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Buyer?s Agency Contract, Who Uses Them?

Buyer’s Agency Contract, Who Uses Them?

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Home Page > Finance > Real Estate > Buyer’s Agency Contract, Who Uses Them?

Buyer’s Agency Contract, Who Uses Them?

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Posted: Jul 26, 2009 |Comments: 0
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The selling of Real Estate has obviously changed over the years, specifically in regards to the procedure of how we as agents work with our clients, how we spend our valuable time with clients and also how we find interesting property for our clients.

 Before the internet came into play buyers and sellers were forced to rely on real estate professionals to find and show them homes that match what they were looking for as they didn’t have the ability to view every single home for sale in North America from the comfort of home by entering some quick data and clicking a mouse a few times.  Now don’t get me wrong, I love the internet, and it has made the lives of real estate professionals much easier in many ways, but in other ways it has hampered the profession in one way, but there is a solution to this problem….I’ll explain a little more….

 Back “in the day” because the client had no access to listing sheets and online listings etc, they needed an agent to find and show them everything, and therefore there wasn’t really any possibility of the agent getting screwed after spending months or sometimes years working with a buyer. 

Of course relationships were sometimes broken after a while due to certain reasons and the agent might not get paid…but for the most part agents didn’t have to worry so much about their client finding a new home for sale on their own, calling up the listing agent or walking into the open house an purchasing it because the public just didn’t have access to the information they do now without getting that info from their representative. 

Nowadays though, anyone, regardless if they are in the industry or if they are Joe smith from the bakery down the street can find every single piece of information about a home right from where it is located, to the price, to how long it’s been for sale, to seeing 20 photos of the interior, to finding tax info about the property.  It’s all available to the public, and although like I said before this has made industry professionals jobs easier in a lot of ways it has also cost a lot of buyer’s agents a crap load of both money and time. 

Why?  Because an agent, and I know of many stories exactly like this, can spend months if not years with a client, and that client can now see a new listing come up on their own, view all the relevant information about the home, go check it out without their agent perhaps and make an offer right there and now their rep has lost his or her paycheque.  It happens more than people think and it’s not always right to blame the clients, sometimes they need to act fast, sometimes they don’t realize how agents get paid , who knows.  But any agent that has had this happen to them will tell you it sucks.

Now this brings me to the actual topic of this article, and that is the use of Buyers Agent Contracts.  How many agents out there use them?  How many agents even know much about them? How many of the buyers out there are even aware of them?  And for those that are how many have said no when an agent has brought up the idea of signing one? 

 The buyer’s agent contract seems to almost be taboo in a lot of areas and I don’t understand why.  The whole point of them is to confirm the relationship with a client as a two way street.  The agent promises to spend the time, energy and expertise in assisting the buyer  with finding their desired home, and the client promises to use your services  and acknowledges that agent, and only that agent, is their representation ensuring the agent eventually gets paid for their work. 

I have heard agents that have been in the business a long time state that they don’t believe in them, that its wrong and that it’s not how “this “ business is done.  But I’ve also heard these agents complain about a client that has walked into an open house for example, and bought without them.  When you think about it, agents get signed listing contracts when they list a house stating that they, and only they, are that seller’s representation, so why would buyer’s agents not do the same?

 I have also heard agents say that they brought up the contract idea with a client and that the client said no.  My first thought is this is because the contract was not explained to the client properly because if it is why would the client say no unless they want to keep the option of buying without their agent open, in which case this should be very alarming to the agent. 

If the contract is explained properly, and this means it is explained that the agent is going to represent the client and dedicate their time and energy as long as need be to assist in finding the right home for them, and that the contract can be ripped up at any point if either party is not happy with the way things are going, just like a listing contract, then there aren’t many legitimate reasons why a client should say no.

I think if you are starting out in the real estate industry  you should make it part of your real estate practices to incorporate the buyers contract into your way of doing business. I actually think all agents should regardless of their experience, but especially if you’re on the newer side.

 I don’t know of any downside to using them, and there is obviously huge upside.  If you as an agent have one signed, and that specific client buys a home, you will get paid …bottom line.  And that’s why you are in this business right, to give good service and then get paid for your efforts.  Bottom line.

