What constitutes the wrong Realtor®?
If you are a Listing Agent that likes to sell your own listings you may not want to read this.
My opinion on Dual Agency has grown more and more fervent as time passes.
Especially in this economy. What does the economy have to do with it? EVERYTHING! Because my husband and I have been partners in Real Estate for the past 9 years we have tried it all. On both Lake Conroe and Lake Livingston I listed and sold my own properties. He listed and sold his own properties.
I listed a property and he sold it. He listed a property and I sold it. There were times we almost strangled each other disagreed with each other and it caused personal dissension between us.
But, this isn't where I mean to take this post.
This is for the good of you, my client. Are you the type of shopper that picks up and contacts the listing agent? Did your listing agent explain their Representation and Fiduciary Responsibility to their Seller? They are bound to the Seller. Not you. Do you understand what that means? The Listing Realtor® for a home is bound by our COE, Code of Ethics if they are a Realtor® and there is a huge difference between a Realtor® and an agent.
So, #1. Please make certain you are dealing with a Realtor® who IS bound by the COE
The Seller's agent wants nothing more than to sell the house. If you do not care that you might be able to get a much better price on the house or a better negotiation on repairs with your own Representation then go for it. Call the Selling Agent. If you don't mind that everything you say can and will go directly to the Seller's ears then go ahead. If you don't mind that your Dual Agent will be collecting 100% of the paid compensation then go ahead. Think about this...100%.
So, #2. Who's watching your back?
Might you be thinking that you will save money by going directly to the Selling Agent? Nope. It won't change a thing except the Realtor® that is NOT REPRESENTING YOU will make more money.
The Seller is the compensating party at closing.
No money needs to be exchanged till you close on the Right House.
Who will be sitting next to you at the closing helping and supporting you and making sure you are protected? Who will accompany you with your inspections? Who will remain in touch with your lender and make certain the time line is met? Who will be there to answer your questions and who will negotiate the best deal possible for you in the beginning?
So, #3. You must find good Representation!
And, back to one of my original questions.What does the economy have to do with it?
EVERYTHING! Everything is changing. Lending is more difficult because qualifying is more difficult. It is imperative that you get the absolute best advice from the beginning. Even if the Selling Agent is the most honest and upfront person around it's going to be more difficult for them to be objective when money is tight. I'm not saying they would be dishonest. I am saying "why push the inevitable objectivity button" if you don't have to?
Check out my website at: www.debs-realestate.com.