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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.
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.
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?
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.
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.
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.
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!!
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.
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.
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