Do you really think that you do not need a REALTOR® to represent you in searching for your dream home? Think again!
NAR ( NATIONAL ASSOCIATION of REALTOR® )
NAR CODE OF ETHICS: Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTOR® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTOR® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTOR® remain obligated to treat all parties honestly. (Amended 1/01)
FACTS:
Agent: An agent is a real estate licensee who has taken the real estate salesperson course
and passed the state real estate examination and become a registered real estate
agent under a principal broker. Since buying and selling homes is a complicated
process and that is the reason why buyers and sellers would want an agent to
represent them in buying and selling properties.
REALTOR®: A REALTOR® is an agent who is a member of the National Association of
REALTORS®. A REALTOR® must subscribe to the strict NAR Code of
Ethics. NAR is not just a bunch of rules that agents swear to uphold and
adhere to. The Standards are much more restrictive and confining as to
conduct than those governing agents who simply hold a real estate license.
A REALTOR® has more in depth training in real estate business. NAR
provides numerous tools and resources to inform and educate the
REALTORS® so that they are more efficient in representing the buyers or
the sellers.
One must ask oneself; How can a real estate agent represent both parties, the buyer and the seller, and still be truthful and loyal to both clients? Buyer wants a good deal, lowest price and the seller wants top dollars, the highest price! One must then ask this question; What is the motive of this agent suggesting and allowing a Dual Agency?
Understanding the reason why you should have your own REALTOR®:
1. Dual agency is allowed in Virginia and a few other states, provided it is fully disclosed in
writing and with informed consent of both the buyer and seller. Undisclosed dual agency
is illegal.
2. A REALTOR® is supposed to put the best interests of the client, which is you, above the
interests of all parties. In addition, the reason why a client wants a REALTOR® is
because the client wants representation. A client relies on a REALTOR® to represent
him or her and puts confidence and faith in the REALTOR®. Yes, a REALTOR® is an
agent with more in depth training, resources and adhere to the strict Code of Ethics.
3. Dual agency means an agent represents both the buyer and seller in a real estate
transaction. Therefore, one should ask this question again; Is there a conflict of interests?
You as a client will have to make that distinction.
4. Each buyer and seller should have their own REALTOR®, then both clients would have
a loyal representation. The REALTORS® are to provide undivided loyalty and owe the
fiduciary duties to the clients.
What is the difference between clients and customers?
Clients are buyers or sellers who are represented by REALTORS® or real estate agents. Agents representing buyers is called Buyer's Agent and agents representing the sellers is called Listing Agents. In this case, the clients will have the obedience, undivided loyalty, full disclosure, confidentiality, accounting, care and diligence from the REALTORS® or real estate agents.
Customers are buyers who are not represented by REALTORS® or real estate agents. The agents are not obligated to the customers. The listing agents are loyal and obligated to the sellers. There is no obedience, no loyalty, no confidentiality and no diligence but customers do get a reasonable standard expectation, a standard disclosure on material facts about the property and may be or may be not on explaining the agency relationships. You may get a honesty on spelling out the printed materials. There is no in depth analysis, negotiation, information, resources, advice nor any guidance in preparation of offers and closings. Remember, the listing agents are loyal to the sellers and not you. They look out for the sellers because they represent the sellers. You are just customers.
You need to be represented. Make an appointment and meet me in my office and I will go through the process and answer all your questions. If you have confidence in me to represent you in the end of the meeting, then we will move forward. Otherwise, there is no obligation on your part. Call my office at 757-4978733 for an appointment.
Remember, a REALTOR® has in depth training and a REALTOR® has more resources in which an agent does not. A REALTOR® is a member of the National Association of REALTOR®; a member of the Virginia Association of REALTOR® and also a member of the Hampton Roads REALTORS® Association. That is the reason why an agent cannot be called a REALTOR® but an agent.
NAR ( NATIONAL ASSOCIATION of REALTOR® )
NAR CODE OF ETHICS: Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTOR® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTOR® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTOR® remain obligated to treat all parties honestly. (Amended 1/01)
FACTS:
Agent: An agent is a real estate licensee who has taken the real estate salesperson course
and passed the state real estate examination and become a registered real estate
agent under a principal broker. Since buying and selling homes is a complicated
process and that is the reason why buyers and sellers would want an agent to
represent them in buying and selling properties.
REALTOR®: A REALTOR® is an agent who is a member of the National Association of
REALTORS®. A REALTOR® must subscribe to the strict NAR Code of
Ethics. NAR is not just a bunch of rules that agents swear to uphold and
adhere to. The Standards are much more restrictive and confining as to
conduct than those governing agents who simply hold a real estate license.
A REALTOR® has more in depth training in real estate business. NAR
provides numerous tools and resources to inform and educate the
REALTORS® so that they are more efficient in representing the buyers or
the sellers.
One must ask oneself; How can a real estate agent represent both parties, the buyer and the seller, and still be truthful and loyal to both clients? Buyer wants a good deal, lowest price and the seller wants top dollars, the highest price! One must then ask this question; What is the motive of this agent suggesting and allowing a Dual Agency?
Understanding the reason why you should have your own REALTOR®:
1. Dual agency is allowed in Virginia and a few other states, provided it is fully disclosed in
writing and with informed consent of both the buyer and seller. Undisclosed dual agency
is illegal.
2. A REALTOR® is supposed to put the best interests of the client, which is you, above the
interests of all parties. In addition, the reason why a client wants a REALTOR® is
because the client wants representation. A client relies on a REALTOR® to represent
him or her and puts confidence and faith in the REALTOR®. Yes, a REALTOR® is an
agent with more in depth training, resources and adhere to the strict Code of Ethics.
3. Dual agency means an agent represents both the buyer and seller in a real estate
transaction. Therefore, one should ask this question again; Is there a conflict of interests?
You as a client will have to make that distinction.
4. Each buyer and seller should have their own REALTOR®, then both clients would have
a loyal representation. The REALTORS® are to provide undivided loyalty and owe the
fiduciary duties to the clients.
What is the difference between clients and customers?
Clients are buyers or sellers who are represented by REALTORS® or real estate agents. Agents representing buyers is called Buyer's Agent and agents representing the sellers is called Listing Agents. In this case, the clients will have the obedience, undivided loyalty, full disclosure, confidentiality, accounting, care and diligence from the REALTORS® or real estate agents.
Customers are buyers who are not represented by REALTORS® or real estate agents. The agents are not obligated to the customers. The listing agents are loyal and obligated to the sellers. There is no obedience, no loyalty, no confidentiality and no diligence but customers do get a reasonable standard expectation, a standard disclosure on material facts about the property and may be or may be not on explaining the agency relationships. You may get a honesty on spelling out the printed materials. There is no in depth analysis, negotiation, information, resources, advice nor any guidance in preparation of offers and closings. Remember, the listing agents are loyal to the sellers and not you. They look out for the sellers because they represent the sellers. You are just customers.
You need to be represented. Make an appointment and meet me in my office and I will go through the process and answer all your questions. If you have confidence in me to represent you in the end of the meeting, then we will move forward. Otherwise, there is no obligation on your part. Call my office at 757-4978733 for an appointment.
Remember, a REALTOR® has in depth training and a REALTOR® has more resources in which an agent does not. A REALTOR® is a member of the National Association of REALTOR®; a member of the Virginia Association of REALTOR® and also a member of the Hampton Roads REALTORS® Association. That is the reason why an agent cannot be called a REALTOR® but an agent.
Allan Ho
REALTOR
REALTOR
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