A great agent knows how to answer this.
"Why is your seller selling their home" She asked
"Because she is moving." I replied.
"Where is she moving? She asked.
"I'm sure you are aware of my fiduciary duty to my client. I don't have permission to disclose that to anyone." I replied.
"Oh of course, I'm sorry, I didn't realize." She responded.
Hmmmm. Maybe she did and maybe she didn't. Either way it's okay. She works for her client and understanding motivation is a great thing to understand in negotiations. I must admidt, I often ask and 90% of the time, the other agent tells me.
What is my REALTORS duty to me, the client?
If you have a REALTOR, have they explained fiduciary duty to you? If not, ask them to. It is always the first thing we explain to our clients. Yes, it is that important. It's like dating the girl and she says, I only want to be friends and nothing more. Now you know where you stand and you understand the boundaries. Agents who don't explain what we do are setting themselves up to fail. It's important for clients to understand that you work for them and protecting their best interests. We don't find homes... anyone can find a home, it's not like we hide them! What a REALTOR really does is representation and if they do it well, they explain that to their client.
So what is fiduciary duty?
- Confidential - This means forever. If your client is a doctor or lawyer and you share that with the other agents, it could hurt them in getting the best price. People judge. They make things up. They may think your client is made of money.
- Obedience - You are always the hero in our story. You are packing, writing the big checks, and doing the heavy lifting. We don't make decisions for you. We educate and guide you to make informed decisions. We will always be obedient to your wishes and will tell you, based on experience and skill, where each path leads.
- Loyalty - You are our client. You are the one we are loyal to. We enjoy working well with others and that doesn't mean telling them everything and working with them to go against your best interests. We have your back!
- Disclosure - All agents and the sellers are required by law to disclose what they know about the home, the neighborhood, HOA, community, and anything that may make a buyer not want to buy their home. Arizona has a few things sellers do not have to disclose (If the home is the site of natural death, suicide, homicide, or any crime classified as a felony. If the home is located in the vicinity of a sex offender. If anyone with HIV or AIDS has lived in the home.
- Accounting - In real estate, there is a lot of documentation to protect your interests. Arizona Department of Real Estate requires brokers to keep certain documents in a broker file and brokers are required (so are agents) to keep a running file and communication log. Good accounting is important. We put all your documents on a flash drive and give them to you when your property closes.
- Reasonable Care and Skill - Returning phone calls or better yet, answering phone calls is important in real estate. Emails, texts, and other forms of communication should be timely. Also, understanding basics when showing homes such as subterranean termites and the damage they can do in Arizona, septics, roofs, and other construction basics.
If you are looking to buy and sell in Arizona, please consider Team Shelton. A mother-daughter team who likes to take really good care of clients through education and communication. You can schedule time with them here.
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