Realtor Protocol???

Don't worry about them... Go out and make some OFFERS!!!

Thanks for the reply!

I should of been more specific with regard to "paperwork."

I meant the "paperwork" required between me and the realtor entering into a fiduciary agreement as their client working on my behalf.

I have three realtors lined up that I suspect will jump at the chance to work with me; however, I am not sure if they'll require me to sign on with them with an "Exclusive Buyers Agreement." I have NOT officially asked them yet...wanted feedback from the forum first. Today I will contact our local Board of Realtors for the answer.

BOTTOMLINE: Does anyone have more than one RE Agent/Realtor working with them looking for deals and if so, how did that work out?

Thanks again!

Ron

Yes, you're probably going to have to sign paperwork with the realtor regarding them being exclusive. What you do is, you give one realtor that is very familiar with a particular zip code their exclusive right, the next realtor you give them an exclusive right to another geographic area, etc. You be upfront with the realtors. I'm kind of lucky because I'm in a small valley, so anything outside the valley is fair game. I'm looking to expand outside my small valley, so I'll find another realtor who can handle the new areas.

As Kimmy stated, you will need to be upfront with agents, if you are going to use more than one. Most agents in my area don't require an exclusive broker agreement. If an agent sends you a listing, and you have another agent represent you on the purchase, the original agent has a legal claim to the commission (the seller is only going to pay one, the other would be your responsibility). To avoid legal issues, I would set up boundries or limitations to each agents coverage (in writing).

Good Luck, Al

Can u explain in further detail my responsibility in the deal? I thot the seller/lender was responsible to pay both seller/buyer agent fees? Thanks!

I think what alchristmann was saying is that if you have one selling agent, but 2 buyer's agents the bank is only going to pay 1 of those buyer's agents not both. The bank will pay 1 buyer's agent and 1 seller's agent. If you had more than 1 buyer's agent working for you and they both brought you the same deal, both of them would be entitled to the comission. The bank is only going to pay one buyer, so you would be responsible for comission of the other buyer's agent. That is why you want CLEAR geographic boundaries set for each agent you're going to use. And it should be in writing, so that if something like this does comes up, you can refer back to the agreement and the boundry areas.

One RE Agent is restricted to pretty much one area. For example: If you buy a property in San Antonio, TX, the same agent will have no clue about Austin's market, and so on. Sometimes your local agent, can even help you and refer you to other agents, as long as you tell them upfront what you are doing and what your game is. At least that's what has happened with me.

Thanks,Kimmy
You said it so well, maybe I should just keep my mouth shut. The agent who did not close the deal would probably not demand payment(I know of some who have), but they would definitly not work with you again.

Al

Perfect...thanks everyone...this is precisely the feedback I was looking for.

Now I feel a little more empowered if and when approaching my potential realtors, which by the way will be in different zip codes.

Ron