It's always such a pleasure watching your videos. I have watched a few of them since all the changes occurred. You cover everything and make it so easy. Thanks!
Thank you again for this video. Im amazed that forms such as these that are now required overrides the written rule of "implied agency". I mean, if a principal/consumer/general public came to me to do "agent work" then implied agency has been created. I know that follow-up is required if implied agency has been created but if I showed a person a unit then I email the listing agent stating that I showed John Doe his house I believe that I have established the business relationship if that deal successfully closes if its the buyer that asked me in the first place. I have no problem being corrected in my statement if im wrong but if Im not then this just adds another grey area that the new rules have added when this is supposed to be more transparent... Just my take
The true purpose of the representation agreement requirement is about one thing only: buyer compensation. All this is an effort, due to the lawsuit, to move the responsibility away from the seller/listing agent and have the buyer agree to pay - even if the seller ultimately pays. It's a dog and pony show to solve the phony problem the lawsuit alleged.
One of the things that I find difficult with this set up is the immediacy with which the contractual relationship is formed. I usually like to see if I'm a fit for a buyer and vice versa before I ask to be their agent or in many cases I will reach a conclusion of recommending a different agent. I realize this may sound odd but this has been successful for me. If you get PSRA or BRBC signed and you realize as an agent that you are in a bad situation I'm assuming to get out of the relationship it must be mutually agreed upon?
Question 4 you: I assume the answer is YES. Do agents have to have potential buyers, whether exclusive or non-exclusive, sign either the PSRA or the Buyer Broker Representation agreement, in order to show them New Home builders? Or is it just for re-sales?
I can see a potential buyer using agents, signing this form, just to see homes and then those potential buyers do the same with other agents, again and again and you never hear from them again. Agents end of being door openers once again, even if this form is signed. It's a game for those types of potential or even looky-loo buyers. They do not intend to commit-exclusive with you as their agent.🤨
You're correct, but a good buyer's agent will relentlessly communicate with a buyer and not let them out of their grip. Tenacity will earn some buyer clients.
Para. 6B protects the broker compensation if there was "Broker Involvement." It's poorly written and I think this form should be avoided if possible. Use a BRBC instead.
Tell the buyer it’s a requirement because my organization was found to be in abeyance of federal law of the Trade Commission. You belonged to a national organization that committed crimes. But you looked into yourselfs and found your hearts to be pure. You killed the golden goose.
@@BalboaRealEstate It was only the largest financial crime in U.S. history. Your spreading of false propaganda isn't going to change the history books.
Great video! Thank you for the information. Is this a form that I can use on one of my listings when a buyer is un-represented and calls me to show them the property? Not an open house situation.
If in 4C6 if I put 30 days , that means if they cancel today , so for 30 days after cancellation my compensation is protected for the properties mentioned and am I still working for them for those 30 days?
That's right, but even if they cancel and you performed "broker involvement" prior to cancellation on one of the properties mentioned you are still owed compensation.
My husband and I signed BBRC and clicked exclusive. We see 4/5 houses whether ope house or not. Do I still need to sign PSA? Please reply at the earliest
Do you think agents from one brokerage will still be allowed to host open houses from another brokerage? I have done this quite frequently to attempt to get clients. Our broker is saying that NAR is going to frown on this practice now. And if we do so, everyone who walks through the door will have to sign a PSRA agreement. Not really a bad thing, actually, in my estimation if this is true.
A listing broker holds an open-house for their seller's benefit. So what if the listing agent has another agent at another brokerage hold it open? They could also have their unlicensed assistant open it up too. I don't see an issue with any of this. A buyer doesn't have to sign a PSRA to enter. A buyer is free to tour an open house unrepresented.
@@BalboaRealEstate Just to follow up: So, right now I work for Keller Williams Del Mar. However, let's say your brokerage wants me to host an open house at one of your listings. That's still okay as far as you know? I can still do this, as I have done for many years, and I do not need to get each visitor to sign the PSRA, or anything. like that?
It's always such a pleasure watching your videos. I have watched a few of them since all the changes occurred. You cover everything and make it so easy. Thanks!
Great Explanation! fast and clear. Thanks
Really nice video. Well done. Thanks!
