In BC some Realtors representing buyers will ask clients to sign an exclusive buyer's agency form. What prompted this, of course, was to help create loyalty with one realtor rather than using the services of countless ones (all not knowing about the other). In theory, it is a very sound practice to use the services of one trusted realtor. That's why MLS is so wonderful because any realtor can show you all listed properties regardless of the listing brokerage.
Where this fails is if you're rushed into signing this form prior to having "courtship" time to see if you in fact love the realtor! If you sign right away, then discover the realtor doesn't "get you" or listen to what you need, you are still legally bound to use their services.
Personally I don't use these forms although the industry is leaning heavily in the direction of using them.
While on the topic of loving your realtor I would encourage you go with your instinct on whether any particular realtor is right for you. I can't tell you how many times I've heard people say that at the listing presentation they were so impressed....but once they'd signed a contract they never heard from their realtor until it was time to sign and extension....no feedback, no communication about the process. Even WORSE are the Realtors who, once paid, can never more be reached!
When I managed an office I often remarked that if you were ever lonely you need only let an office supply company know you're thinking about a new photocopier! My, my, what upfront attention you get! The proof of the pudding however is in AFTER SALES SERVICE! Who is standing by you when you need them?
My recommendation to you as buyer or seller is to look for:
1. A full time realtor
2. A realtor with exceptional and timely communication skills
3. A realtor who wants a marriage not just a wedding (in it for the long haul through thick and thin with you)
4. A realtor who is well respected with their peers and colleagues. (Do you really think the smart ass bully has established good rapport with Realtors on the other side of your deal??)
Don't just buy "the spiel" use your sound judgement and feel free to ask the questions that are meaningful to you! And, until you're confident that you've found someone who views this as a service profession don't marry them! There really are plenty of fish in the realtor sea!
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