Sequels can be just as good
Before I begin with this blog post I want to remind you that this post is just one in a multi-part series. If you like what you see be sure to go back and look at the previous entries. If you are reading this in the future, be sure to look at the next couple of entries as well. Agency is simply more info than can be explained in a single post.
The commission rules
In an effort to protect the general public and their interest when working with a real estate agent, regardless of who that agent works for, all agents are required to present information to the potential client and customer explaining their rights. This can often feel like an agent is shoving paperwork at a potential buyer or seller. In actuality this is a really good process. You should know from the very beginning who the agent is working for and who’s interest they are protecting and which side of the deal they are trying to progress.
There are 2 sides to every deal
There are 2 sides to every real estate transaction. A buyer and a seller….it is pretty straight forward. When you are working with a real estate agent, the agent is likely working for one side or the other and it should be made obvious who that agent is obligated to. A buyers agent has the best interest of the buyer at heart. The buyers agent should want to get the best possible deal for the buyer. A sellers agent (listing agent) is working on behalf of the seller and should be doing all they can to insure the deal is in the best interest of the seller.
The working with a real estate agent brochure and form was recently revised by the NC Real Estate commission. The new form is much more straight forward, and any member of the public that is presented this form should now have a much easier time interpreting it. I still get questions on what the form is obligating the client to and I want to be as clear as I can here and in real life….NOTHING. The form obligates you to nothing!! Do not be intimidated. It’s just an agents way of documenting they have presented the information to you.
Tone of the conversation
A buyer dealing with the listing agent is a very different conversation than when the buyer is talking with their own agent. An agent is obligated to disclose any information they have to their client that may help the client make a better decision. If a buyer tells the listing agent how much they love the house and they would pay above asking to get it, is a very important piece of advice for the seller to have. Most agents are good upstanding people and the conversations they have with the other side aren’t typically done to dig for more information. It is important to realize that any information disclosed to the other side can be used against you when negotiations begin.
Honesty and integrity
Regardless of what side an agent is working, all agents must be honest. To lie could be considered “misrepresentation”. NC is a caveat emptor state (buyer beware) but the agents can never intentionally or unintentionally mislead a buyer or seller. It is unethical and should be taken very seriously. Both agents should be honest but only your agent owes you loyalty.
Plenty more where this came from…..
This post is not only a part of a series, but there are a lot of topics I have already covered. I love the educational process I take my clients on. I hope as you are reading these post you begin to feel empowered with information. This info should give you the ability to make informed and educated decisions which I hope will naturally lead you to your next home.
If there are ever specific topics you want me to cover or explain I hope you will ask! If you find value, there are plenty of ways you can share this and my other post and videos with your friends and family.
Inner Banks Real Estate
252 312 2263