This buyer satisfaction comes from a client that I represented in the purchase of a home which co-incidentally I also was the listing agent for the home. This type of transaction can potentially cause ethical issues for me as a real estate agent. If one of the parties to the transaction thinks they have been mislead, lied to, or coerced I can be in big trouble.
So whom do my loyalties lie in a transaction like this?
In a technical sense most agents will represent a seller as a Seller Agents, which comes with a long list of duties which is spelled out in our listing contract. Among the list are pledges like:
Broker must exercise reasonable skill and care for the seller, including but not limited to:
Performing all the terms of any written or oral agreement, presenting all offers, disclosing to seller adverse material facts actually known by broker, accounting in a timely manner, keeping seller fully informed and about 10 more items.
When acting as a sellers agent, the contract specifically calls out these additional duties, which quite frankly any good agent is going to do anyway and they are:
Promoting the interests of the Seller with the utmost good faith, loyalty and fidelity
Seeking a price and terms that are set forth in the Seller Listing contract and,
Counseling seller as to any material benefits or risks of a transaction that are actually known by broker.
Conversely, on the buyers side, there isn’t any stipulation in the contract to purchase a home that a broker is acknowledging any fiduciary duties. However, there are some inherent duties and pledges we make as a REALTOR® to the buyer through our code of conduct when we represent them in helping clients purchase a home.
The point I’m trying to get to is this. When I list a home for a potential seller I pledge to market the home to the best of my abilities to get them maximum exposure to the widest range of potential buyers, to negotiate on their behalf to come to agreement with the buyers on any inspection contingencies that could potentially cause the deal to fail, and ultimately get the best possible price for their home. On the flip side, when I’m representing the buyer I’m basically saying I will negotiate on their behalf to get them the best possible price and make sure that the seller does everything they agree to in order to get the buyer to a successful closing.
Do you see the problem, they both want the best price for the home and they both want me acting in their best interests?
My hope is that if you’re reading this you get an idea of my professionalism and honesty and whether or not I can do the job for you, I say take another look at the survey. Honesty is the best policy by far.
And if you’re wondering how the seller rated me. Well she packed her bags and is traveling and ticking things off her bucket list. The big hug I got a closing was thanks enough. Perhaps when she returns from her travels I might get a seller satisfaction rating from her.