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What's the difference between a Car Salesman and...

Last week - at Legal Update, instructor  Peter D Borszcz  of  Phil Law in Kelowna posed the question:

“What is the difference between a REALTOR® and a  car salesman?”  The room went strangely silent. Visions of salesmen jokes ran through my head. 



When you walk onto a car lot…

you KNOW who the salesman works for. 

When you inquire about a property who IS the real estate person (also known as REALTOR®, Salesman, Consultant, Agent, Broker) working for? 

Turns out

AND


But it does not need to be - and in this post we will look at the best way for those looking to purchase a home to apply the standard rule of law applied to real estate transactions.                                                                                                            

Caveat Emptor:

The principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. “Let the Buyer Beware”

Presently there are 3 models for a buyer to choose from when purchasing real estate via a REALTOR®

  • Designated Agency - With an agent that works only for you…
  • Limited Dual Agency - with the sellers agent.

All agency relationships are fiduciary relationships. 

This means the relationship involves a high level of trust and confidence between the principal ( buyer or seller) and the agent (REALTOR®)

OR

  • No Agency -  with an agent that processes your transaction per your instructions but does not advise or represent you…. but yes.. still gets paid. Often this is the sellers agent - who is limiting their risk of conflict of interest by trying to represent 2 parties in the same transaction.

Wait - What?

You mean there are times when I call a REALTOR® about a property and they are not working for me?  YES - it is true.  

 

I wonder what could go wrong?

So many things!! This is not to say that things go wrong every time - or even at all, but..   Remember that pass call in the Super Bowl a few years back??? Imagine if he’s been working for BOTH sides? 


Couldn’t we at least agree that using a single agent who is already working for the seller 

may not be in the Buyers best interest?


How can We help?


At Chris Holm and Associates we work as a collaborative. 

Chris’s role has morphed into primarily representing Sellers, while the rest of us concentrate on representing buyers.

Sometimes, Brent, Shelby or myself may also represent a Seller client.  

However - NOT All of us will be working for the seller and with the end of LIMITED DUAL AGENCY - we will be actively engaged in EXCLUSIVE BUYERS AGENCY agreements.

What really matters?

We want you to know that the value we bring to YOU is in the AGENCY relationship - the duty and care with which we prepare and work with YOU throughout YOUR real estate journey.

Buying and Selling real estate is a process - with many variables. With the experience of representing hundreds of people before you - we bring massive knowledge  that extends beyond the negotiating table and work only for YOUR best interests.

Caveat Emptor - Let the Buyer Beware.