My wife/realtor says it's basically a non issue.
All the contract really says is that if this agent shows you a specific house and you end up buying that specific house, he gets the commission. You can fire him or work with other agents simultaneously....but if he brings you the house you end up buying, he gets paid, regardless of who you are currently working with.
My wife doesn't use these, fyi.
Way more important is: does this agent own investment property themselves? Would you follow the advice of stock broker who didn't own stock?
If you want to use the agent, tell him you will sign a rep. agreement that is property specific. In other words, you're ONLY obligated to his broker for the properties the agent physically shows you, not any properties you find on your own and not any properties shown to you by other agents/brokers. If he won't agree, time to find another broker/agent.
In Texas, you can can't terminate the buyer rep. agreement unilaterally unless the contract specifically authorizes you to do so, which is why you should read the buyer rep. agreement you're signing VERY carefully as you will likely find you're more obligated to the broker than you think.
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing