A real estate agent can be designated to represent either the buyer or seller in a transaction provided the buyer or seller expressly agrees in writing to such designation. The agent, once so designated, is then the legal representative who becomes their client. The agent must put their client's interest first and negotiate for the best price and terms for their client.
Other agents within HMV do not represent the buyer of seller, so they are free to look for customers for the other agent's clients. In some cases, different agents within Homes on Martha’s Vineyard can represent either the buyer or seller in a transaction.The other type of Agency in Massachusetts is a Traditional Agency where once an agent signs a buyer or seller - who becomes a client, all agents in that office represent the client. Under Massachusetts Real Estate Law, no agents within that office can represent a client looking to have a transaction with the original client. They are able to bring customers (non-signed individuals - without the same fudiciary protectections of a client) to the transaction.
Seller Agent (Listing Agent)
At Homes on Martha’s Vineyard, we offer our seller clients a unique and powerful skill set that requires a strong commitment on our side. Our firm invests a significant amount of time and resources to market and sell your property. In return, we ask the same commitment from our sellers by allowing HMV to represent you on an exclusive basis. Our goal is the same as the sellers – to sell your property for the best possible price in the least amount of time.
A seller can engage the services of a real estate agent to sell his property. By signing a listing agreement with an individual agent from Homes on Martha’s Vineyard, that person is now the agent for the seller. The seller is now the client of that agent. The agent owes the seller undivided loyalty, reasonable care, disclosure known material defects in the real estate. The agent must put the seller's interest first and negotiate for the best price and terms for their client the seller.Homes on Martha's Vineyard does not co-list properties with other agencies. Even though some home sellers believe non-exclusive listings may increase the likelihood of selling their property, in reality, they don’t generate more effort or realtor cooperation for a property and therefore are a disservice to our sellers.
- Unable to list property on other MLS services except LinkMV
- The agencies involved with the transaction are competitors, not allies
- Less incentive to spend on advertising
- Each agency is legally liable for the actions of the other company
- Which Agency determines: price, marketing and legal disclosures
- As a Member of the National Association of Realtors - the Code of Ethics requires our firm to protect the interests of the seller.
Buyer Representative (Buyer Agent)
A buyer can engage the services of a real estate agent to purchase property and the real estate agent is then the agent for the buyer who becomes the agent's client. This means that the real estate agent represents the buyer. The agent owes the buyer undivided loyalty, reasonable care, disclosure, obedience to lawful instruction, confidentiality and accountability, provided however, that the agent must disclose known material defects in the real estate. The agent must put the buyer's interests first and negotiate for the best price and terms.
Dual Agent (Transaction Agent)
In certain transactions with informed disclosure to both parties, an agent from HMV can represent both the buyer and seller. This can create challenges for the agent (since they are representing both sides within a transaction), but dual agency can be advantageous in certain Real Estate deals – especially when time is critical or both parties are actively involved in the negotiations.