To read and learn more about buyer agency contracts and real estate topics please visit us at our Daily Updated Real Estate Blog  

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Question by brandon b: Landlords,realestate?
alright me and my boyfriend after 9 years are separating and his parents has the House in there name but we have been paying on it for the last 10 years and we also have statements where i have well since we separated his sister is buying the house and is telling me they could throw my stuff out on the streets without an eviction notice because now they have bought the property for the last 2000 dollars that was left after we still have been paying on it and not only that he went into my house while i as not home and says hes changing the locks in a week but i still have been paying rent and havent recieved one eviction notice what should i do>????????????

Best answer:

Answer by Jadis
Well, put it to you this way, what you have paid for so far, doesnt matter. You paid for your time while you were living there. You arent entitled to anything, because legally you arent married.

Now, if they made you pay the month, consider it rent. Let’s say, you pay them rent every 20th of the month, by the 20th of the next month you better have your things out. In some places, they have to give you months notice ahead of time, however, this is when you have a lease written out with a landlord…I am assuming you are living there without any kind of contract. If you would have had one, you could have fought it in court, and possibly get away with living a few months rent free since they are the ones kicking you out.

Before the time is up, I suggest you get your things out of there. If you paid for the month, then you have all rights to utilize that space until the very last day. Keep your reciept of everything. She cannot just throw your things out without giving you a chance to pick them up. Now, if you went over a month, without paying rent money, then by all means she is in the right.

To avoid any confrontations, i would just take my things and leave.

Good Luck.

Also, if you paid go to your local police department, if that is your place of residence, see what help you can get for it. They shouldnt be allowed to kick you out just like that, by changing the locks on you. I also forgot that in some states, some governements do recognize common law marriages…ones in which it was never through courts, but you can prove that you coexsisted with them for many years. I do not know the technicalities of it, but if it really bothers you, see if you can shed a few dollars to consult with a lawyer.

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How to Select Real Estate

How to Select Real Estate

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Home Page > Finance > Real Estate > How to Select Real Estate

How to Select Real Estate

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Posted: Nov 22, 2007 |Comments: 0
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There are many things to consider in choosing the building you are going to invest in. The most important permits of not the slightest deviation. It will be fatal to compromise on the point of location. Let us see how we test for this requirement.

Let us say you have been offered a building located on Elm Street. You go to see it. The time of day when you see it is even important. Many a street presents quite a different picture at 10 a.m. than it does at 4 p.m.

Drive along the street, at 4 p.m. and look about as you approach the building. Remember not to decide this on the basis of whether YOU would like to live here. Just ask yourself this, “If you were going to pay per month for a flat, would you consider this location satisfactory?” In the answer you will find the yes or no to location. But see to it that all the factors are considered. If there is a noisy or smelly factory nearby, or a dump or railroad, make sure you see the place, hear the place and even smell the place at its worst. Only thus can you get the full picture.

Hence we peremptorily pass up the buildings that do not pass the first test, that of location. Notice that we do not ask that the location be “beautiful” or “lovely” for all buildings. Not at all. We use the yardstick that is clearly indicated by the rental rate itself. That determines the attitude and measuring eye with which we judge location.

We try to see this location through the eyes of a prospective tenant who has come to the building to see a flat. We try to see it as he will see it, and judge it as he will judge it. This is NOT difficult. We certainly can quickly dismiss the locations that are obviously so bad that even the tenant will certainly not find the location to his liking. These really give us no problem nor do those that are obviously good. It is the class of location that is “borderline” that may puzzle us.

I have taught hundreds of people this principle and many have expressed doubt about their future ability to determine the fitness of those locations which were not quite bad enough to reject at a glance, and not quite good enough to approve immediately. I have learned over the years that they were worrying without cause. It just does not work out that way. We have all seen that in some principles of practice, the theory is easy to understand but the practice is difficult or even impossible. Here it is reversed. The theory may be hazy, but the practice invariably turns out comparatively simple.

There are a few simple things that will give you your answer. I speak now only of those locations that are doubtful. The first step is to ask yourself whether in your opinion, the location would be satisfactory to a prospective tenant who was considering a flat in this building at (if that is the rent rate).

