A few years back I did some work for the Real Estate Buyer’s Agent’s Council (REBAC) of the National Association of REALTORS (NAR) as they were exploring how successful REALTORS were using Social Media. It was through that group that I met the most amazing trainer/teacher that I have ever come across: Adorna Carroll…
Adorna is totally irreverent, and exacting in her teaching and understanding of Rules, Regulations and just plain common sense within the Real Estate community. After a class I asked her to discuss Fiduciary duties and Buyer representation. I loved her response so much that I asked her recently if I could share these explanations with you.
Adorna Carroll Explaining Fiduciary Duties
Mr.and Mrs. Buyer thank you very much for the opportunity to meet with you and I’m very excited that I have this opportunity to discuss with you my most important legal responsibilities.
I am obligated by law to follow your lawful instructions pertinent to the transaction. My responsibility is provide you with your options and alternatives; discuss the ramifications of your choices and then take a step back and give you an opportunity to think about what you want to do while I wait for your lawful instruction.
I’m here to watch out for your interest above my own. When’s the last time a sales person ever said that, to you? I’m not in sales, I’m in service Mr/Ms Buyer.
Whatever I know in a transaction, you’ll know. Sometimes it’s fact, sometimes it’s rumour but I’m not allowed to decide what is important for you to know. I am obligated by law to tell you what your situation is and then you determine if that information is important to you.
My highest responsibility is confidentiality. I promise you right now I’m an excellent secret keeper and I will not talk about your personal secrets, your financial position, your motivation to sell or your urgency to anyone including the agents in my office.
I am accountable to you by law for your money, your paperwork and your dates so that you will not put any of your deposit money or general funds in jeopardy.
I am obligated to provide you with skills and contentious service. The minimum required by my license law and regulations is competent service but I am obligated to a higher standard.
Thank you for allowing me to explain our most important legal responsibilities Mr/Ms Buyer. I know that there are a lot of real estate agents in our marketplace but only a true professional would be able to explain them like I did and I would be honoured to represent your interest.
Adorna Carroll Explains Buyer Representation
Once you’ve been pre-approved for your loan, we’ll start to go out shopping for property. When that time comes you will be provided with lists of property that are in your budget range and you will be doing your “homework” by driving around to determine if properties in your price range are in neighborhoods that you may be interested in.
When you see a for sale by owner sign on the front lawn, I just represent you.
When you see another company sign on the front lawn, I just represent you.
When you see our company sign on the front lawn, then my company has two clients in the same transaction – equal treatment, equal information- if I were to know the lowest prices the sellers can accept I can’t tell you, if I know the highest price you’re willing to pay I can’t tell them; you are entitled to know market information and all client confidential nformation (financial situation, motivation, urgency and personal secrets) will never be betrayed- do you have any questions?
She says it so well….