Say…You fall in love with a house while you’re browsing online and decide to call the listing agent to set up a showing. Once you see it in person, it’s over.. You are dying to hurry up and submit an offer. The listing agent agrees to write up a quick offer for you, but you wonder if you should have your own representation. What should you do?
This happens all the time. A limited agency is considered an ethical practice in the state of Indiana. The good news for you is that realtors are held accountable by the National Association of Realtors’ Code of Ethics and Standards of Practice.
“When representing a buyer, seller, landlord, tenant, or other client as an agent, Realtors® pledge themselves to protect and promote the interests of their client.” -National Association of Realtors’ Code of Ethics and Standards of Practice
“Realtors® may represent the seller/landlord and buyer/tenant in the transaction only after full disclosure to and with informed consent of both parties.” -Standard of Practice 1-5 National Association of Realtor’s Code of Ethics and Standards of Practice
Here are a few things you should ask yourself:
1. Is the agent working on a team?
Some agents work independently while others incorporate a team model into their business. The Gauci Group works as a team; Therefore, one agent independently represents a buyer and another agent independently represents a seller. This eliminates any conflict of interest when representing both buyer and seller.
2. Is the agent disclosing confidential information regarding the seller?
If the realtor is disclosing information such as, motivations of the seller or the lowest price they would accept (IAR, 2017), they are breaking confidentiality and the contract they hold with the seller. If this is the case, go interview agents who you can trust and then submit the offer with your agent of choice.
3. Are they being honest?
Are they answering your questions about the house truthfully, or do they sound like they are just trying to get you to sign on the line? They should be reviewing the seller’s disclosure with you and taking the time to discuss pertinent information that the seller has provided regarding the home.
4. What is your gut telling you?
Trust your instincts. Never feel pressured to hire an agent if you don’t feel comfortable with him/her. Realtors are there to guide you with their knowledge of the market when assisting you in buying or selling. Ultimately, you hold the power to choose who works for you.
If you are thinking about buying, selling, investing, or building, The Gauci Group would love to work with you! We take pride in helping families around Indianapolis. If you have any questions, you can call our team at 317-417-8811 or email us at email@example.com
Indianapolis Board of Realtors, Inc. Listing Contract (2017) Fraser, Michigan
National Association of Realtors. Code of Ethics and Standards of Practice (2018) Chicago, IL