This document is the Ruth Sheahan Team's Buyer Loyalty Agreement. It states that you are hiring us on purpose to help you find a home and that we all agree on whose job is whose and how we will get paid in the end. Remember, we don't get paid for showing you houses or for any of the work we do upfront. We only get paid when we are successful and close a house. It's very important for us that everybody understands who's doing what and what everyone's roles are before we get started.
Basically, as your buyer specialist team, these are the things that we agree to. We will communicate openly and honestly even when it's hard. We'll help ensure that you secure the best financing with the best terms from a highly qualified lender who will generate a strong preapproval for competitive advantage. We will provide regular home search listings for you to vet, arrange private showings of any property, including new construction, for sale by owner, and unlisted houses. We will disclose before showing if a property doesn't meet the minimum compensation, we'll get to that in a minute.
We will strategize with you to prepare the best offer possible in each unique situation. We'll present your offer in a timely manner and negotiate to secure acceptance at the best price and terms, that doesn't always mean the lowest price because sometimes the market is going to dictate a different answer. We will discuss each time what particular market we're in, how likely this house is to have other offers on it, and we will help you put together the best offer.
We will recommend competent professionals to help you throughout the process, educate you on the entire process, including market, price inspections and lending. We will follow up with all parties, over and over again most of the time, throughout the transaction and be sure that everything is on schedule and performing as necessary, and we will act as your advocates and educators throughout the process and beyond.
In return, you will communicate honestly, even when it's hard. Get a solid preapproval before scheduling showings. You'll call or text us first when you see a home that interests you, including a for sale by owner, new construction, or the home of a friend of a friend. You will preview locations before scheduling showings if you're unfamiliar. The worst thing ever is when we pull up in front of a house and we have made a seller clean and get all of their dogs and kids and cats and what have you into the car and drive away in the rain to go around the block and wait for us to look at their house and you pull up and you say, "I am not going in there. I don't even need to see this house." Let's avoid that if we can. The previewing locations is a big part. If you know the area, that's not necessary, but anything that you're slightly unfamiliar with, you always want to do that.
You will try to provide 24 hour notice for showing requests. It's very difficult, especially if a home is occupied to get in, say, this afternoon. First of all, you need to get on our schedule. We always want you to feel like you're our only client, but if you were, we'd probably be out of business. So we need to schedule with us and then schedule with that seller and the other realtor to make sure that that works for everybody. 24 hours is usually a good amount of time to make that happen. Sometimes something comes up really quickly and if we're in a hot market, we're all going to have to try to just drop everything and run and see it, that's different. We'll we'll talk about that if that comes up.
At an open house, you're going to introduce yourself as a client of the Ruth Sheahan Team and use our information on any sign in. Remember that agents holding an open house are hoping to be your real estate agent, so you're going to tell them right upfront that you've already got one, and you're not going to give them any information about your motivation or anything personal about you. They don't have to hold that information confidential the way we do. Inform any agents if you've got a sister, friend, cousin, neighbor who is or knows a real estate agent and they talk to you about it, you want to inform them that you're a client of our team and refer them to us so that we can protect your best interests. They should never counsel you or ask about your financing or motivation. You must remember that they could be representing someone else in your eventual deal, so really important not to share much information with really anyone outside, but especially on the realtors.
Then you're going to ensure that we get paid at least 2.5% as a result of a successfully closed transaction. We will always try to get the seller to pay, and we'll talk about that in one more second. Then please write a review and refer us to others. Getting back to that compensation, as I said, we don't get paid for working, we only get paid on success. It's important to us to know that everyone is acting in good faith from the beginning and that we will be able to pay ourselves, pay our mortgage, and then pay our team who's going to start working immediately to get you in your house. The way that we do that is you're going to agree to that here. Nine times out of 10, maybe even 99 times out of a hundred, that compensation is going to be offered by the seller through the MLS and it will be just fine.
If that's not the case, so here's a few instances where it's not the case, sometimes somebody puts a property into the MLS with less than what we would expect for compensation, less than what we can work for for compensation. If that happens and it's a property that you want to see, we're going to tell you upfront, we're going to say, "Just so you know, this property is only offering 2% or 1% or a dollar, and that means that if it's the right property for you, we're going to have to figure out how to come up with that compensation." It can sometimes be built into the offer. We will avoid having it be a check that you need to write, but we're not always able to do that.
If it is a for sale by owner, most of the time they are fine with working with buyer's agents and paying us. They just don't want to pay a listing agent because they think they can do what a listing agent does. If we're in a situation where you see a for sale by owner, you take a picture of the sign and send it to us and we call them, first thing we're going to ask them is whether they're willing to work with buyer's agents and pay us that percentage.
Now, with a for sale by owner, where they have no representation on the other side, we tend to work twice as hard, sometimes even more, because FSBOs, as we call them, tend to be a little unrealistic and need a lot more hand holding than they think they do. So we do typically ask for 3%. We will, most of the time, if they are willing to pay the 2.5, we'll essentially work half the time for far less.
But an MLS property that's offering less than 2.5% or a for sale by owner are the two situations where we sometimes run into this. It's rare, very unusual that it happens, but you need to know that upfront. We will always tell you ahead of time. You can say, "You know what? I'm really not that interested in that property or I don't want to go that route." That's just fine.
But this is a contract. It does mean that we're working together and that everybody has their jobs laid out. It doesn't mean that you can't fire us, it just means that you actually have to. You can't accidentally start working with another agent, another agent can't poach you without your buy in. You have to cancel this before you work with someone else. But anytime you're unhappy with us, we will not hold you to a contract that you don't want to be in.
We have down here, "If we don't live up to our promises, you may cancel this agreement at any time in writing and with a short conversation." I do want to know if we ever fall short where that happened and how we could have done better, and we do hope that you'd give us an opportunity to correct any issues. By the way, it's really rare that anyone ever feels that we don't live up to our expectations, so we don't expect that to happen, but we like to put it in here just so we cover all the bases. This agreement expires one year from the date that it's dated. If you've signed this in person, that's great. Otherwise, we're going to send you a copy in Digisign and we will get going from there.