Imagine this: A married couple walks into an Open House, no agent in sight. Agent A, hosting the Open House, greets them, shows them around and engages them into a deep conversation. During the conversation, Agent A discovers the couple's buying criteria. Before leaving the Open House, the couple gives Agent A their contact information, so Agent A can send them active property listings that fits their buying criteria.
...This sounds like a harmless situation, right?
Well...Imagine this: Agent A follows up with the husband and wife through email, attaching two listings. Both the husband and wife like the listings so much (because it fits their buying criteria as they explained to the Agent at the Open House) that they want to make an offer on one of two. So the couple calls up Agent B - their lifelong Realtor - they make an offer. Two days later, the Seller accepts their offer.
Agent A, unaware of the situation, finds out about Agent B while searching through the tax records and feels cheated. Does Agent A have any stake in the deal?
The Result:
In the situation described above, Agent A has "procuring cause" and could be entitled to a full commission, since Agent A did find the property that was ultimately purchased. Agent B's failure to inform his clients of the rules and regulations involved in their agency relationship could wind up costing them their hard earned money.
Let me explain...when working with a buyer, a good agent will explain to the buyer that they must contact him whenever there is a question, concern or interest in any property. Doing so, will avoid problems in the long run. Additionally, the buyer should always disclose whenever they are being represented by another agent, so there is no confusion as to who represents whom. I see this situation as a mishap on the part of Agent B (not the buyers) because Agent B should have educated his clients and prepared them better.
Joseph Silverstein
Coldwell Banker -Chevy Chase Branch
5028 Wisconsin Ave
Washington DC
www.cbmove.com/joseph.silverstein
...This sounds like a harmless situation, right?
Well...Imagine this: Agent A follows up with the husband and wife through email, attaching two listings. Both the husband and wife like the listings so much (because it fits their buying criteria as they explained to the Agent at the Open House) that they want to make an offer on one of two. So the couple calls up Agent B - their lifelong Realtor - they make an offer. Two days later, the Seller accepts their offer.
Agent A, unaware of the situation, finds out about Agent B while searching through the tax records and feels cheated. Does Agent A have any stake in the deal?
The Result:
In the situation described above, Agent A has "procuring cause" and could be entitled to a full commission, since Agent A did find the property that was ultimately purchased. Agent B's failure to inform his clients of the rules and regulations involved in their agency relationship could wind up costing them their hard earned money.
Let me explain...when working with a buyer, a good agent will explain to the buyer that they must contact him whenever there is a question, concern or interest in any property. Doing so, will avoid problems in the long run. Additionally, the buyer should always disclose whenever they are being represented by another agent, so there is no confusion as to who represents whom. I see this situation as a mishap on the part of Agent B (not the buyers) because Agent B should have educated his clients and prepared them better.
Joseph Silverstein
Coldwell Banker -Chevy Chase Branch
5028 Wisconsin Ave
Washington DC
www.cbmove.com/joseph.silverstein
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