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Working With a Realtor
Most buyers in their search for homes are not aware of the two type of services that realtors provide. These services are: Client and Customer Service. Before you start searching the net and calling realtors to show you homes, you must be aware of who the realtor will be representing when he/she is showing you homes. Client and customer service are quite different, not knowing the differences can cost you money, time, frustration and not finding your dream home.
The main difference between a customer and a client is that a protective, ongoing business relationship is formed with a client, but not with a customer.
Working exclusively with a realtor who is reliable, accountable and responsive and one who pays attention to your individual needs and who acts on your behalf; is always the best choice. An informed buyer is a smart buyer.
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Real Estate Definitions and Relationships
Client:
Often referred to as a principal, a client is a person who asks an agent to act on his or her behalf during the purchase, sale, exchange or rental of a property or business. An agent owes their clients full fiduciary duties, such as loyalty, confidentiality, accountability, duty of care, obedience to all lawful instructions, and full disclosure of all pertinent facts. This relationship is call Client-Agent Relationship. This relationships provides full representation and protection for the client.
Customer:
A customer is a person who has not retained an agent to work on his or her behalf. While a customer does not enjoy the fiduciary duties and benefits of the Client-Agent Relationship, they are nevertheless entitled to be treated fairly, honestly and with due care at all times and cannot purposely be misrepresented.
Agent:
While the term "Agent" is not specific to the Real Estate industry, most Real Estate Salespeople, Brokers and REALTORS act as agents when conducting business. An agent is commonly defined as any person who represents another person in a business transaction.
Fiduciary:
A person in a position of trust and confidence who must put the interests of another person (their client) above all others.
The Four Types Of Agency Relationships:
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Buyer Representation: Client-Agent relationship established
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Seller Representation: Client-Agent relationship established
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Multiple Representation: Client-Agent relationship established
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Customer Service: No client-Agent relationship established
Who's working for you:
As a buyer it is critical that you understand who the realtor is working for in the Real Estate transaction. Listing agents always represent the seller interests, buyer agents represent the buyer interests (only if the buyer has chosen client service.) Realtors must disclose in writing the nature of the service they are providing, be it client or customer and obtain written acknowledgement of that disclosure. Having an agent represent your interests is always a good choice.
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Client Service
Complete Protection
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Customer Service
No Protection
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Costs For Services: FREE
Buyer Consultation: A Buyer Consultation is required to determine want and needs and to get an understanding of Buyer Agency.
Buyer contract is required to create an "Agency Relationship"
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Costs For Services: FREE
Buyer Consultation is optional: The customer is free to make a request to learn about the buying process and to get an understanding of Buyer agency.
A service agreement is required
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Access to MLS Information: The Buyer agent must ensure the client has full access to all homes for sale on the market. The information must be provided to the client ASAP.
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Access to MLS Information: The agent has no legal obligation to provide listings to the customer. The customer may do all the searching on his or her own.
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Loyalty: The agent has loyalty to the client.
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Loyalty: The agent has loyalty to the Seller.
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Confidentiality: Buyer information is never disclosed to the seller. Buyer position is enhanced
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Confidentiality: Buyer information is disclosed to the seller to enhance the Seller's position.
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Obedience: The Agent is under legal obligation to obey the instructions of the client.
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Obedience: The agent is under no legal obligation to obey the customer. The agent should however listen to the customer.
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Accountability: The Buyer Agent has full accountability for all actions taken.
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Accountability: The agent has limited accountability to the customer.
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Market Analysis: The Buyer Agent is under obligation to present all sales statistics to ensure the Buyer does not pay more for the home than it is worth. |
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Market Analysis: The Agent is required to show statistics to support the seller's asking price. Even if the asking price is over current market conditions.
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Buyer Needs: The Buyer Agent is under obligation to pay full attention to the buyer needs. Price, mortgage financing, etc, |
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Buyer Needs: The Agent is under no obligation to satisfy the customer needs, but must treat the customer with fairness. |
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Disclosure: The Buyer Agent must disclose all known facts about the seller and the property(Good or Bad).
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Disclosure: The agent has no such obligation to disclose facts about the seller or the property to the customer. |
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Negotiating Strategy The Buyer Agent is under legal obligation to provide strategies that are in the best interest of the Buyer. |
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Negotiating Strategy: The agent has no such obligation to the Buyer. The agent has to provide strategies to help the seller. |
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Showings to find a home: Unlimited. The Buyer Agent is under legal obligation to show the client as many homes as possible until the client finds the right home. |
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Showings to find a home: The agent has no legal obligation to show all homes to the customer. The agent can show homes as he or she deems necessary. |
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Clauses In Offer: The Buyer Agent is under legal obligation to insert clauses in the offer that protects and serve the interests of the Buyer.
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Clauses in Offer: The agent is under no legal obligation to insert clauses in the offer that protects the Buyer. The Buyer must be treated with due care and fairness.
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How Would You Like To Be Represented?
As a Client or a Customer. Contact us today!
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Arlene Samuel, B.S.,
Broker, ABR
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Client Appreciation:
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Do you need help buying, selling or renting a home?
Edison: 416-258-3079
Arlene: 647-289-0038
Office: 905-456-1177
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