Scenario . . . Your customer is meeting you at the office where you will make a buyer presentation and complete the Buyer Agency Agreement.

Hi!  My name is [ your name ].  Thank you for coming in!

Shake their hand with a firm, steady grip.

Review their responses to the questions in the back of their information packet.

If they have not taken the time to complete the questions, ask them to do so now.  Give them the time to do it now.

Ask them for a moment to review their responses.  Focus only on the items they marked as “5”.

Spend time talking about and “going three deep” on the “5s”.

Now go through your Buyer Presentation.

Afterward, explore their knowledge and feelings about Agency …

Martha, I’d like to talk to you about Agency. 

There are three types of agency in the real estate industry.

The first type is seller representation. 

When a seller offers his/her house for sale through a Realtor®, that Realtor® represents the seller.  If you, as a potential buyer, want to make an offer and you do not have your own representation, please be aware that the listing Realtor® still represents the seller.  You do not enjoy any representation! 

The next type is dual agency, which means the agent does not represent either party.  The agent acts as a coordinator.  It is like they are wearing two hats … and not being sure which hat to wear at any given moment.

The last type is called buyer agency, which means I represent you.  All of our conversations will remain confidential.  I will never disclose any private information about you unless we decide otherwise.   I will be loyal to you.  And, I’ll let you know when to seek other advice.

Your objective is to make sure the client – the buyer – has the best representation.

So … let’s review the NWML Buyer Agency Agreement (Form 41A).

Review the form, paragraph by paragraph.

Now, explore compensation ….

Martha, as real estate agents, we get paid by commission only and only when the house sells.

I don’t like surprises.  And, I’m sure you don’t either. 

What if we find a For-Sale-By-Owner?

The commission paid by the seller varies around 3% of the sales price. 

I will ask the seller to pay a commission to me for bringing a buyer to their property  What I have found is that most sellers will pay a reasonable commission.  However, if they refuse to pay any commission, you will be responsible for paying my commission. In this instance, my fee is ___% of the sales price from you. 

Martha, how do feel about that?

Following a discussion about compensation and any other matters, review the remainder of the Buyer Agency Agreement.

Now, finally … go to the “My New Home Will Have” form to learn what is really important.