U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-23-2008, 09:58 AM
 
5,633 posts, read 13,944,917 times
Reputation: 2730

Advertisements

Hey guys,
I have an agent working for me looking for land, but he's only been with me for about 2 weeks or less. I gave him a list of things I wanted, but I was wondering if it was OK for me to contact other agents and give them this list, as well? I don't know if this is looked down upon. I think it is. Can anyone shed some light? Thanks.
Reply With Quote Quick reply to this message

 
Old 10-23-2008, 10:03 AM
 
Location: Central Texas
20,390 posts, read 37,702,114 times
Reputation: 22529
Have you signed a broker's rep agreement with him? If so, look at what it says. If not, you can call other agents, but you need to be up front with each and every one of them that you're working with other agents.

Why do you want to do this? If the agents are all in the same area, they're very likely all going to have the same information about what's on the market in that area.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:10 AM
 
5,633 posts, read 13,944,917 times
Reputation: 2730
Quote:
Originally Posted by TexasHorseLady View Post
Have you signed a broker's rep agreement with him? If so, look at what it says. If not, you can call other agents, but you need to be up front with each and every one of them that you're working with other agents.

Why do you want to do this? If the agents are all in the same area, they're very likely all going to have the same information about what's on the market in that area.
Hiya!
Nope, nothing was signed. We just got preapproved and then I told the broker to "go for it" and see what's out there. Nothing was signed. Should something be signed?

As for why do I want to have more than one look...well because I was wondering if some other agent would know of any properties that may be coming onto the market soon, rather than what's just on the MLS. Not much is on the MLS that fits my criteria. I know, you may be thinking that well maybe it's because my criteria iis out of my price range, but my ideal properties have sold not too long ago within a price range I was OK with. Maybe it's just a matter of waiting for the perfect property to appear on the MLS?

Thanks for the feedback.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:41 AM
 
Location: Central Texas
20,390 posts, read 37,702,114 times
Reputation: 22529
Did the agent give you the information about agency in Texas on first meeting? (We're supposed to; in my case, I explain it AND give a sheet provided by TREC that explains AND have the buyer - or seller - sign a copy of the sheet saying that I gave it to them.) Until you have a buyer's rep agreement with the agent, they are legally working for the seller - any seller - and their fiduciary responsibility is to the seller. Now, many agents won't have that signed on first meeting, because both parties need to work together a bit to make sure that there's a match, and that's fine, but you should have the information and know that you haven't "hired" the agent to represent you yet. They're working with you, not for you, and there's an important difference there. (Thus the requirement that this information be given on first meeting.)

If you're looking for land, it can take a while to find the right piece (or the right buyer, come to that). Or you might luck out and find the right piece immediately. I see your reasoning about thinking that an agent might know of a property that's about to come on the market; that's why agents ask other agents if they have anything coming that might fit their buyer's needs - it serves both parties (well, all four, seller, buyer, and both agents).

If you want to do this, as I said, it's fine, as long as you let all the agents know what you're doing. Some may choose not to work with you based on that, others will - it all depends on their business plan and how busy they currently are, among other things.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:46 AM
 
5,633 posts, read 13,944,917 times
Reputation: 2730
Thanks, reps coming your way!
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 10:54 AM
 
Location: Austin
7,187 posts, read 17,711,943 times
Reputation: 9766
I disagree a little with HorseLady. Texas has "Implied Representation" so even if you don't have a buyers' rep agreement signed, but you went to the agent and asked for their help, they're working for YOU and not the seller. The representation was implied and applied as soon as you took any of the help they gave that you asked for.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 11:14 AM
 
Location: Central Texas
20,390 posts, read 37,702,114 times
Reputation: 22529
That's not what I've learned in class, and it's not exactly what the TREC document says. (Though it does use the word "usually", the meaning is pretty clear, though clearly agents interpret it differently.) It's best, in any case, to have everything in writing because not doing so leads to ambiguities and misinterpretations that can end up in court, and that's not anywhere I want to be - been there as a legal assistant, am NOT interested in going there as a defendant or plaintiff! Now, you can find yourself in an "implied representation" situation, but that's why TREC requires that the information be presented on first meeting. Too many buyers "implied" to themselves that a subagent was actually their agent and representing their fiduciary interests.

TexasNick, you can read the form here (http://74.125.45.104/search?q=cache:yIEKf6X1Cu8J:www.trec.state.tx.us/pdf/contracts/OP-K.pdf+%22Information+on+Brokerage+Services%22&hl=e n&ct=clnk&cd=1&gl=us - broken link). It's a good idea to read it all the way through. In my opinion, an informed buyer (or seller) is a good thing.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 07:06 PM
 
192 posts, read 549,977 times
Reputation: 71
Hi Texas! Being a good realtor is not easy - if you care about your clients - those of us that do care and work hard and diligently for our clients give loyalty and develop relationships with those we represent. We strive to represent and care for our clients ALL the way through the process. The process includes much more than "locating" a piece of property, it also includes negotiation - timely responses and MUCH , MUCH more. Who do you want in your corner throughout? Someone you have gotten to know and trust, or the first Joe realtor that finds the listing and gets it to you - as in a race? I recently worked with a family that had been looking for a home for 4 years and had been through 4 realtors. I found their home (1st day listing on the hot sheet) while on vacation. No, I'm not obsessed just caring. They trusted me with their family future and I took that very very seriously. Isn't that what you're looking for? Trust me when I say that all sorts of problems may arise and you need to know who that person is, who is in your corner. Are they there for you or just a commission? Best of luck to you!!
Reply With Quote Quick reply to this message
 
Old 10-24-2008, 05:07 AM
 
Location: WNY
1,049 posts, read 3,479,598 times
Reputation: 267
I dont think any other agent unless they were listing the land would have any other information than the one you are currently working with. Personally I would be a little preturbed if someone I was working for went to someone else at the same time, but that's just me, and it might even make me work a little less hard for them - after all, there is no assurance of their loyalty to me.
Reply With Quote Quick reply to this message
 
Old 10-24-2008, 02:16 PM
 
Location: Austin
7,187 posts, read 17,711,943 times
Reputation: 9766
Quote:
Originally Posted by TexasHorseLady View Post
Too many buyers "implied" to themselves that a subagent was actually their agent and representing their fiduciary interests.
You're quoting things from studies back in the early 90's before agency. Agency took place in 1996.
I've used "implied" representation before. It's very much real and will hold up in court. I got my commission! As long as you can show that the buyer asked for your help, and show a pattern of the buyer continuously asking for your help, which would be a back and forth relationship between the buyer and the agent, the buyer knows darn well that the agent is working with and FOR them, hence "implied" representation.

We covered it in great detail when I got my license back in 2000.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top