Fiduciary Duty. Exactly What Is That?

By
Real Estate Agent with Buyers Brokers Only LLC - www.BuyersBrokersOnly.com MA Broker Lic 148149

Fiduciary Duty. Exactly What Is That?

Businessdictionary.com defines fiduciary duty as

"A legal obligation of one party to act in the best interest of another. The obligated party is typically a fiduciary, that is, someone entrusted with the care of money or property."

As real estate agents, we have a fiduciary duty to our clients.  It is my guiding principal both as an exclusive buyer agent and attorney in Canton MA.   The best interests of my clients are first and foremost.  Period.  It is not about me.  Advice given to my clients and decisions made are made in their interests only.

Of course, everyone deserves to be paid for their time and to earn a living. Outside issues regarding who is listing the property, an agent's opinion about another agent on the other side of the transaction, how much commission is offered to a cooperating agent or a short sale lender's approval or disapproval of a commission should not be a hindrance to a deal getting closed.  Certainly these things do not always turn out the way we would like.  However, as I said, it is not about us.  It is about our clients.

The more we strictly adhere to this duty, the more confidence we instill in the buying and selling public.  It benefits everyone - most importantly, it benefits our clients.

If you are a buyer looking to buy a home in Canton MA or a surrounding Norfolk County community and would like exclusive buyer representation with a fiduciary duty that runs only to buyers, at no cost to you, then contact me - your Canton MA Buyer Agent. 

 

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CSmith@BuyersBrokersOnly.com

 

 

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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field. 

 

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Rainmaker
648,260
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Nice post, Christine! We were discussing this very topic at a closing today. It's sad how many times the focus of the homebuyer's team isn't on their client at all...

Sep 14, 2011 02:02 PM #1
Rainer
396,592
Cathy Criado
Criado Realty - San Antonio, TX
Making Real Estate Profitable

Hi Christine! I suggested because it is a great topic. I often think that Realtors, especially in these hard times, let the MONEY GOD take control over their LOGIC. 

Sep 14, 2011 02:20 PM #2
Rainer
230,898
Linda Urbick
RealtyOne Group - San Ramon, CA
Selling San Ramon Valley - 925-786-5132

Christine - remember who we owe our responsibility is our obligation regardless of the outcome. I believe that if I look out for my clients it always pays off even if it means we lose a deal.

Sep 14, 2011 02:43 PM #3
Ambassador
1,723,296
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Christine,

Wearing two hats, an agent and attorney, should really add credibility. I see that there is quite a number of attorneys/agents/brokers on AR.

Does it help?

Sep 14, 2011 04:44 PM #4
Rainmaker
309,408
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Christine.   There are times we have to advise our clients to act in a way that means we will not see a paycheck.   It is just the way it is.     Clients see us for what we are and how we act.    It will come back in the end in the form of a new deal or a referral.   

Sep 14, 2011 11:42 PM #5
Rainmaker
570,170
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA
Brenda....it really is sad. Cathy...I am seeing something like this happening now. Linda...that is the only way to do it. Jon....it is one more service we offer to our clients. Carol Ann....you are right. Clients can usually see through it.
Sep 15, 2011 12:05 AM #6
Rainmaker
301,963
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Sound advice here, Christine. If we focus on looking out for our clients' best interest, everything else will fall into place.

Sep 15, 2011 02:42 AM #7
Rainmaker
570,170
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Dan & Amy....very true.  Thanks!

Sep 15, 2011 08:24 AM #8
Rainer
355,890
Nina Rogoff
RE/MAX Executive Realty - Medfield, MA
Sells Real Estate!

It's the unprofessional behavior that makes some sellers and buyers shy away from using an agent for one of the biggest investment transactions of their lives. There's a difference between seeing yourself as an advisor and always thinking about your next commission. You said it beautifully, Christine.

 

Sep 15, 2011 12:35 PM #9
Rainmaker
570,170
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA
Thanks Nina!
Sep 16, 2011 06:19 AM #10
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