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What you can expect from your agent
An agent has your best interests at heart
The word "agent" is defined as "a person who acts for another." It sounds so simple, doesn't
it? We all "act for another," formally or informally, on a daily basis. In fact, it's so easy to slip
into an "agency relationship" that people sometimes forget that it involves serious legal responsibilities.
A real estate agent is someone who acts for another in a real estate transaction. An agent can act for the buyer
or for the seller - or, to a limited degree, for both. But no matter who they represent, agents and their representatives
are legally obligated to protect and promote the interests of their clients as they would their own. Specifically,
a real estate agent commits to:
- Provide undivided loyalty. The agent must protect the client's negotiating position
at all times, and disclose all known facts which may affect or influence the client's decision.
- Keep the confidences of the client.
- Exercise reasonable care and skill in performing all assigned duties.
- Be accountable for all money and property placed in the agent's hands while acting
for the client.
AGENCY DISCLOSURE
It is now a lawful requirement for real estate agents to disclose to customers whom they will be representing.
This disclosure is usually done with the aid of a blue brochure entitled Working with a Real Estate Agent. The
brochure includes a tear-off statement that the customer signs and the REALTOR retains as proof that disclosure
was made. Signing the statement does not obligate the customer in any way. Having explained to the customer the
various agency relationship options available to him or her, REALTOR and client can now determine what services
are to be rendered.
Seller's agent
The agent for the seller, or listing agent, is the role we are most familiar with, thanks to the immense marketing
clout of the Multiple Listing Service over the past 40 years. The seller retains a real estate agent to use his
marketing expertise and network to position the property to its best advantage on the market, attract qualified
buyers and effect a sale at the highest price. In theory, the agreement to act as seller's agent can be a handshake
agreement, but to list the property on the Multiple Listing Service, the local real estate board will demand that
a listing contract be filled in, signed and submitted.
Buyer's agent
The buyer can benefit from an agent's representation, too. The buyer's agent uses his knowledge of the community
and the market to source all of the properties that fit the buyer's budget, needs and wants. He or she promotes
the buyer's interest in purchase negotiations to effect a sale at the lowest price. The agreement to act as a buyer's
agent can be a handshake agreement or a contractual one as mutually decided by agent and client. If it is a handshake
agreement, the REALTOR still abides by the tenets of agency representation as mentioned above: loyalty, professionalism,
accountability, discretion, etc. The REALTOR works hard to maintain the client's loyalty to him.
Dual agent
What happens when an agent who is working as a buyer's agent shows the buyer a home for which he is also the listing
agent? Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously,
it is necessary to limit these duties in this situation, and gain the consent of both parties to continue in this
limited capacity. This is called a dual agency relationship.
The agent will ask for written consent of both parties to continue in a dual agency relationship, with these limitations:
- The agent will deal with both parties impartially.
- The agent will not disclose to either party any information he may have been privy
to in regard to either party's "bottom line."
- The agent will not disclose the motivation of either the buyer or the seller, or
any personal information, unless authorized in writing to do so.
A REALTOR can represent you as a listing agent while you're selling your house,
and as buyer's agent as you shop for your next home... often simultaneously. Some REALTORS choose to just offer
buyer agency or seller agency, but others, like me, prefer to build client relationships rather than agent relationships.
I encourage clients to keep in touch during the years between changes in residence. I'm available for a quick chat
on the market, for an interpretation of industry trends and changes, and to answer questions that come up regarding
real estate, your tax assessment, housing options for family members, etc.
WHAT TO LOOK FOR IN AN AGENT
The key word is "expertise." Look for it in a number of areas: Look for open, up-front discussion on
agency responsibilities and services. Your agent should clarify the options and details of the transaction, not
confuse you. Look for market knowledge and product knowledge: an understanding of economic trends and the real
estate industry - on a local level, and on a national and provincial scale as they pertain to your situation. Look
for experience in assessing the investment value of property and housing types. Look for someone who knows the
neighbourhood: your REALTOR'S suggestions on the best shopping and services can make your assimilation in a new
neighbourhood that much easier. Look for experience in serving the needs of both buyers and sellers. When you're
making one of the most important investment decisions of your life, you want someone working for you who has many
years of experience helping people be successful.
Contact me today..
and get the experience and knowledge that makes all the difference!
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