The Buyer Broker agreement is defined as “an employment agreement between a Buyer and a Broker that employs the Broker to locate property and negotiate terms and conditions acceptable to the Buyer for the purchase of a home. The Buyer usually agrees to work exclusively with the Broker, and the compensation the Buyer is obligated to pay is often offset by the compensation the Broker receives from the listing agent.”
Most buyers are reluctant at first to sign such an agreement, others refuse to, and yet others sign without understanding the complete agreement. What they commit to and what happens after they sign this agreement, should they go out and write a contract through another agent. Many agents do like to use these agreements as it defines the responsibilities of the Agent and the Buyer. For the Agent they feel comfortable in knowing all the work they are doing for the buyers will be compensated at such time as the home is found. Without such an agreement all the time and money being expended by the agent is at risk, since the Buyer can just drop the agent and go to someone else.
I like to think of it as an agreement to provide services to the buyer, and the buyer knows they have a professional on their side working on their behalf to find the right property and negotiate the price and terms. This is their Real Estate professional devoted to them.