Chief questions and answers about the Right to represent Buyer Agreement:
1. If you represent two buyers interested in the same property, how do you avoid conflict of interest? How do you negotiate the price for each buyer on the same property?
You disclose you have another buyer interested in the same house but will not divulge any details of the other. Offer price is always up to the buyer, but on each provide the comps and I would recommend an escalation addendum.
- What acts are considered ministerial duties? “Ministerial acts” means informational actions that a licensee may provide. Example: Responding to phone inquiries as to listing availability.
3. What is a retainer fee? And how much does the agent charge? We do not want any retainer fee unless the buyer is from out of town and wanting lots of work from you. They may want you to research County records on a property, or prepare detailed market analysis. If so $500.
4. What is the RELOCATION PROGRAM- section #9?
If you know a large corporation executive who can recommend you be the company relocation agent, that will get you plenty of business. It is a matter of contacts. You can also cold call companies asking if you can handle the company’s relocation business for new employees moving to town.
5. What do I say about why a buyer should sign the Buyer Agreement? Do not spring it on your buyer right off. Eventually have the buyer sign and state “this says I represent your interest, but won’t pay commission. At settlement you will have the admin fee of $495 and other closing costs, which your lender can itemize for you.
This agreement is signed by the buyer, uploaded at www.nat22.com – Buyer Case Processing Sheet and then hit submit. Paul will sign and return to you. Then give a copy to Buyer. This agreement is not submitted with a contract offer.