Part Two: Who does your REALTOR® Represent?
Yesterday I started a series of 9 posts regarding what to look for in a REALTOR®. The #1 trait in my opinion is Honesty while the 2nd is Fiduciary Duty and Single Agent Agency.
In essence picking out someone to be your advocate in the transaction and to watch out over your interests on probably the largest financial decision of your life.
Why is a clear position of agency so important? Can’t someone serve two masters with out conflicting goals? After all it is legal in California and practiced widely.
Let’s step out of the real estate arena for a moment and consider the following scenario from another profession which does not allow conflicting agency.
You have hired an attorney to represent your interests in a patent infringement case. Years ago you invented a clever gadget that was brought to market and has become a significant source of income for you and your family. Things are going great until a huge established Company comes along and markets a very similar item but with the added advantage of name recognition and a large advertising budget.
You hire an Attorney to represent your interests with the expectation of getting the major company to halt production.
Would you hire the opposing sides Attorney because it would be easier and cheaper? Of course NOT – both sides have conflicting interests. You would want your own advocate to fight for your rights and look after your best interests.
I have written a great deal on real estate agency and invite you to visit that category should you wish to learn more.
Photo courtesy of Flickr
[...] Of number one importance, is who your REALTOR® is working for? [...]