From the Real Estate Files of My Mind:
To paraphrase Bill Clinton, I feel your pain, only this time the pain, or at least disappointment was mine. Years ago, I sent past clients (two transactions and a referral with them) to an open house in their neighborhood on a street they highly coveted. The view home was new on the market and the open house was not advertised. You guessed it, the listing agent told them they would save money with only one agent in the deal...and the rest is history.
This guy liked me, but he loves his money and the temptation to keep more in his pocket trumped his loyalty. He told me he saved a bundle by using her but I was a much better agent, plus he gave me another referral. Funny, he actually overpaid by about 10% and would have saved money with me negotiating on his behalf. The home cost millions, yes plural, so we are not talking chump change.
My takeaway lessons are: 1) As agents we need to continue to educate consumers about the need to have representation other than the seller's agent. I use the attorney example--it is the perfect situation for conflict of interest. 2) Some people lose money, and lots of it, by taking actions they believe will benefit their bottom line. Electing to share the seller's agent can end up being a very costly move. It has the ability to compromise negotiations on price and repairs, not to mention other aspects of the transaction.
Having your own representation in a real estate transactions simply makes sense and may save you a big stash of cents.
Sell Smart, Buy Wise and Live Well
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Based on information from the Association of REALTORS®/Multiple Listing as of the initial date of this article/blog publication and /or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.