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Just 8 years ago, the Bahamas Multiple Listing Service better known as the MLS was introduced and implemented in the Bahamas Real Estate Industry. That introduction became a game changer. Yes, I know you’re probably thinking why are we discussing the Bahamas MLS (Bahamas Multiple Listing Service) in a blog post titled Buyer’s Agent Agreement. Here’s why the only Exclusive Agreement in The Bahamas Real Estate Industry to date is the Exclusive listing MLS Form. I think it’s safe to say we need another one…The Buyer’s Agent Agreement.
A Buyer’s Agent Agreement is an agreement between an Agent/Broker and a purchaser/buyer. This agreement basically contracts the agent/broker to the buyer for an agreed upon time to represent him/her in their real estate purchase and guarantees a commission for the agent/broker. However, there are so many more benefits that are associated with a Buyer’s Agent Agreement for both Agent/Broker and Purchasers. The Bahamas Real Estate Industry was once in need of a missing component prior to 2008 (the introduction of the Bahamas MLS) and now we are in need of another missing component in our industry. Many other Real Industries around the world such as in Canada, The USA and Europe has the Buyer’s Agent Agreement as Industry standard and the Bahamas should too.
Find out how much more efficient we can operate with a Buyer’s Agent Agreement in my next blog post.
Samia Donaldson
421-1084
samia@bettermcrbahamas.com