Should Full Disclosure Be Required?

BUYERS AND SELLER'S BEWARE

As we all know as Realtors Agency Disclousre is a very important issue which is constantly debated about. It is very important for a buyer or seller to know in which capacity they are being represented by the agent representing them. They should be informed if they are representing them individually or they are a dual agent acting as an intermediary between two parties. It is laid out in a form that us as realtors must explain to our clients. This being said, why is it that an agent does not have to disclose to potential client the capacity at which they practice Real Estate.

Let me elaborate on my statement. If I were buying a home I would want to know whether my agent was part time or full time. Whether this was his or her second job or this is what they practiced as their primary income. Don’t get me wrong there is nothing wrong with those individuals that practice Real Estate as a second job or on a limited time basis. But as a potential client I would want to know this information prior to choosing an agent. Wouldn’t you want to know the availability and knowledge of a professional representing you in one of the largest purchases in your life in one of the most chanlenging Real Estate markets we have ever seen? This is an issue that I see continue to see come up.

Recently I have worked with several clients whom had Realtors assisting in purchasing a home and had the same complaints. They were never able to get in touch with the Realtor when necessary and had a hard time communicating with them. They were not able to view properties in a timely manner this resulted in them losing several homes. Later did they find out their Realtors had other full time jobs and were doing this for a secondary income. Is this fair to the consumer? In a business that is built on ethics and trust how is this fair?

The previous example was in the eyes of a buyer. What about today’s seller? In a market filled with bank owned properties, short sales, and a decline in prices Realtors have to be sharper than ever before. So how is it fair to a home seller trying to get any equity they have in their house when selling if the agent is part time? We all know that selling a home is challenging enough, the days of the 3 P’s are long over. The 3 P’s refer to Put Up a Yard Sign, Put It on the MLS, and Pray that it sells. With so many different licensed agents in each market I believe the client should be given all the facts prior to choosing an agent. I by no means believe there is anything wrong with those agents whom are full time; there are many agents out there who manage their time very well and give their clients a great service.

The question I ask myself is this, if my mother and father were selling their home which they worked so hard to pay for would I want an agent to come in there and not disclose their capacity to work? The fact of the matter is this; clients believe and trust us, so when we come to their homes and give them a proposal to sell their home or assist them in finding a home they trust us. How are reciprocating that trust?

I would appreciate any feedback from those in the Real Estate Community.