- AGENCY CHOICE
- PREQUALIFY
- HOME SEARCH
- CONTRACT TO BUY, LOAN APPLICATION & INSPECTIONS
- CLOSE & MOVE IN
Salespeople are very strictly controlled by state laws (and even federal laws), a state licensing authority and a very extensive Code of Ethics.
WHY ARE YOU TELLING ME THIS ?
Because of these controls I just mentioned. I do not want to jeopardize my license, and my Code of Ethics says I should be totally HONEST with you. All REALTORS®, by their Code of Ethics, are supposed to discuss agency with you "at first contact" just in case you become their client.
WHO DOES A REAL ESTATE AGENT REPRESENT WHEN SOMEONE PURCHASES REAL ESTATE ?
The Federal Trade Commission did a study that showed 71% of the buyers that bought property thought that the real estate salesperson they bought it through worked for them, the buyer! They thought this salesperson worked for the best interest of them, the buyer alone.
These buyers were very surprised to discover that these salespeople have worked for the sellers.
TRADITIONALLY for years, in most cases, these salespeople have worked for the seller as the seller's AGENT or SUBAGENT. Also, in most cases, both AGENTS & SUBAGENTS have also been paid fees from the seller's proceeds of the sale.
When the seller signs a listing contract with a real estate company to find a buyer for them, most state laws say that the real estate salespeople licensed with that listing company work for the best interest of the seller, as the sellers's AGENT. Usually, in this same listing contract, the seller agrees to pay the listing AGENT a fee.
This listing contract usually established obligations to the seller called Fiduciary Duties. These duties include total LOYALTY, ACCOUNTING, OBEDIENCE, REASONABLE CARE & SKILL, CONFIDENTIALITY of information the seller does not want disclosed (except known defects in the property) and FULL DISCLOSURE to the seller of everything the AGENT knows or is told by the buyer. The AGENT is also required to get the seller the best price and terms for the property that they can.
The seller may authorize this listing AGENT company to then hire other companies to help find a buyer. In many cases, these other companies hired will become SUBAGENTS of the seller, and work with the listing company in the best interest of the seller. The seller may also authorize this listing AGENT company to offer to pay fees to BUYER AGENTS for their cooperation in finding a buyer for their property.
WELL, WHO IS THIS BUYER AGENT ?
A BUYER AGENT works for the BUYER, not the SELLER. The BUYER AGENT owes the buyer these same fiduciary duties that the listing AGENT company owes to the seller. This relationship as a BUYER AGENT should be agreed to in writing between the AGENT and the buyer. In some cases, the buyer may also be obligated to pay the BUYER AGENT their fee for their services. As a BUYER AGENT, I am required to get the buyer the best price and terms for the property that I can.
This is were the MLS comes in!
The MLS, or Multiple Listing Service in most areas, is where most properties for sale are offered to real estate salespeople to help in finding buyers. It is usually in the MLS that these offers to cooperate and pay fees to real estate licensees are made from the listing AGENT companies.
It is very important for you to understand this AGENCY concept! It may make all the difference in the world to you on your real estate purchase.
I will be happy to discuss with you further my company policies concerning how we cooperate and how we expect our fees to be paid. Hopefully, you understand we are hardworking, trained PROFESSIONALS who sell real estate for a living, just as you work hard at your job for your paycheck. Selling real estate is our career it is NOT A HOBBY for us. We take you and your needs very seriously, and hope you take ours the same.
YOUR CONFIDENTIAL INFORMATION:
Until you and I decide whether my role will be that of your BUYER AGENT or the AGENT/SUBAGENT of the seller or some other role... Please, do not disclose information to me that you do not wish the seller to know. If I eventually am in the role of the seller's AGENT or SUBAGENT only, I must tell them everything I know.
DUAL AGENCY:
DUAL AGENCY is an exception to the single-agency relationships previously explained. In DUAL AGENCY, one real estate licensee represents both the seller and buyer in the same transaction, or one salesperson in a listing company has taken the seller's listing while another salesperson licensed in the same listing company has agreed to be the BUYER'S AGENT. This type of agency must be agreed upon in writing by all parties (seller, buyer, and real estate licensees) and must be agreed upon with full informed consent of everyone in order to be legal. In a DUAL AGENCY position, the AGENT(s) may only be able to perform limited fiduciary duties to the seller and buyer.
If this type of agency is a possibility, I will cover all duties that any salespeople at WEICHERT, REALTORS® - Apex Realty will perform in a formal, separate and written DUAL AGENCY AGREEMENT.
Your future real estate investment is an investment in our future too!
We look forward to assisting you in a purchase in which you will be totally HAPPY!
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