Understanding A Buyer's Representation Agreement - B.R.A.
Recently when working with a client on a new home search, I was presented with a couple of issues that have now come up multiple times this past year and I wanted to write a quick blog post about to clarify them so that you can be better prepared and so that you don’t cause problems with your Realtor® or make an awkward situation while searching for your home.
When you are working with a Realtor®, you must remember that your Realtor® is putting trust & faith in your honesty because they will not get paid until you have found your new home and moved in. That’s right, it could be up to a few months before they ever see a paycheque for their work with you.
You might also not be aware, but there are countless hours put into not only scheduling appointments but also researching your desired area, meeting with you to prepare the appropriate paperwork as well as the numerous other tasks that are untaken by your agent when they are working to find you a new home. Not to mention the amount of tips & tricks they are providing you free of charge.
Most Realtors® request that a Buyer Representation Agreement (BRA) be signed when you start working together to protect not only your interests but also their own. This document ensures that both parties understand what you are looking for & your desired area as well as how long you will be searching for a new home together. This agreement also scares a lot of people; which surprises me, but if used correctly can ensure that both parties have a productive search period usually resulting in finding the perfect home. This agreement can be signed at various stages of this home search process, with some Realtors® wanting them signed before you view a property to being signed just as you are making an offer. Each Realtor® & brokerage has their own process for this, so be sure to ask them about it. And remember, this document can be used to your advantage.
Your BRA can be set for 1 day, 1 week or longer and can be tailored to your specific needs, so instead of refusing to sign one, you should understand how it can benefit you through the process. Nothing is more valuable than a Realtor’s® knowledge and advice, but having an agreement protects everyone. Talk to your Realtor® or Real Estate Brokerage today for more information.
Happy House Hunting!
Blog By Jason McGregor, Sales Representative