The next step is to ask the tenants themselves, but this step must be approached with one reservation. In those cases where you are considering a building that has been “over-milked”, that is, everything taken out by the landlord without putting anything back unless forced, you should approach the tenants with the mental reservation that they will probably be discontented with everything about their flats.

Thus any dissatisfaction on the part of such tenants must be weighed in the light of the general conditions which they have been forced to accept under greedy or neglectful ownership. If such a tenant were to indicate to you that he is unhappy with the LOCATION of the building, you should press him for the specific points that he finds undesirable.

He may come up with some very significant answers that will bear and guide investigation before buying. But if his complaint is very general, with no specification, you may discount it, as merely a baseless item in a general group comprising unhappiness.

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Karol Bagh: the Famous Shopper’s Paradise

Karol Bagh: the Famous Shopper’s Paradise

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Home Page > Finance > Real Estate > Karol Bagh: the Famous Shopper’s Paradise

Karol Bagh: the Famous Shopper’s Paradise

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Posted: Jun 07, 2010 |Comments: 0
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Delhi, the national capital, is the hub of cultural, commercial and political activities is a multicultural cosmopolitan city. Located in Northern India, it is bordered by areas like Gurgaon, Faridabad, Ghaziabad and Noida in the states of Uttar Pradesh and Haryana. Delhi is a lodestone for professionals as even being an economic center itself, it is surrounded by industrial and commercial hubs in NCR.

Real estate in Delhi has become unaffordable for the middle income group with property prices reaching the skies. Various kinds of commercial, residential and retail setups have been burgeoning in the national capital. Among the administrative subdivisions of the Central Delhi district, Karol Bagh is one of the three. It makes for a mixed residential and commercial locality with some of the best retail outlets and eating joints. Even after the prevalent mall culture in the city, Karol Bagh remains the one of the most sought after shopping destinations in Delhi.

With millions of people living in and around the city, Delhi real estate has become extremely crowded and congested. An exodus of emigrants from within and outside the country is seen entering the city every year. It is the eighth largest metropolis in the world and the second largest in India in terms of population. One of the biggest and most famous markets of the state of Delhi is Karol Bagh established in the year 1950.

Karol Bagh real estate caters to all the classes and is well connected to all other parts of Delhi-South, West, North and East. Surrounded by Patel Nagar and Rajinder Nagar, it is spread over 30 square kms. Some of its attractions include:

-The traditional market of Ajmal Khan Road in Karol Bagh is well-known for retail & wholesale garments and imported items. It is also famous for its oldest commercial complex, one of the country’s largest two-wheeler spare parts wholesale markets, adjacent to Naiwalan area.

-Flanked by Gaffar Market known for smuggled goods; Bank Street, famous for intricate gold jewellery shops and Arya Samaj Road known for its secondhand and inexpensive book market, Karol Bagh is common to all.

Despite the establishment of international brands in the traditional Karol Bagh market, people throng the place for its old popular markets. A facelift for the market is planned by the Urban Development Ministry and Delhi Development Authority (DDA) in wake of the long awaited Commonwealth Games. The plans include giving Ajmal Khan Road a mall like look equipped with modern facilities to cater to the needs of foreign tourists and cash in on the forthcoming CWG event. This is bound to add convenience and comfort for shoppers as they can then find all sorts of things in one place. These developments are sure to spiral up the rates of property in Karol Bagh taking capital and rental values to a new high.

The property costs of commercial property in the gleaming Karol Bagh market have gone up from Rs 100-150 per sq. ft. to Rs 300-350 per sq. ft. on Ajmal Khan Road. On the Bank Street, the rates are around Rs 200-250 per sq. ft. and Rs 250-300 per sq. ft. on the Arya Samaj Road. The property values on other streets are also increasing constantly, for e.g., rates on Padam Singh Road and Hardhyan Singh Road have shot up 40 to 70% within last two years. The current capital value of the area varies from Rs 25,000 to Rs 30,000 per sq. ft. and is expected to grow further.

The rapid development and urbanization of the country capital along with the growing purchasing power makes real estate in Delhi one of the most expensive in India.  

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Deepika Bansal writes on behalf of 99acres.com, which is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively. At 99 acres, you can advertise a property, search, Karol Bagh property and browse through Delhi property and other Properties.

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