Buyers need to understand the new Buyer Rep doc
Buying a desert home; 2024: Rules will be changing for buyers and their agents probably in August of 2024. The main one for buyers agents, is that we will have to have our clients sign Buyers Representation Agreements. If you are looking to buy or sell in the Coachella Valley, contact Kim Kelly at 760-285-3578.
The Buyer Representation and Broker Compensation (BRBC) Agreement is a contractual document used in real estate transactions to establish a formal relationship between a buyer and a realtor or agent. The agreement outlines the terms and conditions for buying a desert home, under which the realtor will represent the buyer in the search for and purchase of a property. It also specifies the compensation the realtor will receive for their services.
I have had my license for 23 years, and have never used one of these agreements. I always figured that if my buyers liked and trusted me to help them buy a desert home, they’d use me. If they did not, they would choose a different realtor. No longer. Now, whenever I show a property to a prospective client, I have to list the property and they have to sign the Buyers agreement agreeing that I am working for them as their agent. The other thing that is changing is how we, as agents, are paid.
My job is strictly commission. Any expenses accrued by me as I work for my clients is on me. That means hours of computer work, then hours spent previewing, taking my clients on tours and educating them about the desert, are all out of my pocket. I love all that stuff! I love working hard for my clients, and many times I have represented buyers that took several seasons to decide on a property. The commission is always negotiable, but in the past, sellers have usually paid both their list agent’s commission and also the buyers agent’s commission, which has been shared in the MLS. There will be no more MLS commission agreements made public. Now, my buyers have to agree to possibly paying my commission, or contributing to it. What happens next? Stay tuned.. 2 acre property in the video offered at $1,245,000
