When I started selling real estate in 1984, rarely was the term "buyer's agent" ever used. At that time, if a buyer wanted an agent, the buyer had to contract with and AGREE TO PAY the agent representing them. Cooperating agents were sub-agents of the listing agents, and represented the sellers.
All of this changed somewhere in the late 80's and early 90's. Buyers DEMANDED representation and in many cases, sued sub-agents for not disclosing their agency status. Consumer and civil rights groups demanded change, and indeed, every state adopted some kind of legal buyer agency to ensure that buyers would be represented in a transaction.
After 20 years, you would think that buyers would get the picture by now. After all of this change and reform, buyers call every day, refuse to sign a brokerage agreement, and insist on talking directly to the listing agent. Why? There is a perceived notion of saving by cutting out one of the brokers in the transaction. However, rarely is any savings realized, as the listing agent has no incentive to help the buyer get the best deal possible.
Seems like the more things change, the more they stay the same.
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Richard Weisser, Broker, Associate Broker, Auctioneer, E-Pro, CE Instructor |
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