What is a Subagent?
A subagent’s role is to bring in potential buyers. Subagents are actually much less common these days as most buyers prefer to work with a single agent who has their best interests at heart. Additionally, many types of former subagency relationships have been made illegal in numerous states due to the fact that buyers were often unaware that the subagent was acting on behalf of the seller, not the buyer in the transaction.
That said, there are still situations where a subagent may be involved. For example, if a buyer is working with an agent, but also looking for properties on their own, the buyer may contact the listing agent of a property they like to find out more about it.
Because the buyer found the home they now want to purchase without the help of their agent, the listing agent may ask the buyer’s agent if they would be willing to act as a subagent.
If the buyer’s agent agrees to act as a subagent, they must disclose this relationship to both parties and get written consent from all involved. This is important because it ensures that everyone is aware of the situation and no one feels like they are being taken advantage of.
A subagent is responsible for finding potential buyers and negotiating on behalf of the seller. They are also responsible for adhering to all state laws and regulations regarding real estate transactions as well as any rules set forth by the seller or their agent.
Subagents must also disclose their fiduciary duties to all parties involved in the transaction and treat everyone fairly and equally. Additionally, they must respect confidential information and be honest in all of their dealings.
A subagent is limited in the type of information they can share with potential buyers. For example, they cannot disclose anything about the seller that would give the buyer an advantage in negotiations or anything that would put the seller at a disadvantage. Additionally, they cannot steer buyers towards or away from certain properties based on their own interests.
Additionally, subagents are not allowed to enter into exclusive agreements with either the buyer or the seller. This means they cannot represent both parties in a transaction or have any sort of loyalty to one party over the other. Their only loyalty is to the seller and their goal is to get the best possible deal for them.
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