A B.R.A. is a Buyer Representation Agreement that defines the nature of the relationship between you and the Brokerage and how the real estate agent will represent your best interest. It describes the relationship between the homebuyer and real estate agent in a very transparent manner, defining agent fiduciary duties toward you, timelines, and the length of agreement.
How does it help me as a homebuyer?
A B.R.A. ensures your realtor is dedicated to find you the right property and negotiate the best deal for you. With a B.R.A., your realtor is accountable to meet the agreed requirements and owes you diligence to find homes that suit your criteria, show them to you, provide you with past sales comps, etc. The brokerage also owes you a full disclosure of all information known to the brokerage about a particular property.
It provides piece of mind that your best interests are protected. You get reassurance that everything that is part of the agreement will be honoured. All clauses listed in a B.R.A. help ensure that you receive expert, professional advice and service from your realtor.
Perks and benefits
Once you sign a B.R.A., your agent will go above and beyond to find you what you are looking for. They will conduct a Comparative Market Analysis (which means examining the home prices under the current market conditions) to help you understand if a home is overpriced or if it is a bargain and how much room there is to negotiate certain conditions. Your real estate agent will show you properties that are in line with your expectations and budget, guide you through the different stages, and when the time comes, prepare offers that protect your best interest. Your agent may also present you with homes that are not yet officially on the market if the opportunity presents itself and gain you a V.I.P. insight.
All of these steps have helped numerous buyers land a home at favorable conditions, and you as a homebuyer deserve to use every benefit that will advance your home purchase.
The professional service of a Buyer Agent
You will not be obligated to pay any commission as a homebuyer (the commission remains covered by the seller through the listing agent). Obtaining these professional highly valuable services for free is certainly something to consider. The purpose of a Buyer Representation Agreement is not to get you to pay for the service nor does it mean you are pressured to buy a home; it just represents a sign of loyalty and mutual trust and respect.
What does it mean for a real estate agent?
The contract provides a certain guarantee to your agent that their time and commitment invested in you will be honored for the duration of the contract. Agents simply want to know that their efforts and commitment on your behalf do not go to waste after a couple of months of collaboration, i.e., they do not want to see you switch to another agent or brokerage after they invest their time, energy and money into finding you a home. Agents are also more motivated to work for you and cater to your every need once they commit to you through a B.R.A. as they will cherish the trust you put in them.
Hussain Al Hasani has been in the business for many years, helping numerous clients get through a transaction successfully. Click here to see what you can get by working with Hussain. Also, click here to see what his clients have to say about him.
If you want to discuss your home buying options in more detail, regardless of what stage of the buying process you are at, reach out to Hussain Al Hasani for a detailed market evaluation and everything else you want to know about buying a home in the G.T.A. Whether you are one year away from buying a home or actively looking, Hussain can help you prepare for one of the biggest and most important investments of your life.