What would you like to have done for you as a consumer considering the purchase of a home?

Most consumers believe there are virtually no differences among real estate agents - and in some respects, that perspective is very understandable. After all, because real estate companies experience high turnover, where nearly 90% of new agents are out of business within just five years so most of the real estate agents in the field today are relative newcomers  - many with very similar skill sets.

Of course, there are those agents and brokers who are long-term professionals in the business - individuals who have the skills necessary, through extensive experience, to execute their responsibilities in a highly professional manner. If you have worked with one of these top 10% of agents before, you probably know it - and you probably feel good about the relationship and service.

Aside from experience and skill level, there are other big differences among agents. Agents perform functions depending upon the relationships that they have established with their customers or clients. South Carolina has established very specific guidelines as to how these relationships are established and conducted.

In South Carolina, you can choose to be represented by an agent (you become a client) or just work with an agent as a customer (many fewer duties are owed to you). Understanding agency relationships is key to grasping why, for whom, and to what extent agents advocate. In other words, who's interets are being protected.

Here is an outline summary of the various types of client representation in South Carolina:

Seller's Agent

A seller's agent under a listing agreement with the seller acts solely on behalf of the seller.  Seller's agents will disclose to the seller known information about the buyer which may be used to the benefit of the seller. A seller‘s agent should:

- Promote the best interest of the seller

- Fully disclose to the seller all facts that might affect or influence the seller's decision to accept an offer to purchase

- Keep confidential the seller's motivations for selling.

- Present all offers to the seller.

- Disclosing the identities of all buyers and all information about the willingness of those buyers to complete the sale or to offer a higher price.

Buyer's Agent

A buyer's agent, under a buyer's agency agreement with the buyer, acts solely on behalf of the buyer. Buyer's Agents will disclose to the buyer known information about the seller which may be used to benefit the buyer. A Buyer’s Agent should:

- Promote the best interest of the buyers.

- Fully disclose to the buyer all facts that might affect or influence the buyer's decision to tender an offer to purchase.

- Keep confidential the buyer's motivations for buying.

- Present all offers on behalf of the buyer.

- Disclose to the buyer all information about the willingness of the seller to complete the sale or to accept a lower price.

Dual Agent

A real estate licensee can be the agent of both the seller and the buyer in a transaction but only with the knowledge and informed consent, in writing, of both the seller and the buyer. In such a dual agency situation the licensee will not be able to disclose all known information to either the seller or the buyer. As a dual agent, the licensee will not be able to provide the full range of fiduciary duties to the seller or the buyer.

Designated Agent

This is a recently added choice in SC where the Broker in Charge designates individual agents to act solely on behalf of each client. The agents must negotiate with each other for the benefit of their respective seller and buyer - even though they are working under the same broker and usually in the very same office. Awkward? Maybe.  Plus, the broker now becomes a disclosed duel agent in order to make this 'work out'.

There are many other distinctions one might draw among agents. Suffice it to say that there are dramatic differences within the real estate community both in skill levels and functions of agents. Even whether or not an agent is a Realtor or not is a distinguishing characteristic.

If you'd like to know more about this subject, e-mail me or call me and I will be glad to discuss this with you directly. Also, on my web site ( www.HousePlanRealty.com),  I have additional information about South Carolina agency relationships. If you would like a copy of the South Carolina Agency Disclosure Brochure, let me know and I will mail that out or e-mail it to you.

Chris DeLoach, ABR, BIC

843-654-4578

Accredited Buyer Representative

The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of REALTORS® who meet the specified educational and practical experience criteria.