We need to create some legislation that allows a buyer's agent to acquire a retainer, much like attorneys.....seriously!

Reblogger Kathy Schowe
Real Estate Agent with California Lifestyle Realty DRE# 1780607

Original content by Ralph Gorgoglione BRE #01708344

We need to create some legislation that allows a buyer's agent to acquire a retainer, much like attorneys.....seriously!

Many years ago (so I've been told), buyer clients use to work with a realtor because we were pretty much tied in exclusively to MLS listings via print, in the form of daily or weekly books with the new and existing listings.

The agent would constantly be checking these books for property that matches their clients needs and make showing arrangements.

With the advent of the internet, those MLS listing books are now extinct and not only are all of the MLS listings on the internet for the agents, but they are all out there in real time for the buyers also, in the form of public sites like Realtor.com, Zillow.com or ZipRealty.com, etc.

And this has in turn created the world of internet leads that are generated from these sites.

Well, what this has done is, in the minds of the buyers, change to role of the realtor from the all-knowing professional to somewhat of a door-opener.  In other words, the buyers know everything about the property already, and they just need a realtor to open the door for them!

I believe EVERY one of us has had the experience where we've received a contact from a prospect that saw a property online and requested information from you, and like magic!!.......they have an agent already.

Or they have you work with them via email on property searches for weeks on end and then...poof!  Never to be heard from again.

We need to enact some legislation that would allow us to collect a retainer, much like an attorney, for the work that we do with buyer clients.

MANY professions do it, and I think due to the evolution of our industry with technology, it's time to take a long, hard look at putting something in place that is similar for us.

Some people may think that it will not be consistent with the principles of RESPA, but I say absolutely not.  All this means is that clients should be very thoughtful, and mindful of taking the time to select an agent to work for them in finding a home.  Do whatever you like, put us all through interviews much like a seller would.  WHATEVER!  Just respect the fact that after you have chosen a buyer's agent, they will be doing a heck of alot of work for you.

The how and why's can be ironed out, but I seriously feel the time has come.

We've been robbed of some of our integrity, and have been thrown into an all-new prostitution ring and need to regain that respect and integrity that most of us that are still here have worked SO HARD to develop.

 

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Rainmaker
526,948
Ken 360.609.0226 Vancouver Homes for Sales
Ken's Home Team at Keller Williams - Vancouver, WA

Kathy,

There is protection for you it is called a Buyers Agency Agreement.  It states that they will work with you.  It is also how it is handled in your buyers consultation.  I would suggets before showing property bring a client into your office and talk with them a discuss the buyers agency agreement with this. have them sign it. then you are protected.  We do not need to ask for government to do anything for us, it is here.   That is my opinion..

July 30, 2010 08:58 PM #1
Rainmaker
177,792
Sandra Paulow
Aspen Properties, Inc. - Pinetop, AZ
REALTOR, Associate Broker, GRI, SFR

Get a Buyer Broker Agreement signed.  You can collect an up front fee for your services and you don't have to give it back.  You can, but you don't have to.  I've thought we should do this for years.  It would take a whole new though process for the Buyers though.  They are so stuck in the Seller should pay way of thinking that it will take a concerted effort to change it. 

I know many agents who are very very successful that won't put a buyer in their car without one. 

 

July 30, 2010 09:05 PM #2
Rainer
369,954
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

A Buyer Broker Agreement allows for just such a situation.  You can certainly collect (through your Brokerage) a fee which can be credited to the Purchaser at time of settlement, or not. 

July 30, 2010 09:20 PM #3
Rainer
107,613
Ted J. Macy
Top Agents Atlanta Metro - Milton, GA

We collect retainer fees here in Georgia for Being Buyer agencies No Problem!!!!  I am surprised you don't in your state!!!

July 30, 2010 10:27 PM #4
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Kathy Schowe

La Quinta, California 760-333-8886
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