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I would not expect to bring in my own clients to see my house(as their buying agent), but I would like to be on the MLS and to get a fair percentage as listing agent. I agree acting as double agent would be too tricky. I would love to sell my parents home as well as way to gain presence, its a really cool house and I could meet some interesting people at open houses, etc.
I was aware of the "REO" added to the listing if an agent owns the property. Are people suspicious of this? It should not be a bad thing because realtors usually are more realistic about what properties are worth, but some might fear that the realtor/owner is crafty and will somehow pull something over on them. I am a super honest person, so being viewed in that light will be new for me.
I would not expect to bring in my own clients to see my house(as their buying agent), but I would like to be on the MLS and to get a fair percentage as listing agent. I agree acting as double agent would be too tricky. I would love to sell my parents home as well as way to gain presence, its a really cool house and I could meet some interesting people at open houses, etc.
I was aware of the "REO" added to the listing if an agent owns the property. Are people suspicious of this? It should not be a bad thing because realtors usually are more realistic about what properties are worth, but some might fear that the realtor/owner is crafty and will somehow pull something over on them. I am a super honest person, so being viewed in that light will be new for me.
You don't want to put REO on your listings -- that mean Real Estate Owned, as in bank-owned foreclosure properties. You also might not want to be paid a commission on the sale because that's taxable income. If it's your primary residence, just work your profit on the sale price. My broker has a policy that we can each do 2 "free" sales per year with our own properties and not have to pay any broker fees. You might also want to check on E & O insurance coverage when you list your own properties. Sometimes it's better to let another trusted agent in your office list the properties for a smaller percentage and relive yourself of any liability.
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