Buyers
Agents Have No Right To Share Their Buyer Clients Feedback on
a Property!
When
I read posts and comments on Active Rain, and in my daily work as a buyers agent - requesting feedback for the listing agents and sellers... my stomach
turns. Feedback
to the listing agent and seller is a leftover from the days
that all agents represented the seller's interests as
sub-agents. This use of feedback is
obsolesent, and outdated probably by 15 years! Since sub-agency
pretty much disappeared in the 1990's with the advent of buyers
agency...it is totally amazing how many agents do not understand that
if they are representing their buyer. They
have the same obligations of fiduciary to their buyer clients as a listing
agents to the seller. They
cannot share anything that could give away their clients
position! I would
assume in most states, license law does protect the interest of the
clients! (In many states even after the obligation of agency ends, that
privileged information you hold can never be
shared!)
There was a recent lawsuit that has been talked in real estate circles...about where a buyers
agent was called for feedback after showing a home. The
buyers agent's clients showed no interest in the home at the time...so
when called for feedback. The agent trashed the home
verbally. Well guess what? A few weeks later his
buyers inquired about that home again. When they finally
decided to write an offer their lower offers were rejected by the
sellers. The seller held out for full price and got
it. At the closing table, the buyers asked the seller, why
they held firm on their price. The sellers identified
their agent and continued blow by blow on why they did not want the
home. The seller took it as an insult. The
buyers then sued their buyers agent under state license law and won!
Surprised? I'm not! the agents should never have
shared anything about the property with an agent that does not have
their clients interests first! How come no one told you?
Most agents are poorly trained by persons that never sold
anything in their real estate careers. These are brokers,
trainers, and instructors are sharing their ignorance which is only
being repeated by those they train. There is an old saying,
"Those
who can't, teach!"
Think
About it!
If
on a feedback call a buyer agent says my persons really likes
the home... it really means
- "They
are willing to pay full price!"
If
on a feedback call a buyer agent says my persons does
not like the home... it
really means
- "They
will offer less than market because..." - giving the listing
agents an unfair advantage over the interests of the buyer's client
Before
giving feedback, you better really think it through and comply with
your state real estate license law! You have no obligation to
do so!
Posted by 
Jim - An eye opener as always. As the market and my business changed from sub-agent to 100% Buyer Agency I have found it easier to give "my" opinion on any property viewed instead of the buyers that I represent.
The safest response I give that relates to my client is : Buyers First Time out looking at property unsure of wants and needs at this time.
I find this satisfies the need of the assistants requirement to provide feedback to the Listing Agent and Sellers.