You have commented on agency, single agency and asked "How can you represent 2 parties". well I am here to say that it isn't asy, but I have some tips and tricks to make it a bit easier. (I don't mean tricks on the client...)The trick is communication.
The 4th generation in a family business has been an honor for me. It has also been a great way to do business. I have clients that have bought and sold more than 10 times through me since I have been in real estate. Many of these clients or their families were clients of my father, grandfather or great grandfather. How can this be?
Well in 1889 my great grandfather, Charles Westrick, started his real estate exchange and sales were on a handshake and sometimes a note was passed as to the terms and conditions of the sale.
My great grandfather taught my grandfather, Elzar, who taught my dad, who taught me....Honesty 1st. Communication is the key. Not only "our" Honesty, but it was to be commanded of our customers and clients as well. If they could not be honest about what they had, then grandpas would not help them with their sale or purchase.
Another thing I learned very early in my real estate carreer is that I represented the seller unless otherwise noted. That was Michigan Law. Those were the first words out of my mouth... I had buyers that could not wait to be a seller. They knew I was tough and wanted to experience a transaction with me as "their" agent.
Then it happened... As of Jan 1, 1994 Michigan law required real estate licensees who are acting as agents of sellers or buyers of real property to advise potential sellers or buyers with whom they work of the nature of their agency relationship. See my agency law explanation.
Today, 12 years later, agents are still afraid to discuss agency. For me it was a piece of cake. Now I can protect myself and my commission by putting All buyers under contract. Then if that buyer looked at one of our company listings and showed an interest, I would remind them, :" I represent the seller first ". I ask how they want to proceed. 12 years never lost a buyer. Many times I sit at the seller's kitchen table or in my conference room with my seller and buyer and we write the offer together. Everyone hears the same words and is on the same page. Buyers are grateful to be able to sit down with sellers and negotiate. Here are some testominals
I could go on and on...
It can be done...it is all in the approach.
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