Albuquerque, NM · Member since 2015 · 5 posts · 1 vote
Hi All,
Are Buyer-Broker Agreements customary in Albuquerque? I was just provided a Form 1206 to review, which has language for an exclusive use of a particular agent for a period of one year, as well as a commitment to pay them 3% commission, regardless of what the seller is offering.
This is unheard of in Los Angeles. Do people sign these things in Albuquerque?
Full Time Investor · Albuquerque, NM · Member since 2013 · 320 posts · 154 votes
9y
Brett,
It really depends on who you are working with. I never make my clients sign one and I have never had to sign one. This is a relationship based business, and I feel that I am giving you phenomenal service you won't want to end the relationship. Good luck with your search.
Full Time Investor · Albuquerque, NM · Member since 2013 · 320 posts · 154 votes
9y
Brett,
It really depends on who you are working with. I never make my clients sign one and I have never had to sign one. This is a relationship based business, and I feel that I am giving you phenomenal service you won't want to end the relationship. Good luck with your search.
Real Estate Professional · Albuquerque, NM · Member since 2015 · 47 posts · 19 votes
9y
Hi Brett,
Buyer Broker agreements are not customary in Albuquerque but it is a trend that we as realtors are starting to use more and more. Unfortunately some buyers are less than scrupulous and will ask a realtor to do all the legwork and then cut them out of the deal in the end. The goal with using it is to assist a client in finding a property and ensure compensation for completing the process of purchasing that property. When I use it, I ask the prospective buyer for 90 days initially with an option for either party to terminate if needed - the last thing that anyone wants is to work with someone whom you don't get along with.
The 1 year and commitment to 3% commission is unique; it is not something I would ever request or require from my clients.
Feel free to PM me if you'd like more details on this matter - I'd be happy to talk with you about it.
Professional · Albuquerque, NM · Member since 2016 · 65 posts · 44 votes
9y
Ben Curry and David Torres hit the nail on the head. I think different people have different ways of communicating expectations. Maybe your Broker in concerned about your performance of the contract. Have you asked him why he thought it necessary to have you sign it?
Albuquerque, NM · Member since 2015 · 5 posts · 1 vote
9y
Thanks David Torres , Ben Curry , and Guy Gemmer for the insight, and I apologize for my late response back after Dave and Ben replied almost immediately. We are a little behind our target move date that I posted a few months ago. Currently targeting mid-summer to be in Albuquerque and still looking forward to linking up with you guys!
Cheers,
Brett