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CAN YOUR REALTOR BOTH LIST & SELL YOUR HOME?
Dated: April 4 2022
Views: 106
CAN YOUR REALTOR BOTH LIST & SELL YOUR HOME?
The short answer is yes. The full answer is a bit more complicated. I recently completed a transaction where I handled both sides, which I’ll describe shortly, but first it’s important to understand why this is type of deal requires the highest standard of care.
Most real estate professionals build their business working with both buyers and sellers. Within a single transaction, however, the buyer and seller are usually represented by different agents.
When a real estate professional has an agency relationship with a client, they owe that client, among other things, the fiduciary duties of undivided loyalty, acting in the client’s best interest and disclosing all conflicts of interest. An inherent conflict of interest arises when an agent represents a buyer who is interested in a property listed by that same agent because the agent can no longer have undivided loyalty or act in the best interest of either client.
Transaction Brokerage is one service option used to handle this. If agreed to by both parties to the transaction, the real estate professional facilitates the transaction and does not advocate or act in the best interests of either party.
Now back to my recent deal. Sometimes clients have unique situations that lend themselves better to having a single agent act as a facilitator. In my case, I had a buyer client wanting to purchase in a particular building where units rarely come onto the market. This client also needed the purchase to be conditional on the sale of their current home and we knew that sale would be hard to come by with the flat condo market we’ve had for the past few years.
The first order of business was to find an available unit in the afore mentioned building, so I mailed an inquiry letter to each unit hoping to get a response. SUCCESS! About a month later I received a call from an interested owner. This individual was not represented by another agent and was agreeable to making the purchase conditional to the sale of the buyer’s home for 2 reasons; they were in no rush to move, and they wanted to avoid listing on MLS because they couldn’t accommodate the necessary showings for personal reasons.
Finding the home, negotiating a sale between seller & buyer, getting the buyer’s home sold so that the deal could proceed and walking each party through the paperwork & requirements of the contract was a challenge that took 7 months to complete. However, understanding each of their needs made it possible for me to assist them to reach their goals without prioritizing one over the other.
If your home buying/selling situation requires a unique solution, I have 24 years of real estate experience and would love to chat with you about your options!
Cheryl Donnelly
CHERYLI’m proud to have spent almost 3 decades in the Real Estate industry and to have helped hundreds of people sell their current properties and find their dream homes. My career is a culminat....
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS® System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.