What should a real estate agent know?
Real estate agents live in the belief that the more they know, the better they are able to negotiate on a client’s behalf. But this is not always the case. Real estate agents could be in three possible positions:
Single-agency which means they represent the buyer exclusively. Nonetheless it is incumbent on the seller to pay commission to both brokers and sub-agents i.e. the broker/agent who has listed the property and the broker/agent representing the buyer.
Sub-agency where the agent represents the seller exclusively and collects commission from the seller.
Dual-agency where the broker/agent represents both buyer and seller. This generally arises when two agents represent the buyer and seller separately in a transaction but work for the same broker. Such a situation is open to conflict of interest. The law however restricts the dual agent from divulging any information to either buyer or seller that has been given in confidence.
This relates specifically to price ceilings and counter offers made by other clients.
Some states protect the clients – buyers or sellers – by requiring the agent to disclose his/her status before entering into negotiations. Such a situation will determine the degree of trust the client can repose in the agent.
A buyer can also appoint his own exclusive agent, the commission for which the buyer bears. But in such a condition the exclusive agent can be privy to more information than otherwise.
A realtor who represents you
Dale Warfel is a realtor who operates in the San Jose area and has represented buyers and sellers with transactions in prestigious neighborhoods like Almaden Valley, Rose Garden, Willow Glen and Santa Teresa. Dale Warfel is known for his negotiating skills and thorough knowledge of applicable California laws. Do visit his website at www.dalewarfel.com for current listings.
Single-agency which means they represent the buyer exclusively. Nonetheless it is incumbent on the seller to pay commission to both brokers and sub-agents i.e. the broker/agent who has listed the property and the broker/agent representing the buyer.
Sub-agency where the agent represents the seller exclusively and collects commission from the seller.
Dual-agency where the broker/agent represents both buyer and seller. This generally arises when two agents represent the buyer and seller separately in a transaction but work for the same broker. Such a situation is open to conflict of interest. The law however restricts the dual agent from divulging any information to either buyer or seller that has been given in confidence.
This relates specifically to price ceilings and counter offers made by other clients.
Some states protect the clients – buyers or sellers – by requiring the agent to disclose his/her status before entering into negotiations. Such a situation will determine the degree of trust the client can repose in the agent.
A buyer can also appoint his own exclusive agent, the commission for which the buyer bears. But in such a condition the exclusive agent can be privy to more information than otherwise.
A realtor who represents you
Dale Warfel is a realtor who operates in the San Jose area and has represented buyers and sellers with transactions in prestigious neighborhoods like Almaden Valley, Rose Garden, Willow Glen and Santa Teresa. Dale Warfel is known for his negotiating skills and thorough knowledge of applicable California laws. Do visit his website at www.dalewarfel.com for current listings.
posted by Sangeetha @ 11:21 AM
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