BILL CHERRY'S GREATEST DALLAS PARK CITIES REAL ESTATE BLOG: October 2016

Maybe New Allowances Aren't All Good.

 

When I first became licensed as a Texas Real Estate Broker in 1966, things were much different than they are now.

Here are some examples:

  •          Yard signs had only the name of the brokerage company, address and phone number.  The listing agent was not shown.
  •          Everyone did dual agency, and the courts ruled that caveat emptor (Let the buyer beware) protected sellers, brokers and their agents from most lawsuits arising from buyer and seller disenchantment
  •          An agent and brokerage couldn’t claim two sales when they had a dual agency sale.
  •          And finally, co-op sales did not allow the selling agent/selling agency to claim they had sold the property.  The sale belonged to the listing agency.  The selling agency was acting as the listing broker’s agent.

There have been a lot of changes throughout those years, and in most cases, they’ve done nothing more than confuse the public.

Recently, as a one-person brokerage company, I had a listing on a home.  Some prospects called and asked to see the home.  I asked them if they were represented by an agent.  The answer was that they weren’t.

A few days later, an agent with another firm called to ask about the property, and I asked if her clients were Mr. and Mrs. X.  She said that they were. 

After a rather long negotiating period, a contract price and terms were agreed to, and the sale closed. I took my sign down within an hour of the closing.

The following day, my client called and said, “Why does the buyer's agent have a sign in the yard that says, “Another One Sold by X?” My client’s reasoning was that the listing was mine and that I had done a great deal of work to cause the transaction to work.

She wanted to know why the co-op agent was inferring that they had done it all by themselves.

In the old days, that company would have had an ethics violation as well as a license violation for doing that.  Now, it’s perfectly legitimate.

My client wasn’t happy with the explanation.

I wonder if these signs don’t actually backfire?

BILL CHERRY, REALTOR
Since 1966

Dallas
214 503-8563

On the web

Comment balloon 1 commentBILL CHERRY • October 24 2016 02:06PM
Maybe New Allowances Aren't All Good.
share
When I first became licensed as a Texas Real Estate Broker in 1966, things were much different than they are now. Here are some examples: Yard signs had only the name of the brokerage company, address and phone number. The listing… more
Have You Noticed that Ethics Violations Are Increasing?
share
Bill Cherry 1966Founded Companies in Houston's Museum Districtand in Galveston's East End Historic Districtand Strand Historic Business District. It is only the result of chance that after beginning as an English teacher, I found myself in the… more
And then you've got your Truila…
share
I become more and more annoyed with the National Association of Realtors for allowing Truila and others top act, in many ways, as a real estate broker. If I am correct, there are no recognized residential Multiple Listing services that are not… more