Ron Sitrin untangles the Realtor’s fiduciary responsibility for you.
When you hire a real estate agent, whether in the Washington DC area or across the country, you create a fiduciary relationship. That means that the real estate agent has a legal obligation to represent your best interests.
Your fiduciary relationship officially begins when you sign an agency agreement with your Realtor. This can be either a listing agreement to sell your house, or a buyer-broker agreement to help you buy a new home. This agreement spells out the terms to which both parties agree.
To help you understand this, I’ve explained the six primary duties your agent agrees to:
Confidentiality: your real estate agent must always maintain your privacy.
Obedience: they must follow your instructions.
Loyalty: they must put your interest ahead of theirs.
Due diligence: an in-depth investigation will be completed.
Accounting: your agent must make sure the dollars add up.
Disclosure: they are responsible to disclose to you any material information they discover.
Ultimately, you hire a Realtor to represent your interests when buying or selling a home.
You should expect above all else that your interests are always first – no exceptions! This means an agent or real estate team should be advocating to help get the best terms and conditions for you.
I, along with the entire Ron Sitrin Team, believe that it’s the combination of performing as a fiduciary, providing guidance, and delivering excellent customer service that are at the core of what we must do to ensure a positive experience for our clients. The combination of these three attributes are what give added value to the relationship.
If you are interviewing realtors for the job of representing your best interest, here are four probing questions to ask:
- How do you plan to fill your fiduciary responsibilities?
- What things do you do differently that go beyond just being a fiduciary?
- What guidance and leadership role will you provide?
- What services do you offer to provide an exceptional real estate experience?
As you listen to the answers of the four questions above, each answer should build your confidence in the agent you intend to hire. Ultimately, you should feel that the agent you hire is looking out to protect your best interests and giving you an edge in this competitive DC Real Estate market, as well.
The Ron Sitrin Team serves the entire Washington, DC real estate market, specializing in the District of Columbia, Bethesda, Chevy Chase, Rockville, Potomac, Kensington, Silver Spring and Takoma Park. Whether you are considering buying a home, selling a home or both, we know this area inside and out. If you’re interviewing realtors, make sure to give us a call! Reach Ron Sitrin directly at 202-321-4677.