What You Need to Know About Real Estate Agency Relationships
Did you know that Texas real estate license law requires me to provide you, the consumer, with an Agency Disclosure Notice, as well as a meaningful explanation of agency relationships offered by my company. It also requires that this be done at the first practical opportunity when you and I have made substantive contact.
So, what does all of this really mean for you? Simply put, it means you have a choice to make. As we begin to establish a working relationship, I’m going to ask you in what capacity you want me to work for you; as my customer or my client. What’s the difference, you ask?
Texas real estate license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires licensees to perform the following basic duties when dealing with any real estate buyer or seller as a customer:
- Present all offers in a timely manner
- Account for money or other property received on your behalf
- Provide an explanation of the scope of services to be provided
- Be fair and honest and provide accurate information
- Disclose “adverse material facts” about the property or the transaction which are within my knowledge
Because customer service does not require a written agreement, neither you nor the Company is committed to one another in any way. Unless or until you enter into a written agreement for agency representation, you are considered a “customer” of the Company, and the Company will not act as your agent. As a customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential.
At this point, you might be thinking that the customer relationship is not right for you. Not a problem. I have a solution just for you; you can become a client. Clients receive more services than customers. In fact, by law, you are afforded the following client-level services at a very minimum:
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accounting
- Reasonable care and skill
- Advice, counsel, and assistance in negotiations
FRISCO TEXAS REAL ESTATE…Homes for sale in Frisco, Allen, McKinney, Plano, Prosper and surrounding areas. Call, Text or Email us TODAY at (214) 755-3378 or realestate@doanerealtygroup.com for a FREE consultation and to share thoughts
