Buyers/Tenant Agency Agreement

DO NOT SIGN IT!!!!!

They are wanting to do exactly as you are saying, tie you to them so that you can work with them and them only. Then, if they end up not performing in the way you need them to, you are stuck.

Again, read my first line!

Karen

You answered your question,you do not want to be locked in or have your
hands tied in anyway like that.Business is business,it seems like another
agent would be you best choice(just my 2 cents).

if she and her company will be working exclusively for you and will they sign a contract to that effect. If not, then they should understand why you will not sign their contract. Simply makes no sense from an investors point of view. Good luck with your investing.

Sandi C.

Thanks to you all for your advice. I told her i was not going to sign and she said that she would send us a non-exclusive contract but later told us there is no such thing in Maryland and Virginia. So her next plan is to put a non-exclusive clause in the original contact saying that we would not be exclusive to her or her company. What do you think of this?? The only reason i am still dealing with this issue is i have been trying to find a decent agent for a while now unsuccessfully. I like this woman i just don't like the contract situation.
HELP!!!

Louise

I have and will continue to sign these contracts with an agent when they are property specific. One property at a time only. I don't blame the agent for wanting exclusive rights on a property she brings you. It is kind of like a non circumvention agreement. But, the contract MUST be specific to a single property only.

Mrs Agent, you bring me a deal that I offer on and I will sign the agreement for that property only. If YOU can supply a pipeline of deals why would I use anyone else? In the mean time I will be working with multiple agents. I will not be tied to any one agent or agency. Simple, the end.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Thanks for the input. I am planning to assign or double close on the properties i find from her. I have told her what i plan to do. She seems to be worried that she will not get paid. She must know that the seller will be paying the commissions. Correct?? She also has a broker flat fee of $695 that she expects the buyer to pay for work done (searching and sending properties from the MLS). This is the first time i am using an agent to find properties. Is this common for Maryland? I am located in Virginia. What do you think about her idea of adding a non-exclusive clause to the original contract?

Thanks

Louise

The agent is worried about the deal actually CLOSING. Not if she will get paid. She knows she will get paid if the deal closes. Her concern is your ability to actually provide a buyer that will close and the whole thing not be a waste of her time. Zillions of newbees waste agents time every day. Agents work for a living to, we must all remember this.

Once you close your first deal she will be your best friend!! It is just getting over that hump that is difficult for new investors trying to wholesale properties while using an agent.

I would not pay a $695 fee upfront to any agent. I would tell her that if she can supply the killer deals she will not have to worry about a fee!

Michael

Thank you so much for your help. You make a lot of sense.

Louise