Posted by: apriljobeasley | September 22, 2008

The Name on The Sign…

So you are driving around town and see a house for sale.  You think “hmm… I wonder how much that one costs?”  So you call the number on the sign.  Chances are the agent will tell you the basic information and try to get you to see the house.  Here’s the kicker.  The agent whose name is on the sign represents the seller and the seller only.  They are not looking out for your best interest.  Now, theoretically they once you get to the house they should explain something called agency.  Basically telling you who they represent.  All too often though they get bogged down in showing you the house and they forget to explain who they are working for.  There are four types of Agents in the Tri-County area. 

1. Single Agent: The Listing Agent/Buyer’s Agent.  This agent can make recommendations and they work for their client only.  They must keep all information confidential (unless they are given other instructions by you).  They will also be able to negotiate harder for you.  If you are a buyer (First Time Home Buyers especially) you need your own buyer’s agent.  Preferably someone with their ABR (Accredited Buyer’s Representative) designation.  Call around.  Ask your friends to refer you to their agent.  Or you could always call me (April Beasley 334.782.5650)! 

2. Limited Consensual Dual Agent: Long name I know.  This is someone that is working with both the sellers and the buyers.  They cannot make recommendations to you or give advice.  They can only present raw data and tell third party stories.  At times this happens.  In fact my very first transaction in real estate was a limited consensual transaction.  I had listed my friend’s house.  I was also working with a different set of friends as their buyers agent.  They looked at the house I had listed and decided that they wanted to buy it.  At that time both parties had to sign a limited consensual dual agency agreement (try saying that 10 times fast).  I had to shift gears a bit.  I was no longer able to advise either party.  I helped them both through the entire transaction though and everything turned out great!  It can be done!

3. Sub Agent: We really don’t do this at all here.

4. Transaction Broker:  This type of agent can walk you through an entire transaction.  They will give you raw data, but cannot advise or make recommendations to you.  They still have to keep confidentiality.  Basically they are not working for you they are working with you. 

As with anything you you do it is important for you to know your rights as a consumer!  If you have any questions concerning agency you can email me, call your local Realotor®, or call the Montgomery Area Association of Realtors® at 334.396.0256.

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