I am sorry, but you are my Customer not my Client
Most of my past transactions I have been a single agent representing a client in a transaction with
Fruits Real Estate Services, Inc.
The obligations I had to a client were
- Loyalty
- Confidentiality
- Obedience
- Full Disclosure
- Dealing Honestly & Fairly
- Accounting for all Funds
- Skill, Care & diligence in the transaction
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
- Presenting all offers and Counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
However in Florida Real Estate Salespeople & Brokers are by default Transaction Brokers.
The obligations I have now to a customer are:
- Dealing Honestly and fairly;
- Accounting for all funds;
- Using skill, care and diligence in the transaction
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer
- Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
- Limited confidentiality, unless waived in writing by a party. This limited Confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
- Any additional duties that are entered into by this or by separate written agreement.
Limited representation means that a buyer or seller is NOT RESPONSIBLE for the acts of the licensee.
Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties
So what does this all mean. In past years I almost exclusively acted as a Single Agent working for my clients best interest
My new firm Prudential Tropical Realty does not allow single agency. And just why would they do that?
Limited representation means that a buyer or seller is NOT RESPONSIBLE for the acts of the licensee. It protects you from culpability from the actions of your REALTOR®.
Hi Daniel, I guess I can see how this might be of some benefit to the agent, but when I represent someone, I'm not sure I could figure out how to not provide full service and loyalty to someone who comes to me for help. I don't mean that in a sarcastic way, but I just don't understand where the line would be. I'm comfortable giving full service (sometimes full service plus).
That is where the limited confidentiality comes in. I can not use anything I learn to the detriment of a customer if either party unwittingly reveals something the other side could use to capitalize.
Since you find you can not do this, I assume you never work both sides of the transaction? are you just a buyers agent or a listing agent?
What this boils down to is a Transaction Broker FACILITATES the deal as a neutral third party who facilitates a fair & successful transaction
in our office we only work as seller's agents for our listings, but we can have a double bubble. We must disclose to the buyers, of course, that we are seller's agents.
I am glad that we don't practice disclosed dual agency.
Me too, I hated dual agency. Transaction broker is much better ;)
to be serious though, I do prefer only working one side of the transaction. double payday is nice but a fine line must be walked
I wish we had transactional agency! I just commented on a post that as list agents we should be going through hell or high water to show other buyer's agents clients the home if they are not available.
I do not believe in dual agency and believe in agency so much that I will refer out buyers that come knocking on my listings.
I do not want to go down that path!
I absolutely agree Renee. I have no problem accommodating another agents customer/client. No need to poach them, just facilitate the deal so everyone walks away happy
I doubt though that you would ever cross the line using dual agency. The problem arises from the other agents that just want to get to the check, any way possible. So I can see the consumer protection justification in outlawing it. In a perfect world it is not neccessary but we all know the real world we find ourselves
Oklahoma has transaction broker law also. They did away with agency law for real estate in 2000.