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Hi I’m a 25 year term real estate industry veteran here to present you with tips on how to choose your Realtor.
You are the boss, and Realtors are interviewing with you for the job.
What’s the job? It isn’t just to help you buy or sell your home.
Illinois License Law states your Agent is to “act in the best interests of a client”.
If your Agent is supposed to act in your best interest,
shouldn’t you choose the Agent that gives you his best commission rate up front?
Here’s a little test to see if the Agent you plan to interview has your best interests at heart. Ask to see the forms they will need signed. If one of those is a
“Disclosure and Consent to Dual Agency” keep these facts in mind.
A Dual Agency sale gives the Licensee the big pay day in real estate. In the biz its called the Hogger,
or the Double Dip. Commission for both sides of the transaction. But this can come at the expense
of both the buyer and seller in the transaction, because neither of you is getting the full representation
you would have received if the Dual Agency situation had never been created.
Now Dual Agency is completely legal in Illinois, but this form changes your rights. The Licensee can
no longer help you negotiate. And not just the price, but all the contingencies in the paperwork,
and all the negotiations that come up throughout the entire transaction because of those contingencies.
The State of Illinois requires the Consent to Dual Agency form to read, and I quote
“Licensee has explained the implications of Dual Representation, including the risks involved,...” Now the implications may be infinite, so we don’t have time to explain them here. But if you’re asked
to sign this form, ask yourself if this Agent will be acting “in the best interests of a client”.
But I doubt it, because the form also is required to read that quote
“Representing more than one party to a transaction creates a Conflict of Interest...” Those are the State of Illinois’ words, not mine.
Are you willing to entrust your equity to an Agent asking you to sign that?
More tips on hiring an Agent coming soon under the For Sellers section.
Thanks for your interest, and please consider sharing.
There is much more to being your Agent than opening doors.
Never work with the Listing Agent:
This is the agent with the sign in the yard. It is the Seller’s Agent.
By Law, this person should not communicate things to you that could jeopardize the sale for the seller.
You should have your own Agent, it does not cost you anything extra.
The seller is paying for you to have an Agent, take advantage of that.
Know the Red Flags
Every transaction has Red Flags, and there are no perfect houses.
As your Agent, it is my job to make sure you know the negatives. Most foundations in the Peoria area
are 8 inch thick, but some are less than 3 inches thick. Would you like to know that info before you made an offer?While I can’t always find all the negatives, I’m sure you’ll appreciate having my 25 years of real estate industry experience on your side.
More tips for Buyers coming soon, see links under the For Buyers section.
Note: This information is the opinion of this agent, and not necessarily that of ownership or management of Realty Executives Acclaimed.
Chris Marek serves all areas within a 25 mile radius of Peoria Illinois,
and some outlying areas. This would include all of Peoria County and Tazewell County,
and much of Woodford County. Surrounding areas include Mason, Stark, Fulton and Marshall Counties.
Having an experienced agent can help you avoid pitfalls or suprises in your transaction.
Foreclosure and Relocation properties usually require an Addendum be attached to
our local contract. I have experience with these types of transactions.
New Construction sales can have suprises also.
Do you have experience reading Plans & Specs? I do, and may be able to help you avoid issues.
From Subdivision Restrictions to Builder Home Warranties, there is much to consider.
Contact me before you buy.