Re: How did you choose your realtor?
posted at 1/25/2011 8:42 PM EST
In response to Holly Donaldson's above comments:
I am a listing agent “par excellence” and I’m here to tell you that we agents/brokers need a listing contract in order to take a listing for quite a number of legal and financial reasons (one of which is to compensate the real estate broker, his/her company and lastly, the agent).
This is the way of the industry and there is nothing wrong with that, however, we make breaking the listing contract way too difficult for a seller to break. Here in Orange Country, I’ve witnessed on many occasions over the course of many years, a broker and his/her company not releasing the seller from the listing agreement for a whole host of issues – some real, very many not so real!
The listing contract doesn’t guarantee that the home will sell, sell at or near the listing price and it certainly doesn’t guarantee performance on the part of the agent! If it guaranteed anything, there wouldn’t be countless homes which were withdrawn, cancelled or expired for not selling due to poor marketing, poor salesmanship or several other reasons.
Same thing with buyer-broker agreements. They seem to only be commonly used in certain areas of the country and Boston seems to be one of them. I have many friends who are agents and brokers around the country and most of them don’t use buyer-broker agreements, even though every State makes them available for us to use.
I believe that a good agent that continually demonstrates their “unique value add” will separate themselves from the thousands of other agents in every town or city (you can’t swing a dead cat without hitting someone who has a real estate license in the United States) and therefore doesn’t need to lock in their prospective clients/prospects with a buyer broker agreement.
How many items or in what other industry is a person pressured to sign a document like a buyer broker (should really be titled, “buyer-salesperson) agreement? None.
Whether or not a person (for instance, a bride and groom) sign a pre-nuptial agreement or not, does that contract guarantee that the marriage will be a happy one and won’t break up? No.
Just as pre-nuptial agreements are always being challenged in the courts, the same is true with buyer broker – I mean, buyer-salesperson – agreements.