Buyers Agents Have No Right To Share Their Buyer Clients Feedback on a Property!
When I read posts and comments on Active Rain, and in my daily work as a buyers agent - requesting feedback for the listing agents and sellers... my stomach turns. Feedback to the listing agent and seller is a leftover from the days that all agents represented the seller's interests as sub-agents. This use of feedback is obsolesent, and outdated probably by 15 years! Since sub-agency pretty much disappeared in the 1990's with the advent of buyers agency...it is totally amazing how many agents do not understand that if they are representing their buyer. They have the same obligations of fiduciary to their buyer clients as a listing agents to the seller. They cannot share anything that could give away their clients position! I would assume in most states, license law does protect the interest of the clients! (In many states even after the obligation of agency ends, that privileged information you hold can never be shared!)
There was a recent lawsuit that has been talked in real estate circles...about where a buyers
agent was called for feedback after showing a home. The
buyers agent's clients showed no interest in the home at the time...so
when called for feedback. The agent trashed the home
verbally. Well guess what? A few weeks later his
buyers inquired about that home again. When they finally
decided to write an offer their lower offers were rejected by the
sellers. The seller held out for full price and got
it. At the closing table, the buyers asked the seller, why
they held firm on their price. The sellers identified
their agent and continued blow by blow on why they did not want the
home. The seller took it as an insult. The
buyers then sued their buyers agent under state license law and won!
Surprised? I'm not! the agents should never have
shared anything about the property with an agent that does not have
their clients interests first! How come no one told you?
Most agents are poorly trained by persons that never sold
anything in their real estate careers. These are brokers,
trainers, and instructors are sharing their ignorance which is only
being repeated by those they train. There is an old saying,
"Those
who can't, teach!"
Think About it!
If on a feedback call a buyer agent says my persons really likes the home... it really means
- "They are willing to pay full price!"
If on a feedback call a buyer agent says my persons does not like the home... it really means
- "They will offer less than market because..." - giving the listing agents an unfair advantage over the interests of the buyer's client
Before giving feedback, you better really think it through and comply with your state real estate license law! You have no obligation to do so!
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