REAL ESTATE NEWSLETTER - BLOG
 Serving all of Pierce, King & Thurston Counties - Washington State
Editor: Donald J. Leske II /  Broker
Homepage website:  www.HomesandProperties.com 

 [Newsletter]

 3-18-08 Issue
AGENTS MUST DISCLOSE!

Licensed Real Estate Agents... need to disclose that if they recommend another Agent either locally or in another area..., it is common practice to get a split of the fee when a property sells...for that referral. Tell your clients and anyone who you deal with! Too many agents tell buyers and sellers that they cannot deal with..., "I know a great agent in your area.., let me give you a referral to them!" but then do not disclose that they will get a fee.

Also, in most cases, if an Agent is has a listing.... condo/loft or home etc, they are allowed contract with any other Agent to "sit" their open house or even do a Brokers Open for them and can get a fee for that too. If an Agent is solicited by another agent in their office or totally with another Agency to take a client or participate in a sale, they most often will receive some split or fee. That Agent may not even know the owners, nor have they any obligation of a Listing Agent. That is because we are mostly all Independent Licensed Agents. There are only a few Brokers that actually hire their agents as employees. Independent Licensed agents normally work totally on commission, no basic or minimum wage at all.

Disclose, disclose, disclose.... that is the motto. - Many listing agents just will NOT represent the buyer and seller at the same time due in fact to what is commonly known as implied representation, meaning that no matter what everyone agreed to....each party has the right to fair and impartial representation. Its just a law suit waiting to happen. Some agents will write up an offer and then on the offer "disclose" that they are a neutral 3rd party and do not represent either buyer nor seller, they act as a mediator or "facilitator" to the agreement. Be aware folks...., this can be seen differently by the courts who may judge this to be a Dual Agency transaction or not impartial. Consumers have a lot of rights, as they should, and we are held to a higher level of responsibility!

Yes.., in the end a company can represent both at once. It is legal in most states, if its disclosed properly. I have done it often, when I felt the situation warranted it. It was my risk to take.

Don Leske II / Broker-Agent
BCI Properties, LLC
Tacoma, WA