A real estate agent explains how to use a buyer loyalty agreement to lock in commitment from clients. The contract covers terms, fees, and cancellation guarantees, helping agents and buyers understand expectations before the deal starts.
Let's go through the buyer loyalty agreement. There are a few related documents as well as it relates to that. So you only work with committed buyers? I've mentioned it before. You know, we deserve to get paid what we're worth. You, you know, for all. I don't know that. It's shifted in many markets, but a lot of buyers don't give a whole bunch of credit to buyer agents. So I would absolutely consider. And it's market specific and I can't give you legal advice or anything like that, but if you're allowed to charge a transaction fee, I highly recommend it. If you have someone helping you with closings, there's a law around it and I can't quite quote any of it to you, but as long as you have a service offered for that separate transaction fee, I believe you're okay. But again, totally contact your attorney. I'm not giving you advice. I'm just throwing it out there. We charge one on both sides, a 695 buyer side transaction fee and a 695 seller transaction fee. @ the point where you're signing documents, you want to set expectations with the contract to closing document that we provided to you in the 88 types of turbulence document. Ask for referrals again and again and again and again and again. Those referral cards. If you take nothing away from B school except for those referral cards, that will make you 10 times what you invested in this program. I promise you that. If not a hundred times. Okay, so let's look at the buyer packet. And this one's a little bit out of order, but it has all of the elements that you need to have in your buyer packet. So this was a document. This is actually in reverse order. And I just couldn't figure out on my Mac how to do it. So you're done with the presentation. All we ask in return is your loyalty if you come across houses, FSBOs, whatnot. So let's go through the paperwork. So here's our VIP buyer loyalty agreement. This is the same document that I use when I just got into real estate. And it 100% works because it's benefit rich. It's not our state document. We don't personally. Our team doesn't have buyers fill out a state buyer agency agreement. So I don't know if there are special rules in your market, but these, this document, until we go under contract, is all that we use on our team. So here's our VIP buyer loyalty agreement. So as your buyer specialist, we will secure the best financing program for you. We'll provide you with regular updates from our Home Hunter service, so instantly when properties hit the market, you'll know about them and hopefully that great property will come out. We'll beat other buyers on it. We'll get your private showing of any property you see. But this also includes new construction, bank owned for sale by owners, open houses, you know, just let everyone know, including sales reps on site and FSBOs. Let them know that you're working with an agent. They'll pay our fees. There's no cost to you. So we'll discuss the best strategy for making an offer. We'll prepare an offer for you, present that offer and negotiate it. We recommend affiliates that are competent, that have done great work for other clients of ours and will always be available to answer questions for you. We'll negotiate a home warranty as part of the purchase agreement so there's no cost to you for that home warranty. We give you a cancellation guarantee. So it allows you to cancel this agreement. And if you're not happy and we haven't lived up to our promises, and then for up to 24 months of buying your home, if you're not happy, we'll sell your home for free. So for our services, we're paid a commission of 3.5% in a $5,000 minimum. The commissions are paid by the seller and they're negotiated as part of the purchase agreement. So you're basically giving us permission to ask the seller to pay our commission on your behalf if there's any commission deficiency. So there's a difference between the 3.5% and, and what they charge, and the seller's not willing to make up the difference. You will not be responsible for any shortfall. RE MAX Real Estate Experts charges a 695 transaction fee. It's for the internal processing of your transaction. You're basically giving us permission to ask the seller to pay this on your behalf. If they don't pay this, you will have to compensate us for this as part of your closing costs. But 90% of the time, the seller will pay for it. Just let us know which properties you want to want to see. And make sure you tell other agents, FSBOs, builders, whatnot, that we're representing you as your exclusive buyer's agents. It expires six months from today's date unless canceled by either party in writing. And then here's our cancellation guarantee. So other agents, if you sign any kind of agreement with them, there is no, there's risk in those agreements. So your agreement with us is risk free. So according to recent survey, more than 80% of home buyers were dissatisfied with the performance of their agent, even if that agent sold them a property. So we're not looking to be one of those agents. As your buyer specialist, you know, we want to find the right home as quickly as possible before the competition finds it. And we're so confident that we're going to kick butt for you. You know, we've sold hundreds of homes to people like you. We're going to give you the highest level of service, and our commitment is 100% to you. So confident in our system that we'll let you cancel our buyer's agreement at any time prior to submitting an offer to purchase. No penalties if you feel my service doesn't live up to my promise. And that's it.
