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Customer seems to be an east coast term. I can't speak for CA, but out here they are either a client or not. We don't call the "other party" customers.
Customer seems to be an east coast term. I can't speak for CA, but out here they are either a client or not. We don't call the "other party" customers.
A "customer" is one making an inquiry of me, either as a buyer or seller.
They become a "client" when/if agency is established.
Their status as a "client" is indicative of the fiduciary relationship.
The "other side" is neither a customer nor a client. They are either "Buyer" or "Seller."
I guess we are stuck in the dark ages out here! We just call them potential buyers or potential sellers.
Well, we do too.
We seldom use "customer."
When you think of it in view of the fact that you are actually selling your services attempting to earn an engagement from the client, that person truly IS a "customer."
Here in Texas, a customer is someone who wants to buy a house but has not hired me to represent them (signed a buyer's rep agreement with me). A client is someone (seller or buyer) who has signed the appropriate agreement and thus hired me to be their agent. It is to them that I have a fiduciary responsibility.
Intermediary is where the buyer and the seller both have agreements with the same broker (but not necessarily the same agent) and thus are both clients. What that is and its implications is very clearly spelled out in the form that we give to customers (and have them sign a copy indicating that they received it) upon first meeting, and it's revisited in both the listing agreement and the buyer's rep agreement, where they have to opt in or out of it. If they opt out, as buyers, we simply won't show them listings that our broker has, as sellers, we won't show their house to any buyers who have a buyer's rep agreement with our office.
If a customer wishes to make an offer on one of my listings, and doesn't want representation, I can assist them in filling out the appropriate paperwork, but I can't represent them, and my fiduciary responsibility still goes to the seller. This does not mean that I won't advise them to get their own agent, either with our office or elsewhere, their choice. That would be my preference.
Here in Texas, a customer is someone who wants to buy a house but has not hired me to represent them (signed a buyer's rep agreement with me). A client is someone (seller or buyer) who has signed the appropriate agreement and thus hired me to be their agent. It is to them that I have a fiduciary responsibility.
Intermediary is where the buyer and the seller both have agreements with the same broker (but not necessarily the same agent) and thus are both clients. What that is and its implications is very clearly spelled out in the form that we give to customers (and have them sign a copy indicating that they received it) upon first meeting, and it's revisited in both the listing agreement and the buyer's rep agreement, where they have to opt in or out of it. If they opt out, as buyers, we simply won't show them listings that our broker has, as sellers, we won't show their house to any buyers who have a buyer's rep agreement with our office.
If a customer wishes to make an offer on one of my listings, and doesn't want representation, I can assist them in filling out the appropriate paperwork, but I can't represent them, and my fiduciary responsibility still goes to the seller. This does not mean that I won't advise them to get their own agent, either with our office or elsewhere, their choice. That would be my preference.
Fascinating! All real estate is local!
I cannot help with the offer for a Buyer, unless they and my Seller client approve dual agency.
That is one of the greatest failings of the EO listing. Too often the EO Seller is not prepared to do business, and tries to drag the Buyer's Agent into unapproved dual agency.
Here in Texas, a customer is someone who wants to buy a house but has not hired me to represent them (signed a buyer's rep agreement with me). A client is someone (seller or buyer) who has signed the appropriate agreement and thus hired me to be their agent. It is to them that I have a fiduciary responsibility.
If a customer wishes to make an offer on one of my listings, and doesn't want representation, I can assist them in filling out the appropriate paperwork, but I can't represent them, and my fiduciary responsibility still goes to the seller. This does not mean that I won't advise them to get their own agent, either with our office or elsewhere, their choice. That would be my preference.
Yep!! pretty much the same here. All disclosed, of course : )
BTW, this is where I get alot of Potential Buyers who want to "try to save the buyers agent commission". they purposefully do NOT want representation and want to make an offer. I will assist them in writing the paperwork. they can make an offer to see what my clients will take or won't take. i will assist the customer to make sure the house is available for inspections, I will assist to make sure the proper paperwork is complete, I will assist setting up the closing and checking on financing, etc. BUT I haven't said I will relinquish my commission. That is between me and my seller. and would rather my seller get the money. But you get the drift....
Yep!! pretty much the same here. All disclosed, of course : )
thanks,
shelly
Oh, absolutely. It is all disclosed from the first meeting - and, as I said, when it's disclosed, I get something signed to show that I did, and they get to keep a copy for their records and for reference purposes.
Whatever the rules are in different states; how on earth can an agent work for the best interest of his clients if he represents three parties with opposing interests? It can't be done and I would recommend that buyers get exclusive representation.
Sandy
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We just call them potential buyers or potential sellers.
