Exclusive Right to Represent Buyer Agreement: Garrett Realty Partners
- Adam Garrett
- Apr 15, 2023
- 1 min read
Updated: Feb 25, 2024
A common buyer brokerage agreement used in VA that those at my firm, Garrett Realty Partners (GRP), used to use is the Virginia Association of Realtors (VAR) Exclusive Right to Represent Buyer Agreement. I found that it wasn't ideal, and my dad (Greg Garrett, CEO of GRP) felt the same way. GRP now has brought back their own exclusive right to represent buyer form as of 2023. Below I'll be sharing the VAR agreement & the GRP agreement. Another option is the VAR Non-Exclusive Right to Represent Buyer form, which goes into more detail than this article on the meaning & content of the form. Since GRP discourages non-exclusive agreements and they are not common at GRP, if someone wishes to sign a non-exclusive agreement, the VAR form is available for use.
(Not used at Garrett Realty Partners as of 2023) Virginia Association of Realtors (VAR) Exclusive Right to Represent Buyer Agreement
Garrett Realty Partners Exclusive Right to Represent Buyer Agreement
The below is no longer being used at GRP.
One of the main differences between the following agreement and the above agreement are:
"Dual Agency is not permitted at Garrett Realty Partners unless specifically authorized by the Principal or Managing Broker."
Adam's additions:
1. I typically don't serve buyers purchasing under $150k, but when I do, I require a minimum of my typical % based on $150k rather than based on an amount below $150k.
2. When I represent a buyer, I believe that it's important to be transparent about my hours, especially the fact that I don't do real estate on Sundays, save limited urgent matters.
3. When I represent a buyer, I believe that it's important for the buyer to be transparent about any area where they would wish that I would do something differently.
Due to anti-trust regarding commissions, the % minimum commission is not published here. Ask Adam for the rate if considering him. The rate for properties under $150k for Adam are the same % for properties above $150k except based on $150k rather than the lower priced amount.
Differences Between GRP Exclusive Right to Represent Buyer Agreement & VAR Non-Exclusive Right to Represent Buyer Agreement
In addition to the differences between the VAR and GRP exclusive agreements, a non-exclusive agreement is one where a buyer may see properties and make offers in many cases independent of their buyer's agent, or where they may work with many different buyer's agents. GRP policies apply for GRP agents whether included in writing in the agreement or not (i.e. the rules on dual agency). If working with Adam, he includes the minimum compensation provision similarly in the VAR non-exclusive agreement. For more details on the VAR Non-Exclusive Right to Represent Buyer agreement, go here.
Transaction Coordinator Fees (NA for Adam)
A common additional fee that buyer agents can charge is a transaction coordinator fee. I don't charge one of these. While the amount can vary when an agent is charging it, around $400 may be the median. If you're working with another agent, sometimes this amount is present in a buyer brokerage agreement, and sometimes it's not. It always should be if an agent is charging it. If an agent says that the seller can pay for it, keep in mind that it would be considered a concession, that impacts the seller's net, and would hurt negotiations, all other factors the same, vs a competing offer as well as vs a solo offer scenario's chances of acceptance that didn't request that $400ish (whether alone or as part of other concessions).
Related: Competing Offer Spreadsheet
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