A Better Way To Do Business
Single Agency real estate practice means that as a licensee I represent only one party in a transaction. The transaction may be a sale, lease or exchange and may involve residential real estate, investment properties, business opportunities, long term leases, loan brokerage, trust deed investments, or land. Only in a single agency context, can I negotiate for the best possible price and terms for my client. In addition, my duty as a real estate agent includesfull disclosure ofall matedal facts concerning the property, facts which have an important bearing on the value or use of the property. 

Single Agency applies to different parties & transactions. Here is how I practice Single Agency regarding: 

Sellers:
As a listing agent, I inform the seller that probably I will not sell the propertymyself, Rather, I will market it soother licensees working with buyers will most likely procure a sale. I will presume that the other licensee represents the buyer, whether ornot the seller pays both fees. While the eventual elimination of splitting seller fees among brokers is desirable, it is not yet a widespread practice. 

If I am approached directly by a buyer, I will recommend that the buyer seek independent real estate representation. The buyer does not have to pay a brokerage commission to purchase the property, Competent brokers who work on an houdy rate or flat fee basis may represent him in this transaction. To improve understanding, in addition to my state mandated agency disclosure regulations, I will provide the buyer/customer with a copy of the brochure, Representation Alternatives, and with the Agency Disclosure Statement from Who's Who In Creative Real Estate, both of which explain in plain language the difference between client and customer status. In brief, a client employs me as his agent. A customer does not employ an agent and so is not entitled to the benefits of client representation. 

If a customer reads the brochure and makes the decision not to hire independent representation but to represent himself, the transaction can continue. My file, containing the signed Agency Disclosure Statement, will document the customer's decision. 

If a purchase or sales contract is drawn, I will note in that agreement that the buyer/customer declined representation. Legally a client is represented by a real estate firm, notlust one memberof the firm. Single Agency requires the same procedures detailed above apply it the buyer approaches another licensee in the same firm, other than the listing agent. 

Buyers:
When a buyer contacts me, I will provide the buyer with a copy of the brochure, Representation Alternatives, aa~ with the Agency Disclosure Statement from Who's Who In Creative Real Estate, both of which explain in plain language the difference between clien t and customer status. Should the buyer choose client status. I will negotiate my fee with the client, An Employment Agreement forthe purpose of locating real property will describe the terms and conditions of my employment. The entire marketplace, not just listed properties, are open to my buyer/client. 

Business Opportunities
The procedure described for sellers and buyers applies. 

Conflicting Interests
A conflict may arise if a seller and a buyer are both represented by us and the buyer desires to purchase the seller's property. For example, one agent in our office might enter in to a Listing Agreement with a property owner and a second agent in our office might enter into an Exclusive Employment Agreement with another person (a Buyer) to find a property for that person, After both agreements are signed, the agents may realize that the property listed for sale is a suitable property for the person who signed the Exclusive Employment Agreement to locate a property. 

In such circumstances we will terminate the last agency created to avoid acting as a dual agent in the transaction. In other words, our office will represent only the first person who employed us as an agent. We will not participate In a DUAL AGENCY transaction. In our Listing Agreements with Sellers and Exclusive Employment Agreements with Buyers, we will obtain their written consent in advance to cancellation of the last agency created if a conflict should arise. 

Exchanges
When a property owner requests me to represent him in an exchange, and we decide to work together, we will sign an Employment Agreement. The Agreementwill state that I represent only my client and will be paid by only my client. I will not pool or split fees with agent(s) representing other parties in the transaction. 

Loan Brokerage
If a borrower employs me to find financing, tthen I become the agent of that borrower and will try to get the best loan available for that borrower. 

Trust Deed and Mortgage Investments
If I place money for an investor either in now loan(s) or in seller carryback trust deeds/mortgages, I will be the agent of gjfl1Lr the note seller or the investor, but not both. If I sell notes in which I have an ownership interest, I will be a principal and not the agent of the investor. My disclosures will be made at our initial contact. 

For Sale or Lease By Owner
When I am employed as an agent by a buyer/lessee client to contact an owner/lessor, I will suggest that the owner engage independent legal, tax, and brokerage representation. Competent brokers who work on an hourly or flat fee basis will provide guidance and/or client level representation in the transaction. If the owner chooses to represent himself, I will document that fact, using the Agency Disclosure Document and continue the transaction. If a lease contract is made between the owner and my client, I will note in that document that I advised the owner to seek independent status but that he chose to represent himself. 

People who have established a client status with me are eliminated from those to whom I will either sell something from my personal holdings or will buy something of theirs. Sufficient opportunities exist in the marketplace for me to build my estate while preserving my integrity as an agent. 

I may buy properties using one of the following procedures: 

FSBO (FOR SALE BY OWNER)

I may approach FSBOs, identifying myself as a licensed real estate agent who wants to purchase their property for my personal account with the intention of making a profit. I will suggest that the seller seek legal, tax and brokerage counsel. That does not mean the seller must list his property with areal estate agent. Competent brokers who work on an hourly rate or flat fee basis may give the owner transaction guidance and/or representation. If the owner chooses to represent himself, I will document that fact in the purchase contract. 

PROPERTY LISTED BY OTHER LICENSEES

I may approach listing agents and identify myself ~s a licensee acting as a principal with the intention of making a profit. I will disclaim any agency relationship or interest in the listing agreement and will not share in any brokerage fee paid by the seller. 

BUYER'S BROKER

I may employ the services of another agent to represent me in the purchase of real property for my own account. The agent will disclose that I am a licensee purchasing for my personal account with the intention of making a profit. My agent and I will reject any interest in listing agreements of other agents and neither of us will share in any fees paid by sellers. 

SELLING MY OWN REAL ESTATE

If I do not list my property with a broker, then I will advise prospective buyers that I am a licensee selling my property for profit and will recommend that they obtain legal, tax and brokerage representation. 

AFFIRMATION OF SINGLE AGENCY

I BELIEVE THE PUBLIC IS BEST SERVED BY SINGLE AGENCY REPRESENTATION. I AGREE TO PRACTICE REAL ESTATE IN THE SPIRIT AS WELL AS THE LETTER OF THIS STATEMENT. 

HERE IS MY PLEDGE TO YOU AS MY CLIENT: 

Representing More Than One Party 

Should you find that I have disclosed in writing that I claim to represent more than one party in a transaction (dual agency), you have my permission to send a copy of that document to: 

Such document would evidence that I have breached my commitment to practice only Single Agency representation. I request Who's Who In Creative Real Estate to first contact me with this information. If I do not dispute it, I agree they may drop me from their network and may publish the fact that I breached my commitment to Single Agency real estate practice in my local newspaper. 

Buying or Selling For My Own Account 

Any attempt by me to sell you a property owned by me or for me to purchase your property for my personal investment portfolio (legitimate home trade-in programs excepted) constitutes a similar breach of my Single Agency commitment and should be reported by you to Who's Who.