Ad nauseum...
Listing a house in New York- how are you presenting agency choices to a potential seller?
"Seller, we want a cooperative effort from our mlsli insertion. For that reason, let's go over the choices of cooperation available to you, so that you UNDERSTAND.
SA: Seller (or sub) agency- under this offering, the agent bringing a buyer will represent YOU with fiduciary. No, we've likely never met this agent, nor do we have a grip on their ethics, but many still seek to represent you, the seller, as opposed to their buyer. Sound good? Except...know that with this offering, if they misrepresent aspects of your property to their buyer, you as the seller may be held vicariously liable for any errors presented to the buyer.
Don't like that?
BrA: Broker agency- under this offering, the selling agent may still come in representing you, the seller, and we, as the listing broker, accept liability for anything construed as an error on the part of this agent. Many real estate agents are jumping to this agency, and why not? Errors become the problem of our listing company- getting you off the hook for vicarious liability, but we REALLY don't feel comfortable with this, in much the same way that you feel discomfort assuming this liability.
Thank you for understanding.
BA: Buyer agency- under this offering, the selling agent will come in looking after the best interest of the buyer. Increased due diligence is required, as their own company is liable for any misrepresetations to the buyer. The agenda is to get the buyer the "best possible price", which is ultimately determined by you, as a seller- and we remain staunchly in "your corner", seeking to get the best price for you.
We like this "gamble", because it's not a gamble at all. Because there is no assurance of quality with a cooperating broker, or assurance that the buyer of your home will be treated with integrity, forcing the issue with clear cut lines of representation by insisting that the selling broker stand behind the transaction for their buyer makes sense- leaving both yourselves and ourselves out of any issues that may arise later due to a selling brokers incompetence.
Will it come down to who represents whom with more strength? Perhaps. Not to worry, though. When we commit to listing your property, there is no question but that seeking an amount for your house that is the best that we can locate is the bottom line- we're quite confident in that endeavor.
It is, after all, why you hired us."
www.optionsrealty.com
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Hi Laurie, people have to understand this is a key issue to representation. Nice explanations. I am not sure I would have the patience in your market as a buyers agent.