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Dealing with Real EstateSELLER AGENTSSeller agency, or “traditional brokerage” has been around forever.
It simply means the real estate agent selling a home is legally representing the home seller. If you decide to list your property with them, you become their CLIENT, not their customer.
Thereafter, anything and everything you tell them is confidential. They are representing and working in your best interests. Their job is to bring you potential buyers and to sell your home.
However, when you decided to sell your home yourself, you decided not to list your home with a “traditional brokerage” firm.
So why are we concerned with seller agents?
Because by far the majority of real estate agents that phone or show up at your door step are there for one reason, and one reason only. To get you to list your home with them. They will use a variety of subterfuge, that while not necessarily illegal, can certainly be confusing. For instance they may say something like:
- “I know someone that may be perfect for your home. Will you list with me so I can set up an appointment?”
- Or, “Would you be willing to list your home with me, if I had a motivated buyer just dying to get into this neighborhood?”
Notice that in both cases the words “if” and “may” are present.
Your response should be: “Show me the Buyer!”
In most cases they really won’t have a buyer ready to look at your home. They want to list your home first and then find you a buyer. (If they truly had a buyer, they would present you with a one time listing contract.)
In the rare case when seller agents do have a buyer interested in your home, or later if they should come across one, the tactics outlined on the previous page will serve you well.
What is important here is that the real estate agent understands that here is one For Sale by Owner that knows the difference between a LISTING and a SHOWING, and that if he/she does produce a buyer you will be willing to work with them.
Are seller agents entitled to a commission?
Yes - but how much?
This is up to you to negotiate. Remember, as a FSBO you did the marketing, pricing and selling. All the seller agent did was write a contract - which you will now have to take to your attorney to be reviewed. What is this worth to you? 1%? 2%?
Once again, let me strongly urge you to discuss dealing with real estate agents with your attorney.
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