By the way, an exclusive listing is exclusive to the agency, not the individual agent.
Typically and â€œexclusive listingâ€ means that one particular company exclusively lists and markets the home, but doesnâ€™t usually mean that another company canâ€™t sell it. There are some instances where sellers enter into a listing contract to only sell from within their company, but this is usually agreed upon by the seller and agent ahead of time. It used to be that sellers would be interested in this kind of arrangement, in order to save on their commission (only paying one side of a commission for the sale). This has increasingly disappeared over the last few years as â€œentry onlineâ€ companies entered the industry. They provide the same concept in savings, as itâ€™s typically a flat fee to enter the listing in MLS (and thatâ€™s ALL), and offering compensation to buyers agents (still only paying one side of the commission). If you do not have this kind of agreement than you should know that our licensing law does require us to present all offers to our clients. Even, if a seller would consider it silly. Additionally, we have 6 fiduciary duties to our clients; and if an agent declined to present an offer to a client, 3 of them (that I can think of) would be violated: obeying their clientsâ€™ lawful instruction (to present offers in this case), loyalty (always putting their clientsâ€™ interest ahead of our own) and reasonable care/diligence. If an agent doesnâ€™t practice in this manner, they are jeopardizing their license to practice and risking their livelihood. If you feel that based on your contract, they are required to, than I would have a little heart to heart with their broker of record. If this does not get you anywhere I would consider consulting with an attorney for further instruction. I wish the best for you!!
Melissa Mancini, Realtor, CBR, GRI
I am puzzled by your question. The panel has clearly hit it on the head that YES you agent should be bringing in all offers to the seller for consideration.
Why would an agent "sit" on any property waiting for a buyer to come from one particular agency - his or anyother's for that matter?
There's something missing in this equation. Please expound on your question - just a tad - I am curious whether there is some quirk to this story.
I can't think of even ONE scenario where this would fly.
You need to review the Realtor Code of Ethics.
Absolutely, if they are a member of the National Association of Realtors, they need to submit each and every offer...and do a lot more1
If you are currently working with a listing agent and have doubts whether or not all offers are being presented, I would have a heart-to-heart chat with your agent or Realtor. If you are a buyer and suspect foul play, tell the listing agent that you wish to present your offer in person to the seller.