Pulled from the comments – More on Dual Agency
The following comment was made by Joe Vita, a Realtor in Lexington, Virginia. Joe is also a member of the Virginia Association of Realtors' Policy Board.* "Dual agency practiced by one agent is always a conflict of interest for the agent even if legal dislcosure…
A new limited service rule
A new required data entry field came into effect in the Charlottesville MLS earlier this month addressing "limited service" companies: This new field applies to those properties that are listed by an MLS member, for a flat fee or commission, for a seller who is…
More on separating the commissions
I hope that more buyers and Realtors will read these stories. Most likely, the buyers will have to educate the Realtors, and it might very well be a hard education for some. In short, who should pay the Buyer Agent? Does anybody really buy it…
Steering buyers’ agents
Rarely does a story infuriate me, insult a profession and reinforce what I have already concluded. This story (not yet online) in the Daily Progress does all three. In a presumably-paid-for-piece in the "Business Journal" section of the DP a local Realtor says: "The commissions…
All the agents wanted my business!
Many of my clients are sounding boards for my ideas, mini-focus groups if you will. The following is a snip from a conversation I had this morning with one of my favorite clients. Me: Did you know about buyer's agency before we started working together?…
Limited service agency bill in Virginia
Find it here; it will be effective on 1 July of this year. I would be curious to know how many Realtors (and consumers) have read this new law. Interesting addition: "Limited service representative" means a licensee who acts for or represents a client with…
Shopping for an agent and more
Search for an agent instead of a house. I couldn't agree more. Sometimes, the first agent you meet might not be the best one for you. Wolf Net seems to have a pretty good mapping solution. Shopping for houses isn't like shopping at Nordstrom's Another…
How to market new construction
Question from a reader: Jim, I'm interested to hear the thoughts of Realtors on how best* to market lots in a new/proposed residential subdivision. The methods being employed in Fluvanna and Louisa at present are: (1) Make all lots available for sale to anyone (via…
Buyer beware
Two recent vignettes - Lender story: Three days before closing, a Charlottesville lender, who had not previously given a written GFE (Good Faith Estimate) to the Buyer, somehow added ~$3,000 in mystery fees. Only when pressured by the Buyer's Agent who had another reputable lender…
The solution to many of real estate’s problems
Can possibly be found in this working paper just released by the AEI-Brookings Join Center. In my opinion there are many flaws in the study, primarily that it seems they are describing the real estate environment of a couple of years ago. The bolding that…