Your Relationship with Your Realtor Is Like a Great Marriage
Jul 30, 2020 06:00AM ● By Pamela Johnson
When we sign with a buyer or seller client, I like to tease them: “You will feel like you are married to me for a while.” You might think of a Realtor as a salesperson, but your relationship is much more than that.
Fundamentally, it boils down to the fact that an agent has a duty to put their clients’ interests first. When they do this, they are basically addressing it all. A great Realtor does this without thought as you work together shoulder to shoulder. The commitment is toward achieving your goals. Additionally, an agent who owes you their loyalty cannot represent someone whose interests compete with yours.
The Massachusetts Mandatory Real Estate License-Consumer Relationship Disclosure will be presented to you upon your first personal meeting to discuss a specific property. It outlines the distinct duties that the Realtor® owes you even before you enter into a contract.
What exactly are those duties? The Realtor is obligated to provide you with loyalty, reasonable care, disclosure, obedience (to lawful instruction of course), confidentiality and accounting. Fundamentally, it boils down to the fact that an agent has a duty to put their clients’ interests first. When they do this, they are basically addressing it all. A great Realtor does this without thought as you work together shoulder to shoulder. The commitment is toward achieving your goals. Additionally, an agent who owes you their loyalty cannot represent someone whose interests compete with yours.
Your agent needs to be competent when it comes to your transaction. That’s why they might refer you to another agent if you are looking outside their area of expertise. They should have reasonable knowledge about anything that you would/should need to know about a transaction and guide you in appropriate directions. Their duty to disclose relates not only to things about the property that might affect your decision, but also to any facts that might be pertinent to you. For example, it could be helpful for a Buyer to know if there are other offers on the table.
Honest, frequent, and constant communication is top priority in any relationship. This is especially important involving a significant financial transaction, and it naturally leads to the sharing of private, intimate information. Your Realtor is bound by law to keep your confidences. Not only should you enjoy this loyalty and confidentiality throughout the transaction, but these duties extend beyond the closing table.
Your Realtor will obey your (lawful) instructions and has a duty to keep account of all monies and documents that are entrusted to them.
Spouses enjoy these qualities out of affection. Make no mistake about it, your Realtor may love you too, but for them, these obligations are not optional. They are bound by fiduciary duty, ethically and legally.
So, while “You will feel like you are married to me for a while” is meant to be lighthearted, you can actually see that it’s not really far from the truth!
Submitted by Carol Ann Palmieri, Home-Sale Artist (left) of Al and Cal Realty Group, RE/MAX Executive Realty. Palmieri may be reached at 508-494-9061 or [email protected].
