Nope, I Won’t Just ‘Write It Up For You”
Karen Crowson's well-written article is one of the best I've read. She sets up the scene:
- a tight real estate market
Then the cast of characters:
- An ethical and loyal agent (Karen) representing her client
- Buyers who couldn't care less
Read her post and understand that in "representing" a client in the capacity of a fiduciary, Karen excels. In a dual agency role, an agent CAN NOT "represent" both parties. The word "represents" is a misnomer in dual agency. Karen's bullet points are spot on . . . and she truly represented her client and didn't throw them under the bus!!
I listed a very cute condo this past week. It’s in that sweet spot for First Time Buyers and investors as well. Many complexes have rental restrictions, but this place does not.That’s a benefit for my client, so I put remarks in the MLS to that effect.
We have a very fast, multiple offer market, so we’re allowing just one week for offer submittal.Even so, I was not prepared for the number of people who emailed or called me with various requests. Here were a few of them:
“What price should I offer to get this property? Since you can represent both sides, you can just let us know what price and terms to offer. (from an unrepresented buyer)
For a buyer viewing it during the Broker’s Tour – “How about you just write the offer for me now? I don’t have an agent”. When I declined but offered to refer them to an agent, the response was….wait for it. “Ok then, I’ll call my agent.”
Another individual stated “My friend here doesn’t have an agent. Can you write the offer for her? She’ll write whatever you tell her.” Me – “No, I represent the seller, and won’t represent the buyer. I can recommend a local agent.” The response was a unexpected. “Oh, that’s ok. I’m an agent. I can write the offer for her.” ??!!
There are a host of reasons I’m turning away these buyers:
- It’s really this simple. I owe a fiduciary to my client. Her best offer may come from the basic fact of supply and demand. I don’t want to interrupt that process.
- One person I know. One is a stranger to me. Where should my loyalties lie?
- Do I want to actually take on any of these buyers? The one thing I know is that some of them have no loyalty. To get what they want, they’d throw me under the bus too.
- I care about my reputation. This is a small industry in the big scheme of things. If I’m focusing on what I’ll get out of a deal instead of treating everyone fairly, then I could very well run into obstacles with other local agents down the road.
- I run the risk of increasing liability for me and for my broker. Many of the transactions that end up in dispute involve dual agency.
- I’ve had several clients who bought a property from the listing agent, and when the ink was dry, wondered if they’d been taken advantage of. That’s not the way to build a referral business.
I know it’s tough out there, and buyers are frustrated with losing out to multiple offers. But at least with the clients I’ve worked with, the house they eventually buys ends up to be a better fit or value than those they’ve lost out on. We’ve all got to keep our eye on the end-game.
Tri Valley real estate for buyers and sellers. Search for homes in Livermore, Pleasanton, and Dublin.
I can also help you in the surrounding areas of Alameda County and Contra Costa County
including Castro Valley, San Leandro, San Lorenzo, San Ramon, Danville, Brentwood and Mountain House
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