"LENN, I'M SURE YOU'LL BE FAIR WITH EVERYONE WHILE HELPING ME FIND A HOME."
Lenn Harley explains how a GREAT agent should represent their clients.
Lenn represents clients in Maryland and Northern Virginia looking to purchase a home. I highly endorse Lenn's expertise after reading her blogs for the past 3 years and being a student of her wealth of information about real estate related topics.
"LENN, I'M SURE YOU'LL BE FAIR WITH EVERYONE WHILE HELPING ME FIND A HOME."
That statement was made by a buyer with whom I'm working looking for a small horse farm.
"NO, NO, NO", I SAID, LOOKING HIM IN THE EYE.
"NO, I WILL NOT BE FAIR."
I was explaining the agency laws in Virginia. He knew that I would be his "Buyer's Broker". He also thought (wrongly) that I would treat everyone fairly.
NO, I WILL NOT "TREAT EVERYONE FAIRLY". What I will do is treat everyone honestly. Bid difference.
This post inspired by a statement I read in a post by a member explaining the agency laws in New York. Now, it's possible that New York license law includes the word "fair" in their description of the duties of a real estate agent or broker. He was describing the different types of agents/brokers and representation, buyer/seller agent, transactional agent and dual agent while representing buyers, sellers, landlords and tenants.
He also stated that" In all instances[Broker] treats all parties fairly and honestly."
WOAH! Lest someone buying a home in Maryland or Northern Virginia and is working with Lenn thinks
that Lenn will treat everyone FAIRLY, let me disabuse you of that notion. Honestly? YES. Fairly? NO.
The buyer looked at me with curiosity, so I explained. Someone had told him that when they purchased his home 5 years ago. Well, that was Georgia, I don't know Georgia license law. I do know license law in Maryland and Virginia and the REALTOR® Code of Ethics. Neither requires that an agent/broker representing a buyer/seller client treat everyone fairly. In the past, the REALTOR® Code of Ethics did, but that was removed from the COE some years ago. This buyer understood that I was his agent, but the matter of "FAIR" hadn't come up, probably because the word "FAIR" was nowhere in the agreement.
I told the buyer that "I will represent you in all matters of your real estate transaction. I will advocate for you and your interests. You will know what I know. I have no interest in being fair. I want the best result for you."
"THAT'S VERY INTERESTING LENN. I like that."
Later, when we visited an Open House, in which the listing agent was present, I reminded him that, since I have no interest in being fair to sellers, the same applies to listing agents representing the seller. There is no requirement that they be "fair" to you. So, don't reveal any personal information to the listing agent. I'll sign the sign in sheet with my information. Direct all questions to me. If this property turns out to be of interest to you, you don't want the listing agent to know your motivation, price range, or any other matters that could give the sellers a negotiation advantage.
HE SMILED QUIETLY, LIKE A LIGHT BULB JUST CAME ON AND HE COULD SEE THE LIGHT!
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Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
A MESSAGE FOR HOME BUYERS IN LOUDOUN COUNTY, VIRGINIA
Search for Active Listings of Loudoun County Real Estate for Sale.
For a tour of homes in your location of choice in Loudoun County, contact Homefinders.com. We'll arrange a wonderful tour and you can get to know the county, shopping, recreation, the real estate market and the hardest working Buyer's Agents in the area. Ask about the Homefinders.com new home buyers REBATE - 1% cash back to our new home buyers.
Homefinders.com will help you ENJOY THE HOME BUYING ADVENTURE!
Visit the Homefinders.com Loudoun County real estate sites below:
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