WHAT IS AGENCY?
I want to be your REALTOR®! 💜
“In real estate, AGENCY is an agreement formed between REALTOR® and client. The agent represents the client in the legal transaction of buying and selling real estate. The agent has fiduciary duties to the client. The client has responsibilities to the agent. It is a mutually beneficial relationship.”
A Few Helpful Distinctions:
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The terms customer and client are not interchangeable. Customers can be anyone I interact with to discuss real estate. Becoming a client means that we have entered into a written agency agreement.
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Not all real estate agents are REALTORS®. I am a REALTOR®, which means I belong to the National Association of REALTORS, and therefore, must uphold the REALTOR Code of Ethics!
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Seller’s agency occurs between a REALTOR® and a seller. It is a written agreement signed by both parties. The REALTOR® lists the property on the multi-list service (MLS), and coordinates all aspects of the sale, based on the seller’s needs.
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Buyer’s agency occurs between a REALTOR® and a buyer. It is a written agreement signed by both parties. The REALTOR® represents the client and has fiduciary duties to the client.
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Dual agency occurs when the REALTOR® represents both the buyer and the seller. Missouri allows dual agency as long as it is disclosed to all parties, and all parties agree in writing.
What’s next? Read the client pledge - my personal code of ethics.