Everyone needs to make money.
We are all adults here. If you (a real estate sales person) have a legitimate buyer that only wants to work with you, you are most welcome to bring them to any property under a "Buyers Agency Agreement". This means that you will charge the buyer a fee if they are the successful purchaser of a FiSBO® property. The REAA 2008 allows you to work this way and you are able to recoup the expenses incurred from your buyer under this method.
Your fiduciary obligation is also not compromised as it sits firmly with your client and not the vendor.
The vendor does not need to sign an agency agreement or is liable to pay you a commission if your buyer actually purchases the property.
You may need to check with your sales manager or principal agent to make sure they are onboard with buyers agency agreements.
The only thing you need to do is disclose the buyer's details before visiting the property by email so the details may be added to the register for the vendors information.
When the buyer makes the bid via FiSBO® your details are inserted in the solicitors details (as per the image below) so you can draft the sales and purchase agreement if your buyer is the succesful purchaser.
Our hybrid auction works like this:
- Once a bid is made the system will call interest via txt message to all registered parties.
- The dollar value of all bids will be displayed in the public listing on FiSBO if the value is at the reserve price
- Buyer can out bid each other or change the conditions in their bid at anytime
- Unlike normal auctions , bids can include conditions so more buyers have a chance
- The vendor reserves the right to negotiate with any party.
- On the vendors approval they will approve one bid and the detail will be sent to the solicitors and you the agent to draft the sales and purchase agreement.
- Only one contract is needed
