agency: Have professional courtesy but don't cross the line.
- 10/16/09 09:43 AM
Hi folks. Let's talk a little bit about professional courtesy. I hear this term quite a bit on AR and in my business. Usually, it goes something like this: "The listing agent should have told me he had other offers on the property, as a professional courtesy". "Even though my buyer's offer was a low ball the listing broker should have gotten back to me before the offer expired, as a professional courtesy." You get my point. Anyway, let me see if I can shed some light on this professional courtesy "thingie". First, I want to say, that anyone who has … (102 comments)
agency: OK folks...time to put on your thinking caps!!!
- 07/27/08 07:47 AM
Hi folks. I know it's Sunday and all BUT I'm hoping to make you think a little today. Here's a scenario for you. You have a beautiful house on the market that you listed for Mrs. Needersell and you are working as a single agent. A couple of months into the listing period you get a call off of your sign from Mr. Wantabuy who is very interested in seeing Mrs. Needersell's house. You make arrangements to meet him over there. Mr. Wantabuy seems like a nice guy and is very interested in your listing so you take him back to … (63 comments)
agency: Conflict of interest OR business as usual?
- 02/15/08 06:30 AM
I just listed a couple of REO(bank owned) properties today and I'm a little conflicted. Here's why. I have had a beautiful 4 bedroom 2.5 bath with 2887 sq ft living area on the market for about 4 months priced at $219,000. The Seller cannot go any lower on price because of the mortgage on the property. This is an excellent property and the price is very good. Plenty of activity but no offers yet. It's one of the best priced houses of it's size in Poinciana. The Seller really needs to sell. Today I listed a 4 bedroom 2.5 bath with … (52 comments)
agency: Agency....it's as clear as mud!!!
- 01/23/08 08:00 AM
Hi folks. OK, today, I'm going to write about one of my favorite topics.....Agency. This post was inspired by Bill Robert's post "What do we owe our clients". If you haven't read it yet please pop over and do so. Bill understands agency and fiduciary and his post is very comprehensive on the topic. As way of disclosure, let me say that I am writing this as a Florida Broker who practices Transaction Brokerage(TB). However, TB has only been around in Florida for about 11 years or so. Prior to that I practiced as a single agent to the Seller. Also, … (89 comments)
agency: But I'm representing the transaction. NOT!!!
- 08/22/07 01:26 AM
I have heard that so many times, I thought I best try and clarify, what being a "Transaction Broker" means. In Florida all Realtors are presumed to be "Transaction Brokers" unless disclosed differently. Personally, I think this was a great change in how we as Realtors are able to "represent" our customers. There I said it "represent our customers." Yes, folks "Transaction Brokerage" IS a type of representation. This seems to be the biggest misunderstanding amongst Realtors and the general public alike. Let me repeat it again, so all Florida Realtors that are reading this post will get it, "Transaction Brokerage" is … (46 comments)
agency: Dual Agency. Less loyalty. More pay!
- 08/17/07 09:30 AM
OK, first let's get the important thing out of the way. WE HAVE NO FRIDAY FUNNY VIDEO TODAY! Sorry folks. I've been a very busy Broker this week and have not had time to get my head around doing a video. My bad. We WILL be back next week though. Now, if you still feel like reading my post today, here goes. This is a follow up to the post I wrote on Wednesday, "Double Sided Transaction Should Require Hazard Pay". I wrote that post to stir up a conversation on Dual Agency. The post is OK. The comments are great. We … (50 comments)
agency: Double sided transaction should require hazard pay.
- 08/15/07 06:59 AM
Hi folks. Today I want to play the "what would you do?" scenario game. The following, is a scenario that could happen to any of us so I'm curious to how you would handle it. What would you do if......... First, business has been kind of slow. You're still making money but deals are far and few between and a really good closing would be a very good thing. You've been working very hard but have been supplementing your income with credit cards. You have a listing. You took this listing several months ago as a single agent and just haven't had any … (64 comments)
agency: If it walks like a duck.....................
- 08/16/06 12:31 PM
Even the name sounds contradictory. Dual Agency. How can this be achieved? How can a Realtor, in all honesty, work for two Clients on opposing sides of a transaction? How can you place your Client's interest first, when there are two of them, one trying to get the highest price possible and the other trying to get the lowest price possible? The concept of Dual Agency just doesn't make sense to me, at all. The State of Florida got smart in 1997 and made Dual Agency illegal. We are now presumed to be Transaction Brokers unless disclosed differently. I discussed this in … (3 comments)
agency: Does your Realtor really represent you?
- 07/30/06 12:11 PM
When hiring a Realtor in Florida it is important to decide how the Realtor will be working for you and what duties they do or do not owe you. I have provided a link at the bottom of this post that will take you directly to Chapter 475 of the Florida Statutes where you will be able to find all information related to having a Real Estate license in Florida. Following is the "nut shell" version of Brokerage and Non Brokerage relationships. In Florida Dual Agency is illegal. The only exception is on a commercial deal where both Buyer and Seller have … (5 comments)
agency: Did you know a fiduciary relationship is forever?
- 07/30/06 10:47 AM
Did you know a fiduciary relationship is forever? When working for a Seller or Buyer as a "Single Agent" you are creating a fiduciary relationship. Brief definition from Wikipedia: for full definition click A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person they owe the duty (the "principal"): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust. Once this relationship is established … (4 comments)
Hi folks. Let's talk a little bit about professional courtesy. I hear this term quite a bit on AR and in my business. Usually, it goes something like this:
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