Does an interested buyer need a signed BRBC to tour an Open House?
When you do an open house, you are there representing the seller, and as your representation of the seller, there is no obligation that if an interested buyer walks through the door that they have with a BRBC. Again, there is no expectation of them having a BRBC signed with that buyer in order for them to tour that open house.
But if that relationship extends itself and….
- They ask you to write an offer for the house you’re holding open, or
- They ask you to tour additional houses
The relationship has been extended beyond just touring that house, and a BRBC will be required.
Does Dual Agency still exist?
Yes. It can happen in a few ways.
There is Dual Agency at the broker level, meaning an agent from the same brokerage represents the seller, and the buyer is represented by an agent from that same brokerage.
Dual Agency also exists at the agent level, when the agent represents both the buyer and the seller; nothing within the settlement changes any of these dynamics.
Is this the end of real estate as we know it?
Yes, it is the end of real estate as you know it…
but it is not the end of real estate. It is not the end of the buyer agency; it is not the end of the business. It is just a new way of doing things. It’s different. It’s not difficult. It is just a process of being more transparent to the buyer side. You’ll probably have to get used to doing buyer-side presentations just as you do listing presentations, and in the process, you will have to delineate your value and outline what it is you do. For example, a recent survey shows that most buyers think you spend 8 to 10 hours on a deal when the actual number is 80 to 90 hours.
