Question:
I am concerned about the rules and want to know how to handle situations where the Buyer and the Buyer’s agent want me as the Listing Agent to accommodate the showing.
Answer:
When it’s all upfront there’s really no problem, arrangements can be made. It’s the sneaky business which is annoying. The Buyer surreptitiously approaches the Listing agent without disclosure of an existing BRA. This is particularly annoying to agents servicing rural areas where a trip can result in several hours’ lost time. Self-help remedies in the listing usually don’t work or they are not enforceable. An “incentive” or bonus of some sort would be effective.
The challenge is the Seller’s knowledge. If the Seller agrees to this arrangement which will cut down on the number of showings and exposure of the property, then, that’s fine. The difficulty is that some Listing agents don’t raise this point.
There is some value in terms of later negotiations, if the prospective Buyer actually submits an Offer. They have probably revealed too much information about themselves and their bargaining position.
Brian Madigan LL.B., Broker