One of the questions that comes my way frequently and often is - how do you go about building a team? One key element of any long term successful team is both the Team Leader - or in the language of Keller Williams - the Rainmaker Team Leader - and the Team Associate MUST have a clear understanding of what each party is committing to, and that understanding needs to be in writing. It's amazing how recollections can change if there is no document to refer to! In this, the first of a series, I'm going to share a "generic" version of the Buyer Associate Agreement that The Marrriott Group uses, as well as provide additional commentary on the reasons for the various sections and real-life examples of why some of them exist.
DISCLAIMER: This agreement has been reviewed by five brokers in Arizona, and is valid in Arizona. You would need to check with your broker and/or attorney to see if it is valid in your state.
The first KEY POINT to recognize is that both the Team Leader and the Buyer Associate are Independent Contractors. In order to ensure the IRS does not take a different view and start treating them as employees, the Buyer Associate Agreement is a documentation of mutual commitments made by both parties - and the only recourse for violation of these commitments is to terminate the agreement - once you start insisting on an Independent Contractor behaving like an employee, it's only a matter of time before you get a visit from the taxing authorities!
Page 1 of the 11 page agreement is essentially a cover page that speaks in big bold language to the prospective Buyer Associate - cautioning them to think carefully before signing the agreement.
THE MARRIOTT GROUP AT
KELLER WILLIAMS REALTY
INDEPENDENT CONTRACTOR AGREEMENT
FOR "BUYER ASSOCIATE"
ATTENTION BUYER ASSOCIATE!!
You are entering into a legally binding agreement.
•1. Read the entire Agreement before you sign it.
•2. Be sure you fully understand the commitments you are making under this agreement and the commitments The Marriott Group is making under this agreement.
•3. Be sure you fully understand that this is an Agreement between two Independent Contractors, and not an employment agreement.
•4. Be sure you fully understand that this written Agreement cannot be altered or modified based solely on verbal discussions. Any changes must be made in writing and signed by both parties to the Agreement.
•5. If you are unwilling or unable to fulfill any of the commitments you are making under this agreement, DO NOT SIGN this agreement.
As obvious as this seems, the last thing you want to hear should there be a parting of the ways is "I really didn't read it thoroughly" or "I didn't understand what I was signing". This page is your defense to counter such statements should a Buyer Associate choose to leave the team and want to violate any of the terms of the agreement without you having recourse.
Here is a link to Part 2
If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.
Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!
Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty
Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty