Working with REALTORS® 2017-09-22T08:15:39+00:00
WORKING WITH REALTORS

What to expect from your REALTOR®

When it comes to selling one of your most valuable assets, you want to work with someone you can trust. By using the services of a trained professional, you’ll have an expert who can help guide you through every step of selling your property. After all, the key to making smart decisions is being informed.

When you work with a professional Fraser Valley REALTOR®, they are expected to:

  • promote your best interests with expert real estate advice and skills
  • simplify the process of selling or buying with specialized real estate knowledge
  • offer consumer protections with trust coverage and insurance
  • stay informed of market trends, neighbourhoods, and property histories
  • communicate honestly and as frequently as you require on all matters of concern to you and your real estate transaction
  • offer personalized marketing services including MLS® access

Without a REALTOR®, you may be vulnerable to costly mistakes. Naturally you’ll want to maximize your investment, and having a professional REALTOR® on your side increases the likelihood of success.

BUILDING A RELATIONSHIP

Realtors have a shared commitment to provide expertise and high quality service to their clients, yet there is a lot of diversity among the Realtor community. Realtors are self-employed, independent business people who come from every walk of life. This means you are likely to find a Realtor to work with you who suits your unique needs.

A Realtor can help sellers with many things including:

  • Assessing the condition of your property and helping determine the best price
  • Advising on improvements and staging ideas to enhance its marketability
  • Promoting your property effectively to attract qualified buyers
  • Fielding all enquiries, coordinating showings and reporting to you on both
  • Receiving offers and handling negotiations to maximize your investment

And Realtors can help buyers with:

  • Narrowing the search down to suggest the most suitable properties
  • Advising on relevant information including neighbourhoods, zoning and property histories
  • Assessing the potential resale value of properties and ensuring fair market value on what you pay
  • Arranging showings and providing knowledgeable feedback on prospective properties
  • Writing all offers and handling the purchase negotiations to ensure your financial interests are protected

However, it is through the agency relationship that you determine the degree to which your Realtor is acting for you specifically, or in certain circumstances, for both parties in a transaction. There are three types of relationships you can have with your Realtor:

  1. Agency – exclusive representation
  2. Limited Dual Agency – when an agent represents both the buyer and seller in the same transaction
  3. Customer – when you are working with a licensee who is not your agent

After you review your options and agree on the preferred type of relationship, your Realtor will ask you to sign a document called Working With a REALTOR®. This document solidifies your agreement in writing.

THE AGENCY RELATIONSHIP

The most common way to work together is in an Agency Relationship. This where you can expect your REALTOR® to be working for you and your interests exclusively. Through Agency, your REALTOR® is required to:

  • provide you with undivided loyalty. Your REALTOR® must protect your negotiating position at all times, and disclose all known facts which may affect or influence your decision
  • obey all lawful instructions from you
  • keep your confidences
  • exercise reasonable care and skill in performing all assigned duties
  • account for all money and property placed in a their care while acting on your behalf

Your REALTOR® is bound by ethics and the law to be honest and thorough in representing you. They must fully inform you of the services they are providing and disclose any factors that could negatively impact you.

As well, they have a professional obligation to inform you in writing where they are expecting to receive any special compensation from a financial institution or a professional they are recommending.

DUAL AGENCY

Dual agency occurs when your REALTOR® is representing both the buyer/tenant and the seller/landlord in the same transaction. Since your REALTOR® has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent to the relationship.

If you find yourself involved in a dual agency situation, before making or receiving an offer, both you and the other party will be asked to consent, in writing, to this new limited agency relationship.

This relationship involves the following limitations:

  • The REALTOR® will deal with both parties impartially
  • The REALTOR® will have a duty of disclosure to both parties except that:
    • they will not disclose the price or terms either party is willing to agree to, other than what is contained in the actual listing or offer
    • they will not disclose the motivations of either party
    • they will not disclose personal information
  • The REALTOR® will disclose to the buyer/ tenant defects about the physical condition of the property known to the REALTOR®

WHEN THERE IS NO AGENCY RELATIONSHIP

You may also choose to use the services of a REALTOR® without having any kind of agency relationship. This might occur, for example, when you are being shown a property by the seller/landlord’s agent.

The REALTOR® you choose to work with in this manner has a legal and ethical duty to provide you with accurate, honest answers to your questions and may provide all these services:

  • explain real estate terms and practices
  • provide and explain forms used
  • assist you in screening and viewing properties
  • inform you of lenders and their policies
  • identify and estimate costs involved in a transaction
  • assist you in establishing your range of affordability
  • prepare offers or counter-offers at your direction
  • present all offers promptly

However, a REALTOR® who is not your agent cannot:

  • recommend or suggest a price;
  • inform you of their client’s top/bottom line; or
  • disclose any confidential information about their client unless otherwise authorized.

You should not provide a REALTOR® who is not your agent with any information that you would not provide directly to their client.