Understanding Representation An agency representation agreement must be signed every time a buyer or seller works with a different company to view real estate property. There are four types of agency relationships. Seller Agency A Seller's Agent represents the interest exclusively of the seller in a real esate transaction. A Seller's Agent... *Prepares a competitive market analysis of the seller's home or property. *Develops and implements effective marketing strategies for the seller, including asking price, staging and positioning. *Informs the seller how much the other homes and properties have sold for in the area. *Presents all offers and counsels seller on what price to accept. *Negotiates exclusively on the seller's behalf. *Updates the seller on market conditions. *Works closely with seller to assure a smooth closing. *Monitors dates, events and requirements for the seller. *Represents the seller's interest at the buyer's walkthrough inspection. *Attends the closing with the seller. Dual Agency Dual Agency occurs when a Buyer's Agent shows a property to a buyer that is also represented by that REALTOR's firm, or when the Listing Agent shows real estate to a buyer who is also represented by the same firm. In Dual Agency situations, both the buyer and the seller will be asked to sign a consent agreement. A Dual Agent owes both the buyer and seller equal representation and must... *Treat both parties fairly *Not knowingly represent one party to the detriment of the other. *Disclose facts each party needs to make an informed decision. *To assist, as the Buyer and Seller are empowered to negotiate on their own behalf *Assure confidentiality on each party's price, terms and personal information Designated Agency A REALTOR firm may provide a Designated Buyer Agent for the buyer and a Designated Seller Agent for the seller from within the firm. The Designated buyer Agent may perform all the services described under buyer agency for the buyer and the Designated Seller Agent may perform all of the services described under seller agency for the seller. The agents so designated are not dual agents, but the firm itself continues to be a Dual Agent. |
