What’s the difference of being a Client or Customer in Real Estate Lingo?

Buyers and Sellers do you know the difference or even the level of services available when working with a real estate agent?

Let us break it down for you! People including agents use the words, you are my client or maybe customer. What does that really mean?

Brandi and Vikki will explain the differences in more detail; this way YOU can make an informed decision.

Real estate professionals have different list of fiduciary duties and responsibilities when you are their Client vs. a Customer.

Let’s start with all the CLIENT level services.

This is the highest level of services and you have a written representation agreement with an agent signed by you and your agent.

The fiduciary duties and responsibilities owed to a client are as follows:

Obedience

Which means the agent must follow the clients’ instructions within the law AND to follow all federal, state, local laws and regulations.

Loyalty

An agent must place your interest above all other interest including their own when you are the client. In other words, your interests become their interests.

Confidentiality

The agent must keep info received from their clients that may harm your clients’ positions in a transaction, private and confidential.

Reasonable skill and care

Agents need to use their professionalism, education and skill to perform our duties to our clients to best of the ability.

Honesty

Treat your clients with integrity and truthfulness. We can never deceive, mislead or misrepresent facts or information known by us. As well as be upfront about our areas of expertise.

Disclosure

Agents must disclose all known information about the transaction and property vital to making informed decisions. This includes known material facts that may affect the value of the property, desirability or decision of the buyer.

Accounting

To accurately account for money and personal property entrusted in your care that relates to the transaction.

Let’s compare this list to Customer level services.

Customers are buyers or sellers that DO NOT have a written Representation agreement with an agency. Even though there is not a written agreement, customers are owed some of the fiduciary’s duties.

Of the list on the screen remove the following:

Obedience, Loyalty, Confidentially, Reasonable skill and care.

That leaves three (3) key areas.

Honesty, Disclosure and Accounting.

As you can see when you are UN-Represented by an agent your services are greatly reduced.

The choice is yours but having a clear understanding upfront at your first substantive contact with an agent of the differences between the words CLIENT and CUSTOMER is important to know plus its SC law that an agent explain this to you.

Choose your level of service carefully and even more importantly; be WISE on what agent and/or team you choose to represent you. Have questions…. It’s a big decision, we know, we’re here to help!

Brandi Cook and Vikki Crossland

Meybohm Real Estate

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