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Real Estate News And Advice
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February 12, 2012
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Response To: |
What Will Happen to Agents Without Agency?
(Blanche Evans - 08/23/2000)
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Oklahoma Law Comments
Posted By: annbutler - 08/23/2000 06:35 AM
As a Virginia REALTOR, I remember seeing many of the same issues being raised with the Oklahoma law that were raised when Virginia started the process of buyer representation approximately 11 or 12 years ago.
Over time, the issues that were raised were addressed and our system that is currently in place, by statute, may not the best for the consumer, in my opinion, but it is far better than it was with sub-agency. This is especially true from a liability standpoint of the seller and a protection standpoint of the buyer.
As noted in Blanche Evans' article of 8/10/00 "Bad Buyer's Agent..." it appears the problem stems from dual agency/designated representation. Although the system is still not perfect, we are going toward a better end. The Oklahoma laws appears to eliminate that and a smart consumer will most probably elect for representation and hire a professional REALTOR to do the work.
As people are naturally resistant to change because it takes them outside their comfort zone, we get a little bit better with every path we take. This appears to be especially true in real estate. To become recognized as true professionals, I believe we need to have the ability to represent clients exclusively (and with that the liability). Incumbent in that philosphy is fee-for-service (CPA, MD, JD). Perhaps eliminating the word ?agent? isn't the best method but it certainly has raised many issues and concerns that should ultimately help consumers and REALTORS alike.
I hope those that raise these issues will put forth the effort to help clarify, define, and put into action the revisions necessary to help us all.
Thank you Oklahoma!
Ann Butler, Broker, CRS, GRI, ePRO500
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