I was out showing properties this weekend and happen to come across a limited service listing. The seller was there upon arrival and he began a conversation with us. I noticed a REALTORS listing presentation on the counter top and asked if he planned to change to another brokerage firm - info that would be helpful in the event my buyer wanted to make an offer. The seller told me he was not going to change to another firm, but that this agent stopped by to see if he could list the home.
Folks, limited service is a form of representation. Here in Northern Virginia, if a home is listed in MLS with a brokerage firm then the seller is being represented by that firm - regardless of the level of representation. Attempting to convert them is going behind the sign - an ethics violation (Article 16).
Now, if you are driving around the neighborhood and see a FSBO sign and the property is not listed in MLS or represented by a brokerage firm, then by all means visit with the seller and let them know how using a REALTOR can better serve their needs.
Last year I had old client trying to sell their own home with a limited service company and they called me once a week to complain about all of the agents who contacted them to list their home. The seller knew better and advised the callers their home WAS listed with a brokerage firm - it was just a limited service firm. I dare say 90% of the calls they received were from agents trying to convert their listing. After 60 days they gave up and contacted me to list the property. When I reached out to the agents who had called them to "preview" the home or had "potential Buyers" to see if their client's were planning to write an offer, not one agent even replied. Hmmmm...
I am going to assume some agents are just not aware of this tiny technicality - which is why I am posting this blog:)
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