(At our Client Appreciation Day in October, these backdrops were used for photos)
For
home buyers, the most difficult habit to cure and the worst possible trap,
is calling the name rider on a yard
sign, calling the agency that lists the home. That assures some kind of
dual agency! But it's a very popular ploy, witnessed by the name riders
on practically every yard sign, and internet advertising encouraging buyers
to go back directly to the listing agent.
The
most difficult for relocation professionals to change is sending transferees
to "the largest agency in town", and even to "full service" agencies....both
virtually assure the transferee is going to be put at risk from some kind
of dual agency, often without disclosure or warning. (Many states have
so abrogated the Common Law of Agency that the dangers of dual agency
are not even disclosed or noticed to buyers. See the section on our web
site explaining how "Designated" buyer agents came about, and why it's
not much different than before, like the same game, with a different name.)
Ironically,
the larger the agency, the greater the dangers. (The NAR says 40% of all
listings are sold in-house...large local agencies heavy in listings claim
far higher figures....especially in their listing presentations....touting
it as a virtue.)
"Full Service" therefore is totally inconsistent with "Best Service" in the opinion of many astute observers, (see Ralph Nader's comment in Bibliography below.)
This
may require therefore, that relocation professionals place their buyers
and sellers with two different agencies...and that's a new idea, too,
but ultimately, the best of all worlds. (Many exclusive practitioners,
by the way, help with the selection of seller's agents; they are in a
position to know who take their roles seriously and do a good job.)
Exclusive Buyer Agencies are likely to be small and specialized, but there's a silver lining here: you'll get to know the principals of these smaller firms better....dealing with a single individual or two all of the time....and you'll know that your referrals are being placed with top experienced folks, surely a lot better than the pot luck you often take in larger, impersonal agencies.
A couple of references on this subject:
"Q. What kinds of firms are getting into the Buyer's Brokerage field?"
"As the situation evolves, I think you will find that most Buyer's Brokerage firms will be relatively small, independent organizations that will specialize in this area."
Peter G. Miller as interviewed by Tom Dooley. The Real Estate Professional,
Dominant companies will stay out, (of buyer brokerage). A buyer broker in your office wouldn't be able to show any of your own listings, for instance. You've got to remember that the salesman isn't the agent, the company is the agent. You can't have a salesman working against your own interests.
"Buyer Agency: Legal, Ethical", from Agency Law Quarterly.
