Agency. It means something a little different in all fifty states. Here in the Kansas City real estate market we that have licenses in both Kansas and Missouri have to keep straight the differing rules and regulations regarding real estate agents and their various forms of agency.
This post isn't about explaining the various forms of agency. Though that would be a great series of blogs. Nor is it to discuss the differences between Kansas and Missouri. Again, another series of blogs that may be worth pursuing. But this blog post is to point you towards a Kansas City Star article regading real estate agents with Block & Co (a commercial real estate brokerage here in Kansas City) that apparently failed to meet their fiduciary duty towards their seller clients.
Now, I'm not privy to all the facts. And I am of the belief that a jury would almost always rather side with a seller or buyer than an evil, rich real estate firm. But when a jury only deliberates for an hour that speaks to pretty strong evidence. Read the story. Then think about who you want to represent you in your next real estate transaction. Would you prefer a seasoned professional, a part-timer with little experience or even worse, yourself?
What amazes me is that commercial agents wouldn't realize the seriousness of signing an agreement that says you would qualify buyers before allowing them to offer. I'm curious as to what kind of background/financial check they conducted.
(Editorial note: There are a very few of you out there that are/would be qualified to represent yourself. You need not comment unless you really feel compelled. But most people are better off using a professional real estate agent. Be that me or someone else.)
Does Your Real Estate Agent Understand Their Duties?
Chris Lengquist - Friday, April 17, 2009
Agency. It means something a little different in all fifty states. Here in the Kansas City real estate market we that have licenses in both Kansas and Missouri have to keep straight the differing rules and regulations regarding real estate agents and their various forms of agency.
This post isn't about explaining the various forms of agency. Though that would be a great series of blogs. Nor is it to discuss the differences between Kansas and Missouri. Again, another series of blogs that may be worth pursuing. But this blog post is to point you towards a Kansas City Star article regading real estate agents with Block & Co (a commercial real estate brokerage here in Kansas City) that apparently failed to meet their fiduciary duty towards their seller clients.
Now, I'm not privy to all the facts. And I am of the belief that a jury would almost always rather side with a seller or buyer than an evil, rich real estate firm. But when a jury only deliberates for an hour that speaks to pretty strong evidence. Read the story. Then think about who you want to represent you in your next real estate transaction. Would you prefer a seasoned professional, a part-timer with little experience or even worse, yourself?
What amazes me is that commercial agents wouldn't realize the seriousness of signing an agreement that says you would qualify buyers before allowing them to offer. I'm curious as to what kind of background/financial check they conducted.
(Editorial note: There are a very few of you out there that are/would be qualified to represent yourself. You need not comment unless you really feel compelled. But most people are better off using a professional real estate agent. Be that me or someone else.)
