Do you know you have the choice of how you wish to be represented as a buyer, or seller, by a Florida realtor. Below are the different categories. In Florida it is “assumed” all Realtors work as a "Transaction Agent" unless a separate written notice is given to you stating otherwise, which you will need to acknowledge. Here are the categories of all types of representation:
• "No Brokerage” means you have no representation at all in the transaction (eg when you buy new construction). So beware of going to new communities where the sales representatives will encourage you to sign a sales contract before you have the chance to see what other homes are on the market in your price range. Representative in new construction sales centers are sales people and not necessarily "Realtors" who are bound by a Code of Ethics. You can read our Florida Realtor Code of Ethics here.
• "Transaction Agent” gives you limited representation as a "customer".
• "Single Agent” fully represents you as a "client" and must look after your interests above all others, including the sellers and the Realtors themselves. You are a “client” and as such are entitled to receive “Loyalty, Obedience and Full Confidentiality” in addition to the entitlements a "customer" in a transaction broker arrangement can expect to receive. There is a fiduciary duty between the agent and the buyer with single agency.
Most real estate companies here in Naples, and surrounding areas, will not allow their agents to work as a single agent. However, we are able work with you as a Single Agent if you request it. This is a two-way street, however. You will be asked to sign a Buyer Broker Agreement with us, where you also give your loyalty to us as your Agent.
Why should I want a Buyer’s Broker Agreement?
If you wish to be fully represented, the fiduciary duty of agent and buyer to working together is defined in the Buyers Broker Agreement, just as a Listing Agreement does with a seller when listing a home. It details the “client” services you can expect from me and my expectations of cooperation from you.
- You can expect superior service relative to being just a “customer” as in a Transaction Agency agreement.
- Receive advice and information from us which is not possible to “customers”.
- It’s a relationship based on mutual consent & a defined time period
- You can cancel, in writing, if we fail to meet your expectations.
I can send you each one of the Agency forms for you to review, give me a call and we can talk about it.