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Here today, gone tomorrow??

By
Real Estate Agent with Prudential Orchid Isle Properties

In most real estate sales, there’s a buyer’s agent and a seller’s agent.  While there are circumstances in East Hawaii when a single agent represents both parties, such situations are not the norm.  REALTORS® subscribe to a strict Code of Ethics.  Our REALTOR® Code of Ethics is the value proposition that sets us apart from non-REALTOR® agents.  In fact, the public may not realize that agents who do not subscribe to this strict set of guidelines cannot even be called REALTORs®. 

One provision of the Code requires us to work under “written agreement” with those we represent. While we are conditioned to obtain a written listing agreement with the seller, we often forget to do the same with our buyer clients.  None-the-less, we assume an agency relationship and head out to show property without so much as an initial interview with a prospective buyer.  For a listing agent, it’s especially disconcerting when a buyer’s “agent”, one normally working without the required written agreement, requests that we show “their” buyer one of our listings.  Doing so, it rather like an attorney asking their client to show up to court without them.  Determining duties, if any, of the seller’s agent in this situation is impossible.  While I’m very happy to meet a buyer and their agent at my listing, a seller’s agent should never be asked to meet another agent’s buyer.   After all, who is to say that the seller’s agent won’t be considered an “implied or accidental dual agent” which would require a different set of actions and disclosures. 

Whether buying or selling, it’s simple to see the problem when the issue of representation is added to the showing mix!  Last week, my daughter Mealoha, attended the mid-year meetings of the National Association of REALTORS® in Washington DC.  These are always whirlwind events with highlights that should be shared.  Of note, both Bank of America and Chase expressed that there is no “shadow foreclosure inventory”.   At the same time, every credible source reports at least a 3% increase in real estate sales activity this year over last.  If activity is increasing and inventory is decreasing, prices will trend up unless something occurs to upset the balance.  

Actually, In Hawaii, we expected inventory delayed by Act 48 to filter on the market by now, yet foreclosure notices have not noticeably increased.  This means two things.  Sellers have a window opportunity during which they can get their property listed before possible foreclosure inventory reaches the market.  For buyers, it means that if you are really serious about seeing a listing, your agent should accompany you on a showing today because, depending on the area, it could be gone tomorrow.

Team Nakanishi
Hilo, HI Real Estate
Hilo, HI Community Information
www.HawaiianRealty.com
Team Nakanishi, Proudly providing superior real estate services to Hilo, Hi.

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