Sunday, October 9, 2011

What Obligations Does the Listing Agent Have to the Seller?

Today I received a call from a Buyers Agent's asking me to disclose to her what the Seller would accept as an offer?  I simply replied the listing price is $350,000, I know the homeowner will accept $350,000.

My question to the agent was "Is this an ethical question that you are asking me?"  Her reply was "Other agents don't have a problem answering the question."  Then I asked her. "Would she answer that question if she was the listing agent?  Her reply was "If I felt we could go to closing then yes, she had no problem giving the buyer's agent the seller's financial information in order to get a deal done."

My question to you is this ethical?  The answer is NO.  In today's economy listing agents and buyers agents are teaming up 'to get the deal done' at the expense of the homeowner who hired the listing agent to represent his/her interest in the selling of their home.

Does the seller have any idea what is happening behind the scenes with the buyer's agent and listing agent?  Probably not.  Will this hurt the seller if the listing agent gives the buyer's agent the seller's financial information?  Yes it would.

Traditional Real Estate has changed.  What use to be an ethical is thrown out the window 'just to get a deal done and go to closing.'  Why is this?  Agents do not get paid a commission unless they go to closing.

Flat Fee Real Estate has changed the dynamic of real estate giving the homeowner total control in their sale without the listing agent 'selling them out' just to 'get the deal done.'

By using Total Choice Realty's Flat Fee Listing Service, homeowner are able to negotiate a deal directly with the buyer's agent without a 3rd party agent (listing agent) giving away critical information that could harm the seller's in the negotiation of their home.