True or false: what Realtors call “the selling agent” once a deal closes represents the Seller (no, this isn’t another “Grant’s Tomb” question). Answer: false. The agent who represents the owner/seller is called “the listing agent”; post-closing, the Buyer’s agent is referred to as “the selling agent.” Nomenclature Once you work in real estate sales...Read More
The Email No Prospective Buyer — or Their Agent — Wants to Get Your frustrated client finally found something they’re excited about. Everyone rearranges their schedule to see the property ASAP. Then, just before the showing, the Buyer’s agent receives an email from the listing agent (representing the Seller) that they’ve received an offer. #$@%!#!...Read More
A Realtor’s Definition of a “7” (or a “3” or a “9”) vs. a Consumer’s [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] Good Buyers’ agents don’t just qualify their clients financially, they also vet the Buyer’s selection criteria. Exhibit...Read More
The “I Decline to Initial” Buyer’s Initial Form: “Agency Relationships in Real Estate Transactions” Date signed by Buyer: June 22, 2017 Form: Purchase Agreement Date signed by Buyer: June 22, 2017 What’s wrong with this picture? It runs afoul of Minnesota Department of Commerce guidelines, which provide that prospective Buyers’ agents are supposed to discuss...Read More
$50 Gift Card for Buyers’ Agents “If your Buyers visit my open house and mention your name, I’ll give you a $50 gift card to your favorite restaurant.” –email from listing agent promoting a Thursday night Summer open house. OK, so I don’t see it happening for more modestly-priced homes — say, those listed under...Read More
Procuring Cause Paradox One of the more contentious, behind-the-scenes issues that can crop up in residential real estate is, “which agent is entitled to the pay-out commission?” (note: the part of the commission collected by the agent representing the Seller is called the “list-side commission”). In the vast majority of cases, it’s the Buyer’s agent....Read More
