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Someone says “I want to make an offer” on one of your listings (or a listing that you are showing for a Front agent – like an open house)

  1. Ask the potential buyer if they have representation

    1. If yes, then send the potential buyer back to their agent to make an offer & follow up with that agent until offer received – END of communication with buyer

i. If they say they’re not sure, they need to go back to the agent they are unsure about and ask specifically if they have a signed buyer representation agreement before moving forward

ii. If they are repped by a Front agent on an existing buyer rep, then still send the potential buyer back to their agent to present to Amy for intermediary assignment then make an offer

  1. If no, then present completed IABS form to the potential buyer before “first substantive communication concerning specific real property” & explain we are representing the seller

i. If they sign it, take a picture/scan for your file & leave them with the original OR leave them with a second completed copy

ii. If they don’t sign it, document the place, time & method of delivery that you presented to them & add to your file

  1. Ask the potential buyer if they want representation

    1. If yes, then ask if they want representation with another brokerage or with Front

i. If they want with another brokerage, then find another agent at a different brokerage to represent, negotiate referral fee (if any), provide referral form & follow up with that agent until offer received – END of communication with buyer

  1. Once offer is received, discuss referral fee with your client seller during offer presentation

ii. If they want within Front, then find another Front agent to represent, negotiate split & limited or broad representation, discuss nature of relationship/fee with your client seller to confirm OK & present to Amy for intermediary assignment approval prior to writing buyer rep or offer

  1. Once intermediary assignment is approved, follow up with that agent until offer received – END of communication with buyer

  1. If no, then present Unrepresented Buyer Statement form & explain limit if asked

i. They’ll need to sign this with IABS to move forward here, once signed, take a picture/scan for your file & leave them with the original OR have them sign digitally so they’ll have a copy

  1. If the potential buyer says they don’t know if they want or need representation, you should let them know this is a big decision that they can research or talk to an attorney about before they decide

  2. If the potential buyer asks if they’ll “get a better deal” without representation, you should give them factual information about the fees already negotiated on the listing agreement

  1. Facilitate with documenting the offer the potential buyer wants to make including making home available for showing(s) if necessary without providing any advice or opinion

  2. Present & work offer to closing for your client seller and provide advice or opinion if necessary toward fulfilling your fiduciary duty to the seller

Unrepresented Buyer Statement
.pdf
Download PDF • 30KB

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