Laramie, Wyoming Real Estate: Should I Call the Name on the Sign?

By
Real Estate Broker/Owner with Live in Laramie Real Estate, Laramie, Wyoming WY #12296

The main thing to remember about the name you see on the sign at a property for sale is that that person - their Real Estate agent - already has a written agreement with the seller to represent them and their best interests.  In other words, their fiduciary duty and loyalty lie with the owner of the property for sale. 

Cartoon realtor man It almost always makes NO difference in the price of the home - or the commission a seller pays - if the buyer enlists their own agent to show them the home.  In fact, calling the name on the sign usually means being served as a customer of the owner's agent.  This could make a big difference to the buyer and their bottom line if they proceed without an agent of their own to look out for them.

If you are under the popular misconception that the price will be higher if you are represented by an agent of your own, you are more than likely mistaken! 

Most sellers have already agreed on a set rate to be paid to the brokerage of the agent who has listed their home
Generally, but not always, this agreement includes a provision for payment to be made to agents who bring and represent the buyer of the home.

Next time you see a sign in the yard of a house you'd like to view - think twice about calling the name on the sign and instead, consider calling a trusted agent of your own.  This way you know that the loyalties of the person you are working with lie with you.

*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney.  This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc.  Any consumer with questions about the real estate process should always consult an attorney of their own.

Posted by

Brenda Whitman, Broker/Co-owner                                                Office Phone: 307.460.3298

Live in Laramie Real Estate                                                                Cell Phone: 307.399.5477

302 S 2nd Street, Suite 206                                                      E-mail: brenda@liveinlaramie.com

Laramie, Wyoming  82070                                                       Office Website:  www.liveinlaramie.com

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Rainer
107,144
TERI LINDSAY
Reno, NV
STAGELIGHT HOME STAGING CO.

Brenda...makes sense to me! Thanks for the FYI!  Hope you are staying warm during this long and cold winter.....

Feb 09, 2011 02:29 PM #1
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Teri -  I have to smile because we had the longest, most beautiful fall - all the way into the middle of November!  But now  - in the depths of winter - it DOES seem like it has been cold, cold, cold forever!  Funny how quickly we forget . . .

Feb 09, 2011 02:45 PM #2
Rainmaker
291,304
Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

Well spoken.  It seems like total common sense to me.  Silly that it has to be clarified.

Feb 09, 2011 04:43 PM #4
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Brenda, you are so right, the logic of using the listing agent to get a better price is flawed. I have been a dual agent, it is so hard, I was successful and all were happy. But it gave me grey hairs indeed.

Feb 09, 2011 10:13 PM #5
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Richard, Quite the dilemma isn't it?  I guess I'm going from our experience as buyers who bought 3 properties from the "name on the sign" before we got into realty ourselves.  Only one of the 3 agents even tried to make it clear that she worked for the sellers, and we still really didn't get it.  The other two?  That's why we are in realty now - to protect people from going through what we did. 

Hi Kate - It shouldn't have to be clarified among agents but I am never surprised about how little the general public understands the whole process - probably because we were those people! ;-)

Andrea - Being a dual agent or intermediary is, indeed, very difficult.  Should a consumer choose to be served by me in that capacity I would do it but I want them to understand 100% what that really means!  I will always respect the agent that tried to explain it to us.

 

Feb 10, 2011 03:09 AM #6
Rainer
216,072
Joe Kenny
Realty Executive Midwest - Darien, IL
Better Than Your Average Joe

I have never done dual agency and don't plan on it anytime soon.  Good idea with your disclaimer.

Feb 10, 2011 03:42 AM #7
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Thanks, Joe!  It is too bad that it is necessary - but oh, well ! 

Feb 10, 2011 07:31 AM #8
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Pat Haddad, ABR, CRS, ePRO, GRI
Keller Williams Indianapolis Metro NE - Carmel, IN
Carmel, Fishers, Westfield IN Real Estate Expert

Brenda--I LOVE your presetation---colored and bold fonts and really appropriate graphic!! Very visually appealing!  Good job!  Some people think that if they call the listing agent who will get paid for both sides of the transaction they can get a deal.  Problem with that logic is many listing agents have already written it into the listing contract that if they represent both sides, the commission will be less---giving the 'deal' to the seller!

Feb 10, 2011 12:22 PM #9
Rainmaker
304,109
Liz Lockhart
Riverbend Realty, Cape Girardeau, MO - Cape Girardeau, MO
GRI, Cape Girardeau Real Estate

I think some buyers believe they will have the "inside track" in negotiations when they call the listing agent. It is tough for them to understand that is absolutely not the truth.

Feb 10, 2011 02:57 PM #10
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Pat,  We have a brokerage in town that works that way  . . . and I wasn't sure how to address that situation.  Fortunately, you summed it up nicely. 

Hi Liz, I think that could have been what we were thinking way back when . . . but then again, we really just didn't have a clue! :-)

Feb 10, 2011 03:02 PM #11
Rainmaker
601,332
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Brenda - Like others, I am not a fan nor an advocate of this particular form of dual agency.  I cringe whenever I hear one of my borrowers say they plan to use the listing agent as their buyers agent.  AAARRRGGGHHH!!!

I make a point of educating them on why this is not in their best interest and then I let them know that almost every single borrower that I have had who has done this, ended up regretting it before we actually ever made it to the closing table. 

With the exception of one transaction, I have never professionally seen one of these transaction where the listing agent was able to successfully carry this off without screwing the buyer.  JMHO based on my professional experiences as an MLO here in Los Angeles & Ventura counties.

Feb 11, 2011 06:05 AM #12
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Thanks, Donne - I love hearing a point of view from someone who sees this from a whole other vantage point!

Feb 11, 2011 08:04 AM #13
Rainer
120,219
Steve Ewing - Keller Williams Realty
Keller Williams - Stockton, CA

Hi Brenda - The way I was taught is that if a buyer call was to come in on one of my listings refer the buyer to another agent in the office.  Way too many pit falls in doing dual agency.  Thanks for the blog.

Feb 13, 2011 09:32 AM #14
Rainer
243,850
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

You must have been taught well!  That way it's still a win-win situation - both sides are represented but there's the advantage of both agents being able to get paperwork back and forth to each other in a very timely fashion.

Feb 13, 2011 10:33 AM #15
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Brenda Whitman, Live in Laramie Real Estate

Broker/Co-Owner, Laramie, Wyoming
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