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Who Do We Work For?
Many people are confused about who real estate agents work for, because the seller is usually the person who is actually signing our paycheck.
Money isn't the Rule
Real estate agents can work for the seller or for the buyer, no matter which party is paying our commission. We do have to disclose our relationship and it's nice (but not required) to get something in writing so everyone is very clear.
What Choices do I Have?
There are three types of relationship between a buyer/seller and a real estate agent recognized by the State of Florida. They are No Representation, Transaction Broker, and Single Agent.
Different types of relationships require different duties from the agent involved. It is important
to know when your information will be held in confidence and when it can be used in bargaining, so you should try to confirm what type of relationship you have with any agent you speak to.
What can you expect from your sales associate?
If you spoke to an agent and they didn't mention what kind of relationship they have with you the State of Florida says they are supposed to behave as a Transaction Broker.
Transaction Broker Responsibilities:
- Dealing honestly & fairly
- Limited Confidentiality
- Accounting of all funds
- Skill, care, and diligence in the transaction
- Presenting all offers and counter offers in a timely manner
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
This is the type of relationship that is most common throughout the state. It is also the relationship we usually have with our own customers.
In basic terms this means that can't tell people things about you that could compromise your negotiating ability. It also means that we have to know what we are talking about, do what we say we will do, and do it quickly.
Be on the Safe Side
We often compare buying a house to playing poker. The more information you give the other side the better they will play against you. We always recommend that you keep an arm's length between yourself and whoever is on the other side of your purchase/sale until you have made a decision on the type of relationship you have with the agent.
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