Who Does It Benefit and Why Should I Sign One?
The words “Client” and “Customer” seem pretty clear cut, but in real estate they mean completely different things to a Realtor®.
In Ontario all real estate agents are governed by the Real Estate and Business Brokers Act 2002, which became law in March, 2006. This law stipulates that as soon as possible after the first point of contact with a Buyer, a determination must be established as to whether the Buyer will be represented by the Agent as a “customer” or a “client” and there is a distinct difference between the two. That is why this determination must be made as quickly as possible as the Agent must be governed by the law as to how the Buyer is represented.
Many Buyers are reluctant to sign an agreement with their agent… and I believe the reason for that is … that it is not being fully and clearly explained to them. Here is a simplified explanation of how it benefits the Buyer.
After viewing this video you will know whether you want to be a “client” or a “customer.”