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Just because you show a buyer a house doesn't mean you have to enter into a dual relationship. A buyer can be unrepresented. You can't force people to have representation that they don't want. Also, in my state, the buyer and seller have to both agree to dual representation. So telling a buyer on the phone that you won't show it without them agreeing to be a dual client violates Oregon laws. It would also violate our fiduciary duties to our sellers to not show our listings to unrepresented buyers as we have agreed to make a good faith effort to procure a buyer for the property unless our seller instructs us otherwise.
I'd call agents principal brokers if they are refusing to show you the listing as an unrepresented buyer. Might want to read up on the fiduciary duties of that state. Then write the offer you want to write and forget about inserting commissions into it. That is for the seller and agent to hash out. Some people, like me, address that scenario in our listing agreements already.
that is what I was thinking, thank you the reply. I will look up what is required by wisconson.
In the near future we'll look back at these discussions and laugh. Zillow will provide free forms for all states, offer listings for a small fee and buyers and sellers will be able to hammer out the deals directly with no stinkin Realtor screwing up the process and scraping 6% off the top. Zillow will maintain a list of title companies and attorneys happy to handle closing for a competitive fee and perhaps the former Realtors will agree to unlock vacant houses for $50 a shot.
This ain't crazy talk. It's already started and coming to a town near you.
Just because you show a buyer a house doesn't mean you have to enter into a dual relationship. A buyer can be unrepresented. You can't force people to have representation that they don't want. Also, in my state, the buyer and seller have to both agree to dual representation. So telling a buyer on the phone that you won't show it without them agreeing to be a dual client violates Oregon laws. It would also violate our fiduciary duties to our sellers to not show our listings to unrepresented buyers as we have agreed to make a good faith effort to procure a buyer for the property unless our seller instructs us otherwise.
I'd call agents principal brokers if they are refusing to show you the listing as an unrepresented buyer. Might want to read up on the fiduciary duties of that state. Then write the offer you want to write and forget about inserting commissions into it. That is for the seller and agent to hash out. Some people, like me, address that scenario in our listing agreements already.
All good points (and as I wrote earlier I think it is completely inappropriate, not in either party's best interests, and typically illegal to force dual agency.) BUT I think the seller should be aware that the potential buyer who has requested a showing is unrepresented. Ideally the scenario is discussed when the seller signs a contract with the realtor. The agent has a fiduciary duty to the seller which also means bringing them buyers who are likely to buy the house. We as sellers did instruct our realtor to let us know if a potential buyer is unrepresented. We would want, at the very least, to go through some sort of vetting process prior to a showing. Our agent would have to be present and watch them carefully, we would want evidence of pre-approval, and we would want to know their names and have them show ID. That might sound crazy, but those are all things their own agent would do or should do if they had one. Without that, they could be anyone off the street - if not someone casing the joint, then a nosy neighbor or acquaintance. (And no, we also don't have open houses, which are very unusual in our area, anyway.) As mentioned elsewhere, besides the security issues, there's the issue of all the work that goes into preparing the house for each showing. You want to maximize the chance that the person/people coming to the showing are serious home buyers.
Last edited by cowbell76; 06-20-2014 at 09:06 AM..
Whew. Someone said easiest way is to get your own Realtor. Agreed. About your becoming a realtor... In most areas it's no small thing becoming a realtor anymore. There's a lot of responsibility, ed and continuing ed, licensing and insurance issues, boards you have to join that have oversight.
I wouldn't become a Realtor for anything in the world! I don't want to work 12 hours a day 7 days a week!
In the near future we'll look back at these discussions and laugh. Zillow will provide free forms for all states, offer listings for a small fee and buyers and sellers will be able to hammer out the deals directly with no stinkin Realtor screwing up the process and scraping 6% off the top. Zillow will maintain a list of title companies and attorneys happy to handle closing for a competitive fee and perhaps the former Realtors will agree to unlock vacant houses for $50 a shot.
This ain't crazy talk. It's already started and coming to a town near you.
Very interesting prediction! I'll be interested in seeing if it comes to pass!
I wouldn't become a Realtor for anything in the world! I don't want to work 12 hours a day 7 days a week!
Any Realtor who works 12 hours a day seven days a week has poor time management skills not to mention misplaced priorities unless they are a young eunuch.
I saw that comment too and I was thinking the same thing. It sort offes like its an exclusive club where if you don't have a membership card, no one will even talk to you. When the fact is we have access to all of the same data and documentation as them.
What data and documentation? In my area the MLS has a public side, and you can see the listings, and you can see sold properties, with sale prices. However, even the initial listing has private information only available to MLS members and perhaps shared with the seller. The sold properties also include information not available to the public, such as DOM, and (at least in my area) amount of seller concessions, which gives some insight into truly comparable sale prices.
Zillow often (not always) has listing history, which is often correct, but even when correct can be incomplete. It may show true dates of each listing, sale, and price changes, but may not show, for instance, dates that a property went under contract, so you can't know DOM, just how much time elapsed between the listing and the sale. And of course you can't always trust the Zillow listing history.
BTW, your real estate attorney is probably closer to being able to get you access to properties...not having the same requirements as you. Have you asked him if he can show you homes?
Very interesting prediction! I'll be interested in seeing if it comes to pass!
Just look at how fast Uber is changing the regulated taxi industry. And how fast Airbnb is changing the regulated hotel industry. Both disruptive technologies to the status quo and gaining popularity very fast.
Long term...... given the choice between paying someone 6% commission or paying around $500 which one do you think the sellers will choose? Right now biggest reason people choose a realtor with MLS is because that is where all the eyeballs are. Once zillow/trulia/etc change that, there will be no reason for a seller to use a realtor or MLS.
Any Realtor who works 12 hours a day seven days a week has poor time management skills not to mention misplaced priorities unless they are a young eunuch.
Funny, I just emailed my Realtor a longer version of the same. It's tempting to post it here but I won't.
She's driving herself nuts and finally she's getting so cranky she's annoying the hell out of me.
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