Agency Relationships

A Word on "Agency"

Agency is the term used to describe the nature of our working relationship. The State of Ohio mandates (1) that a form identifying the types of agency relationships be provided to all buyers and (2) that a form acknowledging receipt of same be signed.

So, what's it really mean?

Simply put, in the distant past (before 1996) every agent was the agent of the seller. The buyer was unprotected but didn't know it because it went unmentioned. Then, in 1996 the law in Ohio changed to mandate that the consumer be advised whether an agent was working on behalf of buyer or seller or, in some cases, both (which really means neither so don't be fooled).

The professional REALTOR® today works with a contract when acting on behalf of the seller-client (a Listing Agreement) and on behalf of the buyer-client (an Exclusive Buyer Agreement). This allows the agent to assume "fiduciary level responsibilities" on behalf of the client (you). This is a higher level of service than that due to a mere "customer". As your fiduciary, I owe you certain duties: loyalty, obedience, confidentiality, disclosure, accounting and reasonable skill and care in the performance of my duties.

If you are a customer, please be assured that I will always act in an ethical, honest and upright manner and provide you with all information I have for you to make an informed decision. However, unless you are a client, I am unable to offer you the same high level of service and commitment. I work diligently for my clients.

On Becoming a Team-- It's Almost Like Getting Married!

If we mutually agree to work together, you will become my client and I will agree to represent your best interests and act as your fiduciary (see above for fiduciary responsibilities and duties). I take my fiduciary responsibility as a very serious commitment to you when we agree to work as a team to finding your dream home!

In return for my commitment to you, I want (and need) your loyalty and you will receive mine. I'll invest my time, effort and expertise in locating your home and will represent you with total commitment throughout the purchase process. We need to become a “team”. Should you see a home listed in the paper, magazine or drive by a sign in a yard (offered by any real estate company or even “For Sale By Owner”),  contact me – I can show it to you.  If I’m not available and you visit an “Open House” without me, just let the (seller’s) agent at the property know that you are working with me. I’ll provide you with a few extra business cards to keep in your car for just such occasions.

Don’t Buy In to A "Sales Pitch"!

Don't be bullied and let a seller’s agent convince you they will keep your confidences or act in your best interest! They can't - they already owe a fiduciary duty to the seller!

Diane's Tip:

Always remember that you are entitled to your own representation in the purchase of what may very well be the most important (and expensive) of all – your dream home.