An award-winning real estate law attorney recently offered a definition of “Agency” in the Word of the Day series he writes for real estate agents:
http://bit.ly/AgencyRETalk (share via social media)
Given his audience, no surprise his description asserted that there are times the homebuyer or seller may be required to pay the agent damages. That one-sided perspective begged some questions:
1. What about the opposite, for example, the agent’s failure to properly develop and implement a marketing campaign results in missing seasonal pricing premiums?
2. Or worse, the agent talks the seller into underpricing their home to generate a bidding war and none materializes?
3. And perhaps most importantly for the future of the real estate ecosystem, have there been any legal challenges yet to the growing practice of “Off-market as a Strategy?”