The term buyer’s exclusive real estate agent is not very well known in Spain as it is an activity that originated in the United States and has been taking shape over the years until it reached our country.
We all know that looking for a property that suits what we want, need and our pocket is not an easy task. With this contract, the buyer will save time and avoid many headaches.
This exclusivity is a guarantee of efficiency for the client and confidence for the exclusive real estate agent. It ensures greater possibilities that the sale is concluded at the best price and in the best possible time.
Since the agent is remunerated through the purchase of the client, his interests are aligned with those of the buyer.
More and more real estate agents are signing up to the exclusive buyer’s real estate agent modality for several reasons that we will see below.
WHAT IS A BUYER’S EXCLUSIVE ESTATE AGENT?
An exclusive buyer’s agent is an agent who has entered into an exclusive contract with a client interested in buying a property. He is therefore the sole agent in relation to this client and cannot use any other estate agent without the collaboration of his exclusive buyer’s agent.
This allows the buyer’s exclusive estate agent not to be in competition with another estate agent and allows him to be fully involved for his client for a period of a few months, or until the exclusive estate agent finds the property his client wants.
This contract between buyer and exclusive estate agent offers a higher quality of service than a simple collaboration, because it guarantees an optimal and assured quality of service.
HOW DOES A CONTRACT WITH AN EXCLUSIVE ESTATE AGENT WORK?
When a buyer signs a contract with an exclusive estate agent, there are several phases.
Phase 1 : Finding an exclusive estate agent to suit the buyer’s needs
It is important that we know how to choose our exclusive estate agent, not only because he/she is a person we trust and with whom we connect, but also because he/she knows how to advise us and see the possibilities we have according to our lifestyle, health and financial situation.
Phase 2 : After finding the buyer’s exclusive real estate agent
The contract “BUYER’S EXCLUSIVE REAL ESTATE AGENT CONTRACT” will be drawn up. In this contract all the clauses, requirements of the buyer regarding the characteristics of the property and time will be written down. In the same way, the requirements of the exclusive real estate agent, times, transparency in order to work in the most productive way possible, flow of information, commission in the case of reaching the objective, commission in the case of cancelling this contract and being remunerated for the time invested in the search.
It is interesting to note that the characteristics of the property may vary as the process progresses. It is very common for a client to have an initial idea and to modify it as he/she visits properties or discovers the real estate market in the city where he/she wishes to purchase the property.
Phase 3 : Search for the ideal property by the buyer’s exclusive real estate agent.
The task of looking for possibilities for the buyer begins, always bearing in mind that the minimum requirements indicated by the buyer are met. Talking to the buyer, finding out what they like about this property and what they don’t like about this other property, will help us to find their ideal home or we can even accompany them in the process of changing their initial idea.
The buyer can also search for properties on their own and send us the links or photographs of those properties they like, this will make our job easier.
Phase 4 : Visits by the exclusive real estate agent to the selected properties
The exclusive real estate agent will act as the eyes of the buyer, he must internalize his expectations as well as apply his critical eye with the pros and cons of a home.
Phase 5 : Accompaniment of buyer’s visits by the exclusive real estate agent
Once the homes that are going to be visited by the buyer have been selected (once they have been visited by the exclusive real estate agent), real estate agent and buyer will be carried out jointly. These visits are very important to know in depth what the buyer is looking for.
Phase 6 : Choice of purchase and investigation of problems with the property by the buyer’s exclusive real estate agent
If one of the properties visited was an option for the buyer, now is the time to obtain as much information about it as possible. You can make a request to the seller, a simple note to the registry to know the state of the house.
Phase 7 : Negotiation of the buyer’s exclusive real estate agent with the seller
Once a firm decision has been made, it is time to negotiate. The exclusive real estate agent must reach an agreement with the seller of the property, always ensuring the maximum benefit of the buyer.
Phase 8 : ARRAS contract by the buyer’s exclusive real estate agent or the collaborating real estate agency.
We will formalize the purchase-sale agreement through an ARRAS contract between the buyer and the seller. In the ARRAS contract we will capture the purchase conditions, such as the signal to be delivered by the buyer or the times to sign before a Notary.
Phase 9: Signing before a Notary
The real estate agent may attend the signing before a Notary at the request of the buyer, since he acted on his behalf at all times.
For more information on hiring an exclusive real estate agent contact us.