Exclusive Agency Agreement

[Andy V.]

I need to get opinions on something.  I have been talking with a realtor and I'm supposed to be meeting him tonight to look at a property in the Chicago metro area.  He sent me a text a little while ago asking if I had a problem signing an exclusive agency agreement and that he'd be bringing one with to the house he's showing me tonight.  

First, what exactly is an exclusive agency agreement? Does this prevent me from buying property except through him or the broker he works under?  I've also been speaking with a couple of wholesalers who were waiting on calls back from home owners in my target area.

Second, should I sign it?  I searched quickly on BP and saw posts about non-exclusive agreements, but I also saw one comment to amend the contract to list this specific property or only properties that he brings to my attention. 

Any thoughts would be greatly appreciated.

[Phillip Faries]

@Andy V.

I agree with everyone, you'll be stuck with that one realtor. 

The first deal i did, my realtor had me sign one. Little did i know she was terrible to deal with and i was stuck with her for 90 days, i had to figure everything out on my own as she never responded....... per the agreement, if i closed on a property not with her, she was entitled to commission regardless of if she was apart of the deal or not.

Hope this helps.