We posted an add and had a buyer reply for more information. Quickly we worked hard and had them on the phone with a lender and in the office for a consultation with in 48 hours. I went over every aspect of buying a home and spent from 5pm to 8pm on a Friday night reviewing homes ideas, process and how we work had to negotiate for them. I explained to them the importance of a buyer broker not only for me but for them as a buyer Virginia is a buyer broker state, I you do not work for the buyer then you clearly inform the buyer they are not represented in the transaction. I prefer to work under buyer broker and thus explained to them after the 1st tour I will expect them to have some loyalty to my team before we continue to work for them.
This is the email I received:
It was definitely a pleasure meeting you; I can clearly see why your business has been so successful throughtout the years. We appreciate you taking your time out to assist us in our endeavors. We understand your reasoning for enforcing a buyer/broker agreement and agree that it is a wonderful tool for a broker to use to ensure better results. Consequently, as a buyer we feel slightly disadvantaged as it relates to thus said agreement, so as a precautionary measure and an effort to remain free agents, we will not bind ourselves to a formal contract in order to utilize your services. You informed me to give you a decision after viewing the properties tomorrow, but I felt it best to share our thoughts before hand.
Its a tough market, and to give up a ready willing able and qualified buyer is not an easy task. After 10 years of doing this I have been burned more than once jumping at a sale with out doing it properly. I'm sure I offended the buyer and maybe even made them mad. There is no way I'm going to take time away from my clients who know love and trust me and I'm certainly not going to take time way from my family for someone who cannot at least give me a few weeks of exclusivity.
Tell me what would you have done ?