Part 7: What is a loyalty agreement?
Whew! It’s the end of the journey. The finding an agent and beginning the search part at least! You’ve finally arrived at the signing stage of hiring a Buyer’s Agent.
Don’t remember what a Buyer’s Agent is?
They’re your eyes and ears on the market, constantly on the hunt to find you home sweet home match.
They’re also the ones that negotiate the contract for you as the process moves along.
Why would you want a buyer’s agent?
Years of experience
Connections and rapport in industry
Availability to schedule appointments
Early access to information
Free of charge to the buyer
Now let’s get back to what this article is about.
What’s a Loyalty Agreement?
In simple terms, a loyalty agreement is stating that the “buyer” is giving exclusive rights to the “broker” to locate and procure property for them.
In the end, the buyer has the ultimate decision to pursue or place and offer on a property or not.
It’s important to have a loyalty agreement with an agent. You can hand over our business card and we can take the discussion with other agents from there and advise you along the way.
For example, you’re driving on a breezy Sunday afternoon and you see an open house sign, you may decide to go and take a look. Agents hosting the open house are going to be there looking to make a sale (because that’s their duty) and we know that.
So if you contact another agent directly it immediately gets rid of our negotiating power. If you mention something that indicates you’re willing to pay more, or compromise, or anything else that benefits their own client they’re representing, they’re going to look to get their client a higher profit.
We want to save you money. So we’re going to communicate your needs in the best way possible to make that great deal happen.
If you attend an open house and they have a sign in sheet you can always use your agent’s contact information. Just simply let they agent representing at the open house know that they can contact your agent with any information.
Can I cancel the agreement?
Sometimes things happen and you may want to back out of the loyalty agreement. We understand. We at Lori Alvarez and Team offer a 24 hour clause. So all you need to do is tell us within 24 hours of signing the contract that you don’t want to continue the process.
“You just got to give us notice. Simple as that.”
Why would I back out of a loyalty agreement?
So what things may happen that make you want to back out?
You find another realtor
You change your mind on purchasing right now
It’s just not working out
Wondering what to do next? Or what else there is to do and understand? Well, keep a look out for the next series covering more topics!
Do you want more details into this real estate world? Leave us a comment below so we can answer your questions and better inform home buyers like you in the future!
Want a sneak at what this Buyer’s Consultation is like? Check out the video below!
We hope these tidbits help you on your journey!
Feel free to contact us at Lori@lorialvarez.net and Follow Us to Your Dream Home or call us at 909.227.4196.
Thanks for reading this Buyer’s Consultation series! We hope it was useful to you.
Disclaimer always verify all the info with the licensed professional of your choice and make that us! ☎️ Call us at 909-227-4196!
Hasta Pronto! Lori Alvarez & team, kw Realty dre 01794115