The foundation of our service is forged by solidifying an exclusive agency relationship, on either side of the transaction. We are licensed to represent a buyers, sellers, tenants (lessees), and landlords (lessors) alike.
What is Exclusive Agency?
Let’s first define a “brokerage agreement”, which is a written agreement between the client (you) and sponsoring broker (Homesaber), setting the foundation for our relationship and creating a legally recognized fiduciary relationship. This agreement spells out responsibilities of both parties. It is important to differentiate between the different types of agreements available to you:
- Exclusive Right to Sell (or Lease) / Exclusive Right to Represent (Purchase/Acquire) – This is the highest form of service we offer. This obligates the client to work solely with Realtysaber, allowing us to provide you with our full suite of services. On the flip-side, the client also agrees to compensate their broker in the form of commission, no matter who brings the offer to the table.
- Exclusive (Seller) Agency / Exclusive Buyer Representation – Just as above, the buyer or seller agree to work solely with Homesaber, and we provide you with our full suite of services. However, if the seller finds their own buyer, no commission is owed to us (but will still likely owe commission to the buyer’s agent). This is often the case when there is a preexisting interest in the property (such as a friend or relative who has expressed interest). This should be clearly disclosed by the seller before entering into this type of contract. On the purchase side, you don’t often see this type of contract for one simple reason: the seller is likely the party who will fulfill the compensation of the buyer’s agent. For this reason, contracting an agent on the buy side often results in no financial obligation to the buyer. As a buyer, you are still free to search the internet high and low for your dream home, but if you would like our help to negotiate, this is not the type of contract for you.
- Non-Exclusive Agency / Open Agency Agreement: With this type of agreement, you are allowed to work with more than one brokerage. As a seller, you contract with multiple agencies to market and sell your home, and as a buyer, you contract with multiple agents to find you a home. This is least common type of agreement because it does not allow us to provide you with our undivided attention, and full suite of service. This is very common with brokers, because it does not guarantee compensation in exchange for time and effort.
At a minimum, all brokerage agreements must include the following services:
- Accept delivery of and present to the client offers and counteroffers to buy, sell, or lease the client’s property or the property the client seeks to purchase or lease;
- Assist the client in developing, communicating, negotiating, and presenting offers, counteroffers, and notices that relate to the offers and counteroffers until a lease or purchase agreement is signed and all contingencies are satisfied or waived;
- Answer client’s questions relating to the offers, counteroffers, notices, and contingencies.
As part of this agreement, Homesaber will assign you a designated agent (hence the term Real Estate Agent). You are free of course to choose your own agent if you already have one in mind. Take a few minutes to browse through each agent’s profile to find one who best suits your needs. Read more on Agency, as published by the Illinois Association of Realtors: The Consumers Guide to Real Estate Agency in Illinois.