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sttomtom1, Other/Just Looking in Cupertino, CA

What are the polices/rules in hosting a open house for a another agent.?

Asked by sttomtom1, Cupertino, CA Sat Jul 20, 2013

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Answers

5
Do not present yourself as the listing agent by using phrases that sound like, "My listing," even if you work in the same office as the listing agent.
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It is YOUR responsibily to understand the circumstances for which you will or will not get paid.
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Know the expectations of the home onwer.
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Make absolutely certain you have asked sufficient questions to understand the expectations of the listing agent and broker.
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Don't hold a open house alone.
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Have a goal/objective for this open house. Spending time is not a good one.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Plam Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sun Jul 21, 2013
Host the open house with the same care and consideration as you would your own listing. Know about the house, schools, tax rate and neighborhood. Provide the listing agent feedback as to how many people showed up and their comments about the house, good or bad.
0 votes Thank Flag Link Sat Jul 20, 2013
This is something you should work out and agree to in writing before hand with the listing agent. What's usually done is that all leads (potential buyers) belong to the agent conducting the open house. However, If a potential buyer is already represented by a buyers agent then you can be compensated by a referral fee. That being said,there might be regional differences in how you might be compensated for your time and efforts in conducting an open house so perhaps your managing broker would be one to consult.

Good luck!
0 votes Thank Flag Link Sat Jul 20, 2013
Why would a buyer's agent compensate the "sitting agent" at an open house, if his client drops by at the open, and then decides to purchase the house? Open houses are "no man's land", where anyone can come view without creating an unwanted agency relationship. If I were the buyer's agent... I would owe the sitting agent nothing.
Flag Sat Jul 20, 2013
We aren't aware of any policies/rules, unless there is something unusual in CA.
0 votes Thank Flag Link Sat Jul 20, 2013
I think that's going to vary from agency to agency... so clear the rules with the listing agent, as to what they expect.

If you were sitting one of my properties, I'd say: While you're there to connect with potential buyers and sellers, remember that you still have to "represent" the property, our agency and the seller.

So never badmouth the property (ie: This house isn't right for you... I have something better down the street).

You're trying to build a relationship with a potential buyer, but don't say something like: "They're overpriced, I can help you get it for less."

You never know who you're talking to... treat everyone as though they're the seller's relatives. Who knows, they could be.
0 votes Thank Flag Link Sat Jul 20, 2013
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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