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More Buyer Beware: of Real Estate company websites

By
Real Estate Broker/Owner 8639604

I went to the RE/MAX.com website today and clicked Real Estate101 in the learning center tab.

I found this statement under tips for choosing a real estate agent (this is their suggestion for both sellers AND buyers):

"If you've already determined where you'd like to live, drive through neighborhoods in the area and survey them for REALTOR® yard signs. Seeing the same name pop up on signs time after time may indicate that the agent is a specialist in the area."

If you take RE/MAX's advice you may very likely end up with a dual agent or just as bad - a seller's agent as your agent.  If you want buyer representation and an agent that will be proactive in protecting your interest (expecially at the expense of the seller's interest) never never agree to 'work with' an agent that works for a company that already has obligations to the seller.

In both New Jersey and Pennsylvania, where I'm licensed, the states require that agents disclose who they are working for at the beginning of their relationship.  The laws requiring that disclosure were generally written before the internet became the main information source for consumers. The result is that, although the internet is generally the first significant point of contact between a consumer and a company offering real estate services, the states' licensing authorities do not require (apparently) that a company disclose  issues of representation to consumers. And so far they have not been required to provide disclaimers.

Therefore, when you read a real estate company's  (or even an individual agen'ts)  website - beware. Although such websites may contain much useful information some information that  seems to be helpful may only be serving the interest of the real estate company.

Posted by

 

Paul Howard, Broker

NJHomeBuyer.com Realty

80 Barclay Center Suite 4A

Cherry Hill NJ 08034

856-488-8444

Tom Meyer
Exit Advantage Realty - Dallas, TX

Hi Paul,

Texas also require that agents disclose who they are working for at the beginning of their relationship.  Good information. 

Jul 10, 2011 11:19 PM