Thank you again for this video. Im amazed that forms such as these that are now required overrides the written rule of "implied agency". I mean, if a principal/consumer/general public came to me to do "agent work" then implied agency has been created. I know that follow-up is required if implied agency has been created but if I showed a person a unit then I email the listing agent stating that I showed John Doe his house I believe that I have established the business relationship if that deal successfully closes if its the buyer that asked me in the first place. I have no problem being corrected in my statement if im wrong but if Im not then this just adds another grey area that the new rules have added when this is supposed to be more transparent... Just my take
The true purpose of the representation agreement requirement is about one thing only: buyer compensation. All this is an effort, due to the lawsuit, to move the responsibility away from the seller/listing agent and have the buyer agree to pay - even if the seller ultimately pays. It's a dog and pony show to solve the phony problem the lawsuit alleged.
Thank you 😊
One of the things that I find difficult with this set up is the immediacy with which the contractual relationship is formed. I usually like to see if I'm a fit for a buyer and vice versa before I ask to be their agent or in many cases I will reach a conclusion of recommending a different agent. I realize this may sound odd but this has been successful for me. If you get PSRA or BRBC signed and you realize as an agent that you are in a bad situation I'm assuming to get out of the relationship it must be mutually agreed upon?
No, you can unilaterally terminate if you feel like it's not a fit.
Question 4 you: I assume the answer is YES. Do agents have to have potential buyers, whether exclusive or non-exclusive, sign either the PSRA or the Buyer Broker Representation agreement, in order to show them New Home builders? Or is it just for re-sales?
Great question! You're correct, the answer is yes.
I can see a potential buyer using agents, signing this form, just to see homes and then those potential buyers do the same with other agents, again and again and you never hear from them again. Agents end of being door openers once again, even if this form is signed. It's a game for those types of potential or even looky-loo buyers. They do not intend to commit-exclusive with you as their agent.🤨
You're correct, but a good buyer's agent will relentlessly communicate with a buyer and not let them out of their grip. Tenacity will earn some buyer clients.
Cancellation effective immediately? How does the buyer cancel? If they cancel immediately, what protects the agent?
Para. 6B protects the broker compensation if there was "Broker Involvement." It's poorly written and I think this form should be avoided if possible. Use a BRBC instead.
Tell the buyer it’s a requirement because my organization was found to be in abeyance of federal law of the Trade Commission.
You belonged to a national organization that committed crimes.
But you looked into yourselfs and found your hearts to be pure.
You killed the golden goose.
A representation form is a realtor requirement, but no one is required to hire a realtor. NAR may be flawed, but they didn't commit a crime.
@@BalboaRealEstate It was only the largest financial crime in U.S. history. Your spreading of false propaganda isn't going to change the history books.
Great video! Thank you for the information. Is this a form that I can use on one of my listings when a buyer is un-represented and calls me to show them the property? Not an open house situation.
Yes, that's exactly it.
If in 4C6 if I put 30 days , that means if they cancel today , so for 30 days after cancellation my compensation is protected for the properties mentioned and am I still working for them for those 30 days?
That's right, but even if they cancel and you performed "broker involvement" prior to cancellation on one of the properties mentioned you are still owed compensation.
@@BalboaRealEstate thanks a lot
If a buyer wants to put an offer on one of these properties, do we need to sign BRBC also or this is enough?
This is enough.
real life info
My husband and I signed BBRC and clicked exclusive. We see 4/5 houses whether ope house or not. Do I still need to sign PSA? Please reply at the earliest
No, the PSA is always optional. You are already represented. You are not required to sign anything to see a home.
Do you think agents from one brokerage will still be allowed to host open houses from another brokerage? I have done this quite frequently to attempt to get clients. Our broker is saying that NAR is going to frown on this practice now. And if we do so, everyone who walks through the door will have to sign a PSRA agreement. Not really a bad thing, actually, in my estimation if this is true.
A listing broker holds an open-house for their seller's benefit. So what if the listing agent has another agent at another brokerage hold it open? They could also have their unlicensed assistant open it up too. I don't see an issue with any of this.
A buyer doesn't have to sign a PSRA to enter. A buyer is free to tour an open house unrepresented.
@@BalboaRealEstate Thanks. I'll press my broker on why he believes this to be true. It might just be a personal preference for this particular office.
@@BalboaRealEstate Just to follow up: So, right now I work for Keller Williams Del Mar. However, let's say your brokerage wants me to host an open house at one of your listings. That's still okay as far as you know? I can still do this, as I have done for many years, and I do not need to get each visitor to sign the PSRA, or anything. like that?