Single Agency Relationship with Coldwell Banker Schmitt
In accordance with Florida law, it is mandatory for all Real Estate Agents to provide a comprehensive explanation of the available “Agency Relationship” options to both Sellers and Buyers of residential real estate in the Florida Keys.
The law has established three distinct types of agency:
1. Single Agency: At Coldwell Banker Schmitt, our primary and preferred relationship with clients is Single Agency. This is because we are committed to delivering the highest level of service possible.
As a Single Agent, we offer you a wide range of services, including fiduciary duties such as loyalty, confidentiality, and obedience. Our main focus is to prioritize your interests above all others, even our own. We firmly believe that this type of relationship is what our clients expect and deserve. It is worth noting that many real estate companies have chosen not to adopt Single Agency as their primary relationship with sellers. Instead, they have opted for Transaction Brokerage, which is the assumed relationship by law unless otherwise agreed upon.
2. Transaction Brokerage: As a Transaction Broker, our agents facilitate the real estate transaction by assisting both the buyer and seller. They ensure fair and honest dealings, utilizing their skills, care, and diligence. Our agents are committed to accounting for all funds and disclosing any known facts that significantly impact the value of a property in which the client has an interest. The reason behind the widespread adoption of Transaction Brokerage by most companies is the reduced level of liability compared to Single Agency.
3. No Brokerage Relationship: In a No Brokerage Relationship, the agent owes the client three fundamental duties. Firstly, they are obligated to deal with you honestly and fairly. Secondly, they must disclose any known facts that significantly affect the value of the property, which may not be readily observable to you. Lastly, they are responsible for accurately accounting for all funds entrusted to them.
It is crucial to understand these agency options when engaging in real estate transactions. Coldwell Banker Schmitt believes the adoption of Single Agency as the preferred manner for working with sellers and buyers continues to be a significant factor in leading success of all of the agents working for the company.