Creating the buyer client relationship
Duncan Pollock Broker of Record
Duncan Pollock Real Estate Broker, Brokerage
427 Gate Street
Niagara-on-the-Lake,
Ontario, Canada L0S 1J0
Tel: (905) 468-3154
Cellular: (905) 704-9037
Fax: (905) 468-3812
e-mail: duncanpollock@sympatico.ca
(If you have tried sending any message to the old address (dsp.pru@sympatico.ca) from October 29th onwards, it will NOT have reached me and, if you don't mind, needs to be resent to duncanpollock@sympatico.ca )
The Buyer Agency Agreement
The hesitation by
many real estate people regarding the Buyer Agency idea lies
in the belief that it's all too easy to bypass someone who's
worked for you when and as you decide on a purchase. By
contrast, the Listing Agreement that a seller signs guarantees an
agent's entitlement to commission when a property sells.
However, just as a listing
doesn't necessarily end up with a sale, a change of
circumstances can sometimes negate plans for making a purchase.
Moreover, the key to success
in all real estate is the trust that exists between the
client and the agent, and the need for it is no different whichever
side of a property transaction is involved.
In any case, from the day I
began in the real estate business I've enjoyed -- and indeed
thrived on -- the challenge of finding the right house for a
buyer, and I've seldom found that people let me down.
Nevertheless, the
Canadian Real Estate Association has a strong belief
in the need for a written agreement that sets out the obligations
between Buyer Agents and their clients.
Indeed, it recommends the use
of a somewhat overly i-dotted and t-crossed form, but
I prefer to use a quite simple one, which I'm reproducing here.
1. I …………...............………………….............................................................. hereby appoint and authorize Duncan Pollock Real Estate Broker, Brokerage (hereinafter referred to as the Broker) to act as my exclusive agent in finding and effecting the purchase of property in accordance with my stipulated requirements.
2. I agree to work with the Broker in this regard and acknowledge that all properties that could be of interest to me may not be mentioned to me by the Broker, who I mainly intend and expect to find and determine those that best represent value for me.
3. At the same time, it is hereby agreed by the Broker that I shall have the right to identify, through my own efforts and/or other sources, properties that could be of interest to me, provided that any desired purchases of such properties are then processed only in accordance with the terms of this Agreement.
4. In consideration of his services to me, I agree that the Broker shall be entitled to earn and receive whatever commission is payable by the vendor of any property I purchase during the term of this Agreement.
5. Where no such commission is available for payment to the Broker, I agree to pay him directly a fee for his services to me. The amount of this fee shall be as negotiated between us, except that it shall not exceed the amount that the vendor would normally be expected to pay.
6. I further agree that the Broker shall have the right to share any commission(s) he receives with whichever other real estate brokers and professional consultants and advisors assist him in locating and procuring properties purchased by me. Such apportionment shall be at his sole discretion and on whatever basis he determines to be fair and appropriate.
7. Notwithstanding the rights and obligations of the parties to this Agreement it is recognized and accepted that the overriding consideration shall be compliance with Canadian law and conformity with the established practices and customs of the real estate industry as it operates in the Province of Ontario.
And that's all there
is to it -- although, even then, I don't make much use of
it!
Rather, I prefer to make its
points clear by verbal explanations and to rely on the
trust that I try to build between my clients and myself.
In any case, my general assumption
is that a mutually understood agreement -- whether it's
a signed one or not -- holds until my client and I have
brought things to an appropriate conclusion. In some
cases, especially with people planning to emigrate to Canada,
things can take a couple of years (or even longer) to become finalized.
In others, the time can be quite short.
Regardless, however, I depend
on earning sufficient trust in my knowledge and advice
to retain my relationship with people, rather than insisting
on a written confirmation of it or refusing to cancel things if
someone starts to lose confidence in me.
I'll provide each client with whatever information is relevant and won't stint myself in the help I'll offer to people who get in touch with me.
A signed Buyer Agency Agreement may eventually become part of my relationship with a client, but I don't consider that there's a compelling need for it. At the very least, I think I need to demonstrate my interest and ability to be of service before I can -- or should -- suggest the idea of formalizing things.
In any case, if the buyer agency concept itself (as opposed to any absolute need for a signed Buyer Agency Agreement) makes sense to you and you're interested in seeing what help I might be to you, do please feel free to contact me.
It won't cost you a dime and it won't put you under an obligation to actually make a purchase.
It will, though -- and you have my promise of this -- increase your chance of getting the best possible value for your money when and as you're ready to buy!
Footnote: One of my newsletters focuses on the question of whether or not you should sign -- or even be asked to sign -- a Buyer Agency Agreement. You may, or so I like to think, find it worth reading.
Back to the beginning
Getting the most house for your money
What a Buyer Agent does
Who am I?
Additional information
Finding a home anywhere, arranging
a mortgage, the ins and outs of home inspection, legal
considerations and closing costs, regional and municipal
facts and figures, commercial real estate, etc.
| You can add yourself to my mailing
list if you wish. I send a newsletter out each month that deals with a variety of issues related to the process of buying property. There's nothing hard sell involved, I can assure you. Rather, the idea is to share my thoughts with you about how I believe buyers can be better served by the real estate industry. And to get a sense of the contents, you can take a look at some of my previous mailings by clicking here. |
Note: If
you have an interest in buying or leasing industrial, commercial,
or investment property, you may find it useful to browse
an alternative website that I was recently encouraged to create.
It explains my role in offering exclusive buyer representation
for purchasers and lessees of ICI properties and deals with a
number of factors that call for attention when you're involved with
the non-residential real estate market.It also provides links to several databases of currently available broker and private listings of industrial, commercial, and investment properties. Together, they cover an extensive range of property types and locations throughout North America and in different countries around the world.
You'll find the site at http://www.iciniagara.com and you can use its pages to directly e-mail me for complete details and/or to arrange a viewing of any listing that appeals to you.
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Internet Directory of Real Estate Professionals
SearchSight Directory
Canada Real Estate Directory / Universal Real Estate Directory
City Wide Pages St. Catharines / Proudly Canadian Business Directory
Premier Directory / SeekOn/Niagara-on-the-Lake
As a complete change from all you've seen/read so far, you can, if you wish, take a look at My In Tray.
- A number of the photos used in this website are the copyright (and used with the permission) of WebGraphicsZone.com and iStockPhoto.com.
- The copyright to this web site as a whole is claimed and retained by me as its author, but permission is hereby granted for you to print out and/or distribute the site in its entirety or in part(s), provided that due acknowledgement of my authorship is included.
- The opinions expressed in this web site are primarily mine and, to a large degree, reflect conditions in the Niagara Peninsula -- at least as I see them -- rather than elsewhere. They do not, however, necessarily conform with the views held by some of my colleagues in the real estate industry.