Attention Investors - Changes to the Way We Do Business
By now I am sure you have all heard about the lawsuit that NAR and many real estate companies have been involved in.
As a result, there will be a lot of changes happening in the way we transact business and no one will be affected more than investors. Sure our forms will all change and the verbiage will change and we will all have to be more transparent in the way we do business.
Investors used to be able to just call up an agent and they would go and show them a property and no documents were ever signed until a contract was written. Moving forward buyer's agency agreements will need to be signed before an agent even shows a house and Brightmls is going to enforce this by contacting brokers to get copies of the agency agreements.
I get a lot of investors who call me to look at property. I have explained to them that moving forward we have to have an agency agreement in place to outline their rights and obligations and my rights and obligations with regard to real estate and before I show them a property they need to sign this paperwork, then they ask to be reassigned to another agent, or I never hear from them again. This is the way of the future and investors will need to get on board. As agents, we all have the same access to listings as everyone else, we all belong to the same MLS, and bouncing around from agent to agent isn't going to get you any more properties, investors may need to contract with one agent only moving forward.
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