Buyer Brokers - How to Represent a Buyer as a Buyer's Agent at Auction:
To qualify as a "Buyer’s Agent" and earn handsome referral fees, a few simple steps must be followed:
Step One: Contact us to determine the referral fee offered for a particular auction as these fees can vary.
Step Two: Review the terms of sale for each particular auction as they relate to Buyer Broker Participation. Terms do vary from auction to auction.
Step Three: Be a licensed real estate agent in the state in which the property is located, or if licensed in another state, comply with the licensing laws of the state in which the property is located.
Step Four: Abide by the National Association of REALTORS® Code of Ethics.
Step Five: Register the client by certified mail, return receipt requested, on company stationery, which must be signed by both the buyer’s agent and the client confirming the Buyer’s Agency relationship. This letter must be received no later than five business days prior to the auction date.
Step Six: Ensure that the registration letter is received before the Buyer contacts the Seller or auctioneer, and before any inspection of a property by the Buyer.
Step Seven: If licensed in the state where the property is located, register and inspect the property with the client during a scheduled property inspection.
Step Eight: If an open outcry auction, attend the auction with the client.
Assuming that you client is the highest bidder and the sale closes you will have earned a referral fee!
