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WELCOMED CHANGE IS HERE…DO YOU “GET IT”, NORTH FORK REALTORS

August 10th, 2007 category: Buyers, Real Estate News, Real Estate Philosophy, Riverhead Real Estate, Sellers, Southold Real Estate

A Note To North Fork, Long Island Realtors…

On Behalf Of The Home Buying and Selling Consumer: fiduciary duty: a trustee’s responsibility to act solely in the best interests of the owner or beneficiary of the trust.*

As a professional Realtor, this definition is a large part (in our opinion, the core) of your willingness to partake in the the advantages of being a part of a larger network of real estate professionals that choose to utilize the MLSLI, and separate yourselves from being a “real estate agent.”

When joining the Long Island Board of Realtors, one of the advantages is the ability to share your listings with all other Realtors, hugely increasing the possibility of locating a buyer for the property. In the interest of the buying and selling consumer, this is an advantage that cannot be ignored- it is in THEIR best interest, and as a result, provides the security for them that you are, indeed, up to the task of fiduciary.

ARE YOU, REALLY? This question is not posed to insult; rather, it is posed to provoke thought on the part of those Realtors that find themselves new to the MLSLI/Long Island Board of Realtors, and brand new to the expectations that are GREATER than the expectations that have been acceptable in the North Fork for too many years by local brokers of real estate companies.<

The challenge is larger than most can imagine for the North Fork Realtor. You likely work for a broker that eschewed the practical reasons to utilize the MLSLI service for YEARS, creating a disadvantage for the home selling consumer, in direct opposition to the new direction and requirement to put YOUR FIDUCIARY responsibility with your clients at the forefront. You’ve learned that “getting both ends” of the commission is better, somehow- a very poor bit of advice for a Realtor in our opinion, but common practice for a real estate agent in the North Fork.
If you’ve found the MLSLI to be an advantage for your consumers, PLAY STRAIGHT. It’s simple: LEARN ABOUT THE RULES, AND FOLLOW THEM TO THE LETTER. Use your own common sense, get all houses in the MLSLI immediately (as soon as the house is ready) and look FORWARD to the calls for showings. FORGET ABOUT COLLECTING BOTH SIDES OF THE COMMISSION. If it happens, it’s (opinion) problematic. Here’s WHY:

BUYER REPRESENTATION IS UPON US. IT’S ABOUT TIME, NEW YORK. Homebuyers in New York, unlike the majority of the country, have essentially been “on their own.” Your participation in their purchase has been merely a conduit- nothing more, as long as your allegiance was with the seller. THIS IS NOT THE CASE IN MOST STATES. In fact, it is the case in only a tiny handful- the rest of the country jumped on board with enthusiasm YEARS AGO, recognizing that allegiance to the consumer, regardless of which side of the fence their needs fell on, required specialized attention to the details of the transaction from the consumer perspective. FIDUCIARY- it’s now your JOB. Disclosure requirements came about for a very good reason- learn about this here.

As representatives in the real estate community serving the consumer, embracing changes (rather than the ongoing battle on the east end to do things “our way”) has no place in today’s real estate venue. It is the opinion of Options Realty, and innumerable entities outside of New York, that real estate is a CONSUMER AGENDA. It’s not about commission. It’s about doing a job well, providing fairness at all times, and cooperating with others in our field to accomplish a goal: SELLING A HOUSE.

Incredibly, it’s FUN to sell houses in most areas. Because the Realtor contingent takes the outcome of consumer experience with a cooperative understanding of the fiduciary spirit, guess who ISN’T present in most areas? YUP- the attorney contingent. There’s no need, with Realtors that put FIDUCIARY first on both sides. Explain that to a NY attorney, and you’ll get a litany of reasons that their presence is ESSENTIAL, but folks, it’s NOT. FOR NOW, a necessary component in New York. But who knows, with the advent of full understanding of FIDUCIARY on both sides of the transaction, it may reach the point, where it has in the majority of the country, that consumers may opt NOT TO INVOLVE an attorney, because the representation that they are receiving from the agents on both sides is stellar. Now, wouldn’t THAT be nice…

At Options Realty, WE LOOK FORWARD TO WORKING WITH YOU, AND WITH YOUR BUYERS AND SELLERS. Try hard to put FIDUCIARY first, because as participants in your transaction (buying or selling side) we understand and respect your position with your clients. Once it becomes habit to be “in your client’s shoes”, everything falls into place. Those that just “don’t get it” will be reported often enough to be GONE. JUST OUR OPINION at Options Realty…