Realtor Etiquette

**jIM_Ohio** · 03-17-2015, 06:04 AM

Originally posted by LivingAlmostLarge View Post

We are exploring our options right now and I have a call out to the realtor who sold us our house. We really liked and trusted her and she's very experienced and lived in our neighborhood. She did us a big favor helping us get our place and guiding us what neighborhoods.

So now do we just hire her back and go with her recommendations? Or do we contact other realtors say 2 others and get an idea what our place is worth? Have them do comps and show us what they can offer?

Last time we also with the realtor who sold us our place. But she was my friend's mom and we knew she had our best interest at heart. At the same time, when we were selling she told us to call 2 other realtors and ask for comps and we did and she came in "dead on" with the other two estimates and we sold for $1k above what she priced at in the 1st weekend in a bidding war. So I believe she was good and secure in knowing we trusted her.

This realtor we know was suggested by the relocation company. But she seems like our old realtor someone whose been in the business over 20 years, lives where she sell, etc. She didn't get in during the boom and has lasted.

But should we talk to others? What's the etiquette?

Realtors work on commission, thinking they "had your best interests" at heart is misleading, realtors are NOT fiduciaries.

If you like, know and trust the realtor, then focus on that. Talking to more than one (even if you do not like, know or trust them) could still be educational.

If you are selling, then buying, focus on this specific cycle- does the realtor collect double commissions? (Seller pays 6-7%), buyer does not pay a commission, yet your realtor will collect a commission when you buy. Think about that... if you don't pay them, but they collect a commission, who's interest do they really represent. The realtor's best interest is a TRANSACTION, once you sign the paper the house is yours, they get paid, and you go separate ways.

For me, I want a high volume transaction realtor- one which is top 10 or top 20 in the state (in terms of volume). I want someone which has been a realtor for 10 years+ and knows this is there way of making a living, not someone which scrapes by and needs the commission to put food on the table.

**ua_guy** · 03-17-2015, 06:37 AM

I'm here to reiterate that realtors are not fiduciaries. Know your market value even before a realtor even does a CMA. You set the price, not them. They're a glorified administrative assistant with access to the MLS like everyone else except they can post a listing, and that's about it.

**SavingSteve** · 03-17-2015, 04:41 PM

If you felt good about working with your prior Realtor, why not plan on that but still interview 1 or 2 more just to reinforce your confidence in them?

**JustBill** · 03-17-2015, 07:07 PM

Contrary to what others have posted, I can tell you for a fact that real estate agents in the Commonwealth of Kentucky, along with many if not all other states, do indeed have a fiduciary relationship with the seller who executes a listing agreement with an agent. Here is a quick link for you to consider...http://realtormag.realtor.org/sales-...-relationships

**jIM_Ohio** · 03-18-2015, 07:40 AM

Originally posted by JustBill View Post

Contrary to what others have posted, I can tell you for a fact that real estate agents in the Commonwealth of Kentucky, along with many if not all other states, do indeed have a fiduciary relationship with the seller who executes a listing agreement with an agent. Here is a quick link for you to consider...http://realtormag.realtor.org/sales-...-relationships

The realtor has 2-3 fiduciary obligations, but they are not a full time fiduciary. It's similar to the suitability standard of financial advisors, some of the suitability meets portions of fiduciary, but the realtor does not act in sellers best interest 100% of time under all conditions with real estate.

Realtor Etiquette