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Captain, where did I ever mention anything about "waiting"?
Would negotiate the DA commission rebate at the time the LA is signed, not when the DA arises.
Quote:
Originally Posted by RE Skeptic Tough question. There are pros and cons of DA. If your listing broker is a major player, you may not want to exclude buyers coming thru this channel.
If you allow DA, remember that your agent will no longer be working for your best interest. The agency will also be getting double the commission. I would negotiate a discount on commission if DA arises.
Perhaps you didn't write exactly what you meant. Did you meant to say that one should negotiate a dual agency discount in the listing agreement? If that is what you meant, then I would agree. I know that many agents offer that without the seller asking.
Agent bonus's actually do very little to cause a Buyer to buy a home. That $1k is better used fixing up the home to sell.
Agreed.
A substantial bonus may cause a property to get more initial showings but if it's not priced to sell, it's going nowhere, fast.
( As an aside, I disclose bonus incentives to my buyers before they walk in the door and let them know we will roll this into the offer if /when they decide this is the place for them. I avoid creating perceptions of a conflict of interest)
Perhaps you didn't write exactly what you meant. Did you meant to say that one should negotiate a dual agency discount in the listing agreement? If that is what you meant, then I would agree. I know that many agents offer that without the seller asking.
Yes, that is what I meant. Would never suggest that a buyer or seller bank on the option of re-negotiating a contract.
Our state does not permit dual agency. On the rare occasion that such a situation arises, i.e., our seller is our client and a buyer is our customer. Certainly, an agent can become a buyer-broker if a buyer comes into the office and wants their own representation.
On the rare occasion this happens - showing buyer-client a myriad of houses and then they notice one of our listings and want to see it - becomes dual agency. When/if that happens, all parties need to agree to sign a document, limited dual representation for a transaction to proceed and/or from the start, advise the new buyer-client of the laws/rules and regulations about no dual agency and if they want to see a listing, they either have to revert to a customer and/or another agent as an option.
We are so used to this rule/regulation, it is hard to envision dual agency practice.
Our state does not permit dual agency. On the rare occasion that such a situation arises, i.e., our seller is our client and a buyer is our customer. Certainly, an agent can become a buyer-broker if a buyer comes into the office and wants their own representation.
On the rare occasion this happens - showing buyer-client a myriad of houses and then they notice one of our listings and want to see it - becomes dual agency. When/if that happens, all parties need to agree to sign a document, limited dual representation for a transaction to proceed and/or from the start, advise the new buyer-client of the laws/rules and regulations about no dual agency and if they want to see a listing, they either have to revert to a customer and/or another agent as an option.
We are so used to this rule/regulation, it is hard to envision dual agency practice.
So if you have a buyer and you are acting as their BA and they want to see a property listed by your agency, your buyer has to go find an agent in another agency (assuming seller doesn't want to sign "limited dual representation")?
We have a few choices, the buyer can become a customer w/this particular property; the buyer-client can get a representative for this particular property; all sign the limited agency form [it did happen to me awhile ago and all parties were comfortable signing the limited representation form].
We have a few choices, the buyer can become a customer w/this particular property; the buyer-client can get a representative for this particular property; all sign the limited agency form [it did happen to me awhile ago and all parties were comfortable signing the limited representation form].
If the buyer wants BA representation (your 2nd option above) how do you handle a previously signed BA exclusivity agreement? Are they released for that property so they can go get BA representation w/ another broker/agency?
Hi, when I, and I trust all broker/agents in our state do, when first meeting with a buyer we advise that we work for the seller and that the buyer has options: customer and/or client. We present the mandatory agency disclosure which explains these options - also advising that in this state, we do not have dual agency. If a buyer then requests buyer representation, I/again, no doubt all brokers/agents do, explain that since we do not have dual agency, and the end up wanting to see of our listings, we would either offer, as noted previously, the opportunity re: limited dual agency [if all parties agree] or back as a customer OR they may certainly obtain buyer representation for that particular property. To me, it is important, and I think essential to be as forthright/forthcoming from the onset - saves lots of misunderstandings, at least, it should.
Does your state offer dual agency [did I miss reading that in one of your comments?]
Because I/we are so used to no dual agency, when I had to sell my family's home in another state and listed the property with broker, it was a dual agency listing agreement and it was, for me, pretty strange reading it over. We made some changes to that listing!
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,311,234 times
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I'm trying to figure out the difference between a customer and a client.
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