How should we choose a Realtor?

So how do we choose a Realtor?

As Realtors, we need to make you aware that you have options around how you work with us.  It is very important that you make a wise decision around this issue.

•     Up until around the mid 1990’s, all realtors were legally responsible to the seller, no matter who they were working with.  That meant that if a buyer looked at a home with a realtor, the realtor’s legal responsibility was to give any information from the buyer to the seller.  So, if a buyer said that they were prepared to put an offer in for a certain amount, but prepared to go higher, the realtor’s legal responsibility was to take that information to the seller. Which didn’t work well, as you might imagine-).

•    Around that time, the rules were changed so that Buyers could have their own realtor legally responsible to them...and we will talk about this next time.

This means there are FOUR types of relationships realtors can have with their clients…

SELF REPRESENTED PARTY:  effective Dec 2023, new real estate rules allow for self represented parties.  This means that if someone is an SRP, we are unable to provide any advice, direction or opinions.  In fact, they won’t even get the Buyer/Seller Handbook we provide for those we work with-).  We can give an SRP general information about our listings, but other than that they are on their own.  They will have to find someone (usually a lawyer) to write their offer and will have to make decisions regarding conditions to include, find comparables to help them decide on price to offer etc.

Please note that we do not work with SRP’s as it seriously hinders our ability to help our clients.  If they choose to be a SRP, they are on their own.  But for some people who have a great deal of experience in the real estate world it can work well for them. 

SELLER REPRESENTATION: (formerly known as Seller Agency):

• When we meet with a seller regarding listing their home, a listing document is signed by both seller and realtor

  • This document gives us the legal right to act on the seller’s behalf to list and sell their home

  • The contract lays out responsibilities for both parties

STAY TUNED FOR PART 2...where we talk about how we work with Buyers'