5 Things Your Property Agent Is Not Allowed To Do – Part 2

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# 3 Your Agent Is Not Entitled To Introduce You To A Moneylender

Typically, real estate deals need substantial funding. For instance, you may have acquired a new house while your property agent was still assisting you with the sale of your previous home. Additionally, you may need funding to refurbish your new property.

 

Given your precarious cash flow scenario, your “generous” agent may connect you to a few moneylenders from whom you may possibly borrow money during the interim time. You felt it was a lovely gesture on the part of your agency.

Wrong. It is against the law.

Your property agent should never be permitted to refer you to a moneylender, even a licensed one. This is true even if your agent receives no personal gain (e.g. commissions) for making the connection and was truly attempting to assist you.

Only three in ten respondents to our study were aware that a property agent cannot, under any circumstances, promote a moneylender to a client. This is true even if the customer expressly requests the introduction.

 

# 4 Agents Are Not Permitted to Advertise Your Property Without Your Consent

73 percent of our respondents correctly identified that agents are not permitted to promote a property without the owner’s consent.

Additionally, an agent may not plagiarize advertising from an owner or another agency and pass it off as their own. Neither can they purposefully place an advertising pricing on a property that they do not have authority to promote at a discount to entice prospective purchasers to contact them.

If you have hired an agent to promote the property on your behalf, keep in mind that your agent is responsible for ensuring the accuracy of the information provided in the advertising. Your realtor should not market a property in a way that contradicts the information you have given.

Simultaneously, words or phrases that are detrimental to your interests, such as “no co-broke” (which is when an agent refuses to work with another agent to market your unit), “no agents,” or “buyers pay commission,” should be avoided in the advertisement, as these phrases will narrow the pool of potential buyers. A representative must always operate in the best interests of the client.

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# 5 Agents Are Not Able to Disguise You of Potential Conflicts of Interest

Conflicts of interest may occur in a variety of situations.

For instance, if your agent introduces you to a home that is also owned by the agent’s parents, your agent must disclose this link to you.

Additionally, any additional external source of revenue that your agent may obtain as a result of recommendations made to you must be disclosed. This includes any referral fee your agent may get for referring you to a certain bank or interior designer.

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Only 31% of respondents correctly answered this question. 44 percent said that agents should disclose relationships and withdraw from negotiations, while 25% believed that it was acceptable for agents to not disclose conflicts of interest or confessed ignorance.

While agents must disclose any potential conflicts of interest, they may continue to represent their clients as long as the client grants were written approval to the agent.

 

As A Consumer, You Should Protect Your Interests

By being aware of some of the things that your property agent is not permitted to do, you will not only safeguard your personal interests but will also obtain the kind of service that a certified professional should provide. This will go a long way toward ensuring that you have a positive experience while buying, selling, renting, or leasing a home with the assistance of an agent.

 

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