Buyer Specialist Agreement
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Why have a Buyer Specialist Agreement?
A Buyer Specialist Agreement is a type of 1099 contractor agreement, designed specifically for real estate agents. Although the agreement with your broker discusses how to allocate commission gross income (CGI) between the broker and your Team, a Buyer Specialist Agreement will deal with the commission splits with the Buyer Specialist. Will you offer different commission splits based on the lead source? For example, you might choose to pay a Buyer Specialist a higher commission if he or she sources the home buyer, as opposed to your Team generating the lead based on your marketing efforts. Who pays the royalty fees, FMLS fees, office bill (i.e. fees for technology and marketing) and other costs of doing business?
You should clearly detail these expense allocations in a written Buyer Specialist Agreement. If the Buyer Specialist receives a referral fee by referring a home buyer to an outside agent, does the Buyer Specialist retain 100% of that income? Or, should some or all of it go to the Team? What happens if the Buyer Specialist purchases a washer and dryer to help get a home sale across the finish line? Who is responsible for that cost? A properly drafted Buyer Specialist Agreement facilitates agreement on these important business matters. Can the Buyer Specialist freely solicit your other agents on your Team to work for your competitor? Can the Buyer Specialist solicit and market to your customers after ending his or her business relationship with you? It’s critical you address these different scenarios in a formal written document, executed between you and the Buyer Specialist. Our Buyer Specialist Agreement helps you successfully deal with each one of these issues and more. You can tailor the agreement to achieve your unique business goals and interests. Don’t wait. Use our Consultative Form above to get your Buyer Specialist Agreement.