This is an interesting concept. I notice that as a Buyer's Agent you may take on much more work. It is important to refer the Seller to their Attorney if advice is requested. It is important to also be clear on the fact that you represent the Buyer and not thE Seller.
Actually, that title is kind of an Oxymoron, since the selling agent doesn't really work directly with the Limited Service Broker. For those of you who aren't familiar with this business model, a Limited Service Broker is a listing broker, but their scope is to just place a listing in the MLS, for a couple of hundred dollars.
There are some who may offer additional services, for an additional fee, such as signs, consultation, etc. For the most part though, it seems like owners just pick the basic package. After all, everybody knows how to sell a house...right?
Showings are scheduled by the owner. Access for inspections are scheduled by the owner. Contract negotiations are done by the owner. They do everything a real estate professional would do, but in every case I've dealt with so far, their knowledge is extremely limited.
When you're the selling agent on one of these listings, be prepared to do additional work to get the transaction completed, but be careful as well. Be careful of not acting like you're representing the seller in the transaction. They have a broker, limited as they might be.
The owner, who is selling their home as a hobby, not a profession, will have a lot of questions. I have to be careful in telling them what they need to do. In most cases, I turn them back and tell them to contact an attorney. I'm not going to be accused of misleading, or guiding a party who I'm not representing.
The business model is what it is...legal and ethical. In the end, if the transaction completes, I still get paid. Getting to that point can be quite a challenge though.
Richard Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
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