Agents Talk Business
Water cooler talk around a real estate office is much like any other business office, I’m sure. Many agents are friends away from the office, so you hear family stories, what happened over the weekend, vacation tales, lunch plans, and business.
When agents talk business, it’s usually lender or title related, a new office policy or the real estate market. Some of us talk about blogging, websites and internet prospects. We may promote a new listing or talk about the one we have a new contract on. The home that didn’t close and is now back on the market.
You said what?
Occasionally, though, I hear someone say something and wonder, “What were they thinking?” Such as:
- My seller paid X amount of dollars toward the buyer’s closing cost to make the transaction work; now the buyer is walking.
- My buyers have 20% down payment, they just can’t find the right house.
- I sold this home two years ago and now the sellers are getting divorced.
- My clients are being transferred and really need a quick sale.
- At least the husband’s company is paying all their closing costs.
- The home’s overpriced; we just hope someone will make an offer.
- My seller has some room in their price for negotiation.
It’s Top Secret
With each of these simple statements, that agent has potentially violated their agency and fiduciary duties to their client. You never know when the agent you are talking to will represent the buyer for your seller’s home. Conversely, you may be representing the buyer for the other agents listing. Or….you don’t know who else may be listening.
Even if the home is already under contract, we know they don’t all close. Sharing the least bit of information, to our client’s detriment, can have negative consequences for our clients. It’s why we lock our pending files.
We need to be aware of what we say when speaking about our listings and our clients. Our clients’ information, both private and transactional, should be kept “secret”.
Have you ever heard anything you knew you could use in negotiations, if given the opportunity?