Real Estate 101 - One Thing ALL Agents Must Do
Imagine the following scenario: You’re in the market to buy a home. One sunny Saturday afternoon you’re driving through one of your favorite neighborhoods and you see an “open house” sign. You walk into the open house. Nice place. Gourmet kitchen. Oh my, it has a spacious master bath! My gosh, the place even has a media room. Wow!!!!!!! There’s a view of the Cascade Mountains. PERFECT………………………………..but then, from the darkest corner of the family room he emerges: THE REAL ESTATE AGENT…….you start to turn and run….
But as he smiles and introduces himself, you realize that he’s friendly, articulate and has a good sense of humor. In fact, after you take a real careful look at him you realize that he’s well-dressed. You like him. Really, who wouldn’t trust this guy?
So you chat with “Mr. Agent” and discover that he’s not the listing agent. He’s holding the house open and is acting as a buyer’s agent. He asks you if you’re working with an agent. (Oh my, what do I tell him? I really don’t have an agent. I haven’t even thought about using an agent.) You tell him you’re not working with an agent. He then politely asks if you’re serious about finding a home and if he can work with you. After a short discussion about what you’re looking for, you agree to give him your email address and telephone number. He promises to start sending you listings and provide you with information about the market. You even set up an appointment to meet with him to create a plan. Wow, that was easy! Gosh he didn’t even ask me to sign a contract or anything. Is he really my agent? Hmmmm.
Let me give you a simple answer to this question: In this circumstance, yes, in Washington state, an agency relationship has been established between you and this agent. As a result the agent must adhere to “The Law of Real Estate Agency.” One thing all agents must do when dealing with clients is provide them with a copy of the agency law at the time they begin providing services. Expect your new agent to give you a copy of this document:
You can review the whole document by clicking on this picture. In future posts, I’ll discuss various aspects of this ageny law. Believe it or not, this document is vital in understanding the role of your agent.
