Thinking about selling your home? Is Your Real Estate Agent Revealing Your Secrets?
Thinking about selling your home?
Dave Robb recently posted the following blog about the type of agency designations that sellers should understand as they enter into discussions with the realtors they are interviewing. Here is an excerpt:
“When I first obtained my license in 1987, the business was a lot different. In the years since, there have been massive changes – mostly for the better. There have also been changes in Missouri real estate law and regulation. One change that many consumers do not understand is the difference between the types of representation now available to home sellers.
The two most common types that occur in our marketplace are “designated agent” or “seller’s agent.” The naming of these two categories is probably the main source of confusion. A listing agent working with a seller may, depending on their agency’s policies, operate under either category. The duties and responsibilities in either case are very similar: both types of agents are obligated to exercise reasonable skill and care and to promote the interests of the client with the utmost good faith, loyalty, and fidelity.
However, there is a crucial difference between the two. When you hire a designated agent, that agent (or team) must keep confidential any information that you share concerning your motivation, financial situation, or minimal acceptable price. The designated agent must not disclose this sensitive information even to fellow agents in his/her own company.
A seller’s agent, on the other hand, may share all of this information with other agents of his/her own company. This must make for some very interesting sales meetings at those companies operating under this category.”
To read the article in full on the University City Patch Blog- Local Voices website, click here: Is Your Real Estate Agent Revealing Your Secrets?
Dave Robb is a Realtor with Robb Partners, an affiliate of Dielmann Sotheby’s International Realty- Clayton.