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Yesterday I had the "Limited Service" course we are required to take. I beleive this is Nationwide. What we are seeing as a Full Service Buyer agent is that we may have to actually do some of the work for the seller because they have elected to use a Limited Service Broker.

To work in the best interests of my Buyer, I need to accomidate these needs. Does this seem fair???

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To followup with the responces, I thought it would be best to post a 2nd time.

In Virginia we are required to take a 2 hour course on "Limited Service"

The 2006 General Assembly passed legisiation (HB 316) regarding changes to Chapter 627 of the Code of Virginia. The act calls for amendment and reenactment of sections 54.1-2105, 54.1-2130 though 54.1-2134, 54.1-2138 and 54.1-2141 of the Code of Virginia and the addition of Sections 54.1-2138.1 and 54.1-2145 relating to the Real Estate Board; duties of licensees; and limited service representatives. The bill was approved April 5, 2006.

The main information we got from the 2 hours was what a "Limited Service" agent offers and most importantly what they do not offer or do not have to offer. I am working with our local MLS to show this information so that the Buyer Agent is fully aware of what they are getting into.

 

 

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Charles McDonald
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Charlottesville Real Estate
Solutions for Buyers and Sellers
(direct) 434-515-1585

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This post has been included in Virginia Real Estate News

7 Comments on LIMITED vs FULL SERVICE (2nd Post)

AUG
09
2007

They are starting to do this limited service brokerages out here in Arizona as well. I can see a law suit coming one day! I do not for the life of me understand why this is allowed.
4:51pm • #1
AUG
11
2007
734,092 Points 136 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master
This seems like something that folks in Maryland need to address.  I'm going to pass it on!  Thank you.  For the benefit of agents that don't have this, could you share some of the information you learned?
8:28am • #2
AUG
13
2007
In CA, a limited service listing is defined by CAR as a listing in which the listing agent will not perform some or all of the following tasks: A full service is where the agent performs all of them.

(a)  provide cooperating brokers with any additional information regarding the property not already displayed in the MLS but instead gives cooperating brokers authority to contact the seller(s) directly for further information;

(b)  accept and present to the seller(s) offers to purchase procured by cooperating brokers but instead gives cooperating brokers authority to present offers to purchase directly to the seller(s);

(c)  advise the seller(s) as to the merits of offers to purchase;

(d)  assist the seller(s) in developing communicating, or presenting counter-offers; or

(e)  participate on the seller(s) behalf in negotiations leading to the sale of the listed property. 

 
11:57pm • #3
AUG
15
2007
1,010,718 Points 64 Featured Posts Outside Blog Attended Rain Camp

Hi Charles we have had limited service brokers for a long time in Michigan along with flat fee companies and the no service....put it on the MLS companies.  We are working with the local MLS because these listings have also created another problem.  We have had sellers place a sell price on the MLS and then offer a different sell price if you are a Realtor.  They think the MLS is a listing service for the general public which is a very real problem.  Nice post, thanks for the update.
6:31pm • #4

The face of real estate is constantly changing.  We need to learn how to adapt or we will become like the dinosaur.  The bottom line is that we need to do what is in the best interest for our clients regardless of what the other agents do.  We may have to work harder but hard work will be ultimately rewarded.
6:56pm • #5
AUG
18
2007
157,291 Points 8 Featured Posts Outside Blog Called Shot Master
It is not just for the buyer!  The seller is going to have to deal with it as well.  It was a very interesting class.
2:36pm • #6
SEP
09
2007
146,697 Points 4 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

No classes in Texas, but we did finally get a rule...I think it's referred to as minimum service rule.  A buyers agent can deliver an offer to a seller, but is not allowed to negotiate directly. 

All that litigation and that's what they came up with?  TYVM!

Charles--Here's a good question though...

  If a listing agent is only offering limited service, but the BAC is 3.5% or more, is that fair? 

Maybe even a better question...

What increased workload gets dumped on buyers agents in your state when dealing with a limited service listing?

 

 
10:40pm • #7

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