Latest / Connor with Honor: AI, Real Estate and Real Life / Dual Agency sinks another real estate agent

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Dual Agency sinks another real estate agent · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: I don't know if I've made my position on dual agency absolutely clear, but it does serve me well because it's not really a great thing for me.
• 0:10
  SPEAKER_00: I really believe in the concept of you having your own agent on your own side of the transaction in real estate and the seller having theirs.
• 0:19
  SPEAKER_00: Now a lot of people are going to fight me on this in my industry, but when it comes down to who you're employed by whom and trying to get things negotiated, trust me, it becomes a little sticky, especially if the agent representing the seller is also the same agent representing the buyer.
• 0:37
  SPEAKER_00: Case in point, had an open house a few weeks ago.
• 0:40
  SPEAKER_00: Some people came in and said, we just wanted to check out your open house.
• 0:44
  SPEAKER_00: We already have an agent.
• 0:45
  SPEAKER_00: We're already in escrow with a particular property with the same agent that has the listing.
• 0:50
  SPEAKER_00: I really had not much to say except thank you for coming into the open house, and I really appreciate it.
• 0:56
  SPEAKER_00: They said, What do you think about dual agency in real estate?
• 0:59
  SPEAKER_00: And I say, Between you, me, and the wall, I unfortunately can't comment.
• 1:03
  SPEAKER_00: You're in contract, and I don't want to say anything that might bite me in the tail later.
• 1:08
  SPEAKER_00: And they said, Well, do you have any online information?
• 1:12
  SPEAKER_00: And I said, Well, you can look me up.
• 1:14
  SPEAKER_00: It is a free country, but ultimately I can't really talk about it.
• 1:18
  SPEAKER_00: And that was it.
• 1:19
  SPEAKER_00: A few weeks later, actually two days ago, I received a phone call.
• 1:24
  SPEAKER_00: Apparently, in that same transaction, they were using the agent representing the seller, and they had found several items wrong with the programs that go way beyond what would maybe be acceptable when a buyer's purchasing a property where the seller was not willing to budge.
• 1:41
  SPEAKER_00: They went to their agent after a lengthy home inspection with a long list of red ticket type items, items that were health and safety issues, including an electrical panel that lacked the proper electrical structure and was dated back in the days.
• 1:58
  SPEAKER_00: They started it, they were using aluminum and other types of electrical.
• 2:03
  SPEAKER_00: We do have those.
• 2:04
  SPEAKER_00: In addition, there was mold discovered from a previous leak in the residence that had been attended to, but the mold itself was never remediated.
• 2:13
  SPEAKER_00: That was another problem.
• 2:15
  SPEAKER_00: All of these things the buyer wanted addressed to the seller, and they went to their agent.
• 2:21
  SPEAKER_00: Their agent did a very good job of trying to dissuade them from asking for those types of repairs, stating the seller would not cover it.
• 2:30
  SPEAKER_00: The client then reached back out to the agent in writing, as I talk about a lot, and they were able to get their agent to submit this particular repair request.
• 2:40
  SPEAKER_00: Well, lo and behold, I've noticed that since then the listing had gone back onto the market and had been canceled from the multiple listing service.
• 2:50
  SPEAKER_00: Those clients did not get any kind of response from the seller and decided it was best for them to cancel the actual transaction, and they at that time apparently were well within their right.
• 3:02
  SPEAKER_00: They were within the contractual time that they can actually cancel the listing.
• 3:08
  SPEAKER_00: Now, on the seller's end, I don't know what happened between them and their agent.
• 3:12
  SPEAKER_00: I do have a little concept of what happened between the buyers and their agent.
• 3:16
  SPEAKER_00: They requested things to be remedied via a request for repair.
• 3:20
  SPEAKER_00: Their agent refused, they followed it up in writing, their agent performed, and then something happened where the seller decided not to respond nor communicate.
• 3:29
  SPEAKER_00: After that point, apparently the agent lost the listing, either them or their broker, and then that property fell off and is no longer for sale.
• 3:40
  SPEAKER_00: Dual agency.
• 3:42
  SPEAKER_00: It's not everybody's cup of tea.
• 3:44
  SPEAKER_00: I will tell you, I am much more comfortable on one side or the other.
• 3:50
  SPEAKER_00: And I believe a lot of people can appreciate that position.
• 3:54
  SPEAKER_00: You go to a car dealership, it would be awesome to have somebody sitting with you that knew all the intricacies of the pricing schedules and all of the fleet pricing and all of those little numbers on the windshield of the vehicle so they could pick apart the dealer's representative, the person representing the dealer who's selling the vehicle.
• 4:14
  SPEAKER_00: In real estate, you get to have your own agent.
• 4:17
  SPEAKER_00: It's something known as your own representative, and it's via a buyer broker agreement.
• 4:22
  SPEAKER_00: It's something that is mandated to be given upon every showing we have with a client.
• 4:29
  SPEAKER_00: It goes over what we're going to charge, what our services include, the length of time, and what types of properties will be included in the buyer broker agreement.
• 4:39
  SPEAKER_00: When we have a listing, a lot of agents have no problem with representing the buyer coming in.
• 4:45
  SPEAKER_00: I just tell you, it gets a little difficult, although there are some very, very wonderful real estate agents, nothing against them, it's just not my cup of tea.
• 4:56
  SPEAKER_00: I'm Connor with Honor.
• 4:58
  SPEAKER_00: We will see you in the next one.