helps to build your trust and confidence in their ability. 
  • Find out as much as possible about the property you are looking for by working with you on a description of the property and proposed details of the purchase.
  • Answer any questions you may have to your satisfaction.

4. The licensee should make an agency disclosure (mandated by law in some states) just before you enter into the buyer's broker listing agreement. Then the licensee represents you exclusively.  It would not make any sense to say they represent the sellers or is a dual agent.  There are not many sellers at that point! 

  • When you sign a buyer's broker listing agreement, a licensee should
  • Inform you that it is their broker's policy to exclusively represent you in the transaction. 
  • Let you know that in the event you purchase one of the properties their office has listed, they will represent you and the seller. 

5.  After you enter into the buyer's broker listing agreement, a  licensee can confirm the agency with you one of two ways

  • Confirm that they are going to represent you exclusively immediately after they make the disclosure.
  • Leave the confirmation until the offer is presented.

6.  The licensee will then research prospective properties that meet your criteria, take you out, show your property, and find you the property of your dreams.

  • Once they locate the property you desire, they will write up the offer for you to purchase the property.
  • After they explain the offer and you sign it, they will present the offer to the sellers, to the sellers' agent, or to both together, however, the presentation is structured.  At this presentation, they will also give the sellers a disclosure statement.  That's correct!  The licensee must present an agency disclosure statement to the sellers informing them they are exclusively representing you. 
  • Assists you to close the escrow on the transaction.

(Saul Klein in CEO of Real Estate Electronic Publishing Company, home of RealTown.)

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