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This is a quick little story and follow up to last week’s blog post . Yesterday afternoon, I was driving to do a few errands and my phone rang. It was a number I didn’t know or have saved in my phone- most people would ignore these calls or slate them as spam. In this business, you ALWAYS answer your phone (lessons learned early in my career).
So I answer it and it’s an attorney in Rhode Island asking if a high priced commercial property is still available and if I’m listing it. He was on a website and when he clicked for more info my name came up. It seems he has a client that doesn’t want to work with a broker. He wants his ATTORNEY to play the role of the agent and set up the showings. I am, indeed, not the listing agent, but said I’d be happy to talk more with his client and set up a showing for us to visit the property.
Is anyone else seeing red flags?
- The attorney doesn’t have access to MLS. They can’t see what we can see as agents- which is direct access to the listing agent, any attached documents about the property, showing instructions and any private remarks.
- The attorney can’t run comps, discuss pricing/strategy and they shouldn’t be negotiating for the client. They can draft up the intent to purchase/purchase and sale, but it’s really up to the client to define the terms that they want.
- Unless the agent is practicing dual agency, that buyer doesn’t have representation as far as the listing agent is concerned.
Of course, I have no idea who his client is. They may be a VERY savvy investor that has already bought up half the block, knows the area well and knows the value far better than any realtor might.
It all goes back to- sometimes it’s a good idea… but if your attorney is calling a random agent on a Sunday afternoon asking if a commercial property is still available… I think you fall into the category of “Yes, you need an agent.”
