M3. LESSON 5

BUYER’S AGENT INTERACTIONS

Working with the buyer’s agent

The buyer’s agent will typically expect to receive 2-3% of the purchase price, otherwise they would not be keen to show your property at all.

Before you share the key lockbox combination with an agent you will need to run their details through this three point check:

– Ask them to text you their website address — check that the website has their full name listed.

– Search their name in the following real estate license check websites

AB: https://reports.myreca.ca/publicsearch.aspx

BC https://www.recbc.ca/about/licensee-search.html

ON https://www.reco.on.ca/RegistrantSearch

 

CHECKLIST

  • Check that the phone number they called you on is the same one listed on their website.
  • Typically the agent will let themselves in and show your home to the buyers while you are not there.
  • Usually the agent will send an agreement for you to sign stating that you agree to pay their commission on the sale of your home.
  • Agree to pay their commission — up to 3%. However if you’re selling price is over $200,000 consider lowering it to 2% or 2.5 %.
  • Make sure it lists the following: buyers first and last names, the exactly buyers agent commission agreed upon, expressed by a percentage, or a specific dollar amount.
  • Sign only for that one client or a specific time period
  • Do not sign a contract that links you to a buyer’s agent for the entire time your home is listed.
  • Accommodate last minute showings whenever possible.

Make sure your Information Sheet, FAQ sheet gets into the hands of buyers and their agents. These handouts will not only inform potential buyers about the specifics of your property but also give them something tangible to take home, ensuring that they’ll remember your listing.

Tip:

Be careful about revealing too much information about your personal circumstances in selling, such as you are needing to sell by a certain date. This would give the agent the impression that you would be flexible on the price and which could be later used against you in price negotiations.