While it’s possible to have an agency relationship without a written agreement, there are multiple reasons why it’s in your best interest to use the Residential Buyer/Tenant Representation Agreement (TXR 1501). Watch the latest legal explainer video from Texas REALTORS® to learn more, and download your member-exclusive forms.
We get it…it helps us get paid. And does it help our clients as well? Especially if they are serious about having a professional assist them with one of the most important financial transactions of their life? I was hoping the short video was something explaining to the prospect why it is important for them to become a client …in writing. When we can explain how it helps our clients, THEN it becomes easy.
It helps your clients by creating certainty. It clearly lists the broker’s obligations to the client. It clearly lists the clients obligations to the broker. It clearly defines when and how a commission is earned and payable. It provides the required written authorization for intermediary, which when used with other required disclosures, helps avoid illegal dual agency situations. There are so many things written into that agreement that protect the client I cannot list them all here. Read the whole agreement. The answers to how it helps the client are in there, and there are many of them.
I’m with you. I am faced with asking my client, buyer, to sign a 5 page contract in order to sell him a house. I wish these people who think it is so easy would spend a day in our shoes. I looks like a contract that will force the buyer to pay my commission if something falls through. Buyers aren’t too hot for it.
In these days of online searches and distanced relationships, it is difficult to build a trusting bond with customers. Along with sharing the REALTORS® Code of Ethics, and IABS, the B.R.A. builds customer loyalty and confidence in the Agent to be professional. Otherwise, we’re working for the fun of it?