Archive: September 2016
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This seems to be a trend now, more and more agents being “Transaction Brokers” even when they take a listing? To Start with, a transaction broker needs to be defined-“The transaction broker is not an agent for either part, so the transaction broker does not advocate the interests of either property.”
With that said, why would you want a real estate agent to list your property for you if they do not represent you? From a legal standpoint of what an agent can and cannot do for you as a transaction broker, they cannot even suggest where to price your property, they are supposed to be neutral. The transaction broker cannot negotiate or offer advise, strategy, anything. So, if you have an agency wanting to list your property, and the agent says they are going to be a transaction broker, you have no agent, and you have no representation.
Results Realty simply does not believe in this practice as listing agents, we represent our clients, and we represent them with complete confidence and loyalty, that is at the very core of what your agent is to do for you in an agency situation. We do indeed act as transaction brokers from time to time, here is where it is applicable.
A seller and a buyer know each other, they decide to enter into a contract with each other, they have worked out the terms of their deal, price, possession, minerals, whatever terms may be between themselves. Both are in agreement, but need help with contract preparation and getting the deal closed, so they engage our contract writing skills, we order title work and follow it to the closing table. We offered no advise to either party, it was truly brokering a transaction, see the difference?
Agents who want to be transaction brokers all the time are telling you one simple thing, they are looking out for their interest alone, not the buyer or seller. Transaction brokers have no duty to any party and are therefore void of any responsibility. If this works for you, that is well and good, if you want an agent who is actually looking out for your interests, give the Results team a call, we still represent you as sellers agents, the choice is yours.