I am currently getting listings sent to me buy 2 different RE agencies that would be representing me as “buyers agents” if I was to go look at a property with them. I was told by one of the agents that I cannot be represented by 2 agents in the same area. Is this true, or is this person full of it.
It’s true as far as I know. Did you sign a contract with both? Did you read what you signed? Of course if you didn’t sign anything I don’t think you’re breaking any rules, you would have needed to sign paperwork that said they were representing you.
You can’t be represented by two agents on the same deal. Only the agent that produces a ready, willing and able buyer will get paid. There is only one in any transaction although this is the greatest reasons for lawsuits.
You need to see what kind of contract you may have signed. Some buyer’s agents will lock you in by saying that you’re working with them exclusively for a certain period of time. They’ll work harder for you this way because they know that if they find the right house for you, they’ll get the commission. Now I hope you didn’t sign two contracts like this because I don’t know how that would settle out as you’d be stuck owning two commissions… I suppose in that case you would fire one agent, like sending them a certified letter or at least something to document that you did so and then go with the other agent.
If you don’t sign anything, you can shop around for whoever you feel comfortable with, and the agent that shows you the house you buy is the one who will get the commission. If you later go back and see the house with a different agent, you can open up a whole can of worms for that particular agent. There’s a possibility he won’t get paid or at least get stuck in some fight to get paid.
Thanks for the replies. I haven’t signed anything with anybody. Right now I am merely getting listings sent to me by the 2 agents for possible leads. So I haven’t viloated any law, rule or code I imagine. I am just starting out in RE investing and until I start marketing myself and my services that will put me directly in contact with sellers, I am using the buyer’s services to generate leads…any feed back on using buyer agents? My assumption is that the less agents you have to deal with in finding RE deals the better. Thanks again guys for the replies.
If that’s the case then game out, let 1000 realtors send you leads. Just don’t sign any exclusive rep contracts or you’ll be up sh*t’s creek without a paddle. Around here most agents won’t show you a darn thing without one.
Ps- When I first read the topic title I thought you might be a CIA spy.
hahahah…no, no military backround. I do play a mean game of Risk though. Thanks for the response. Like I said before, I am new to RE investing and I am trying to learn as much as possible. Between the courses, the tele-seminars, the emails, phone calls, looking at properties etc. my head is spinning. It’s sites like this that certainly help though.
You can work with as many agents as you want. Keep in mind that if you don’t have a buyer broker agreement with them you are a customer, not a client. That means if a great deal comes along the way, they may be obligated to share it with a contracted client before you.
I divided a map into 4 areas and signed a buyer broker agreement with 4 agents. In ‘other terms’ we stated the contract was specific to a geographical area (we listed 3 or 4 towns).
Some of the agents were actually greatful they didn’t have to show houses two towns away. Why show 1 house to me in 1 hour when they can show 4 in an hour to another client locally. Yes, some agents do like to stick close to their home area.
Plus local agents know their areas better.
So you can work with whomever you want under whatever circumstances you agree to so long as it is spelled out in the contract.
You can also contract with an agent to look at one single property and never use them again.