Customer or Client
When I introduce prospective clients to the Virginia Exclusive Right To Represent Buyer Agreement many of them look at me as if I am speaking a new language. They may have purchased a home in the last 10-years or searched for one with an agent but have never heard or fully understood the value of this agreement. If you are unfamiliar with the agreement it is important to know that without one you are not a client of the Realtor\Brokerage but a customer. There are important differences here that you must know. The basic differences as defined by the Virginia agency statute are as follows:
Standard Duties A REALTOR Owes A Client Are -
- Preform the terms of the brokerage agreement.
- Promote the client's best interest by seeking a transaction acceptable to the client.
- Provide financial accounting.
- Disclose known material facts about the property or the transaction.
- Exercise ordinary care.
- Maintain client confidentiality, unless the information is required by law to be disclosed.
Standard Duties A REALTOR Owes A Customer Are -
- Treat all parties honestly and not knowingly give false information.
- Inform all customers and potential customers of the nature of their brokerage relationships, if any.
- Disclose material adverse facts pertaining to the physical condition of the property of which the REALTOR is actually aware.
- Comply with the law, including the Fair Housing Act.
There are limits on what an agent must tell a customer. Customers may wish to look to other sources for information important to their decisions.
Why Don't Agents Talk To You About This?
The main reason is that they are uncomfortable going over this important document when they first meet you. So by default they are uncomfortable in asking you to formalize your relationship and become their client. Why? The main reason is they are afraid you will say NO! Is this the level of confidence you want when an agent is negotiating on your behalf?
A Professional Solution
At our first meeting I will go over the Virginia Exclusive Right To Represent Buyer Agreement with you. Now we have just meet each other and you may not be sure if you like me enough yet to represent you in your real estate transaction. That makes sense. So take me for a Test Drive!
We can start by initially signing a Virginia Exclusive Right To Represent Buyer Agreement good for one day or one particular property. At the end of the day or after we have looked at a particular property together if you decide for any reason you do not want to work with me any longer that's O.K. Just say, "George, I think I/we are going to go in a different direction." I will thank you for the opportunity for the test drive and we can both be on our way. Pretty easy isn't it?
Great Test Drive, Now What?
We adjust the Virginia Exclusive Right To Represent Buyer Agreement to reflect the appropriate amount of time it will take us to find your new home. I can now fully representyour best interests as a Licensed Virginia Real Estate Agent. By agreeing to have me represent you it will be my fiduciary responsibility to provide you with:
- Insight on market conditions and the impact on your transaction
- Assistance in creating a transaction that protects you and your interests
- Negotiate for you to obtain the best possible terms based on your criteria
If I am not working for you through this agreement, then I am by default working for the seller.
Don't forget, I can represent you on any property posted in the multiple listing service as well as acting as your representative in the purchase of a new construction home and for sale by owner homes.
For additional explanation, simply give me a call or send me a note -- 540.672.8019 or e-mail. |