Blog & News

Real Estate Brokerage Relationships Pursuant...

Know Who is Representing You

Real Estate Brokerage Relationships

Pursuant to South Carolina Real Estate License Law in S.C. Code of Laws Section 40-57-370, a real estate licensee is required to provide you a meaningful explanation of agency relationships offered by the licensee’s brokerage firm. This must be done at the first practical opportunity when you and the licensee have substantive contact.

YOU ARE A CUSTOMER OF THE BROKERAGE FIRM

South Carolina license law defines customers as buyers or sellers who choose NOT to establish an agency relationship. The law requires real estate licensees to perform the following basic duties when dealing with any real estate buyer or seller as customers: present all offers in a timely manner, account for money or other property received on your behalf, provide an explanation of the scope of services to be provided, be fair and honest and provide accurate information, provide limited confidentiality, and disclose “material adverse facts” about the property or the transaction which are within the licensee’s knowledge.
Unless or until you enter into a written agreement with the brokerage firm for agency representation, you are considered a “customer” of the brokerage firm, and the brokerage firm will not act as your agent. As a customer, you should not expect the brokerage firm or its licensees to promote your best interest.
Customer service does not require a written agreement; therefore, you are not committed to the brokerage firm in any way unless a transaction broker agreement or compensation agreement obligates you otherwise.

Transaction Brokerage

A real estate brokerage firm may offer transaction brokerage in accordance with S.C. Code of Laws Section 40-57-350. Transaction broker means a real estate brokerage firm that provides customer service to a buyer, a seller, or both in a real estate transaction. A transaction broker may be a single agent of a party in a transaction giving the other party customer service. A transaction broker also may facilitate a transaction without representing either party. The duties of a brokerage firm offering transaction brokerage relationship to a customer can be found in S.C. Code of Laws Section 40-57-350(L)(2).

YOU CAN BECOME A CLIENT OF THE BROKERAGE FIRM

Clients receive more services than customers. If client status is offered by the real estate brokerage firm, you can become a client by entering into a written agency agreement requiring the brokerage firm and its associated licensees to act as an agent on your behalf and promote your best interests. If you choose to become a client, you will be asked to confirm in your written representation agreement that you received this agency relationships disclosure document in a timely manner.
A seller becomes a client of a real estate brokerage firm by signing a formal listing agreement with the brokerage firm. For a seller to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the seller and the brokerage firm which becomes the agent for the seller.
A buyer becomes a client of a real estate brokerage firm by signing a formal buyer agency agreement with the brokerage firm. For a buyer to become a client, this agreement must be in writing and must clearly establish the terms of the agreement and the obligations of both the buyer and the brokerage firm which becomes the agent for the buyer.
If you enter into a written agency agreement, as a client, the real estate brokerage has the following client-level duties: obedience, loyalty, disclosure, confidentiality, accounting, and reasonable skill and care. Client-level services also include advice, counsel and assistance in negotiations.

Single Agency

When the brokerage firm represents only one client in the same transaction (the seller or the buyer), it is called single agency.

Dual Agency

Dual agency exists when the real estate brokerage firm has two clients in one transaction – a seller client and a buyer client.  At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the brokerage firm to represent both you and the other client in a disclosed dual agency relationship

Disclosed Dual Agency

In a disclosed dual agency, the brokerage firm’s representation duties are limited because the buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the brokerage firm. As a disclosed dual agent, the brokerage firm and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell. Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.

Designated Agency

In designated agency, a broker-in-charge may designate individual associated licensees to act solely on behalf of each client. Designated agents are not limited by the brokerage firm’s agency relationship with the other client, but instead have a duty to promote the best interest of their clients, including negotiating a price. The broker-in-charge remains a disclosed dual agent for both clients, and ensures the assigned agents fulfill their duties to their respective clients. At the time you sign an agency agreement, you may be asked to acknowledge whether you would consider giving written consent allowing the brokerage firm to designate a representative for you and one for the other client in a designated agency. Each Designated Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.

IT’S YOUR CHOICE

As a real estate consumer in South Carolina, it is your choice as to the type and nature of services you receive.
You can choose to remain a customer and represent yourself, with or without a transaction broker agreement.
You can choose to hire the brokerage firm for representation through a written agency agreement.
If represented by the brokerage firm, you can decide whether to go forward under the shared services of dual agency or designated agency or to remain in single agency.
If you plan to become a client of a brokerage firm, the licensee will explain the agreement to you fully and answer questions you may have about the agreement. Remember, however that until you enter into a representation agreement with the brokerage firm, you are considered a customer and the brokerage firm cannot be your advocate, cannot advise you on price or terms, and only provides limited confidentiality unless a transaction broker agreement obligates the brokerage firm otherwise.
The choice of services belongs to you – the South Carolina real estate consumer.
Click Here to download the Original from the South Carolina Department of Labor, Licensing and Regulation

Home Value Reports from Places like Zillow and Trulia less than Accurate

“CoreLogic, which has developed a variety of valuation models it sells to the lending industry, investors and others, cautions that the popular sites that provide free estimates to consumers have their limitations.” - Pete Carey, San Jose Mercury News, January 9, 2014

Websites like Zillow and Trulia, while useful to real estate homeowners and consumers, have home valuation services that are less than accurate (See article below from The Island Packet). If you wish to get an accurate value of your home, Hilton Head Island Real Estate Brokers can provide, with no strings attached, a professionally prepared CMA. CMA's are what we real estate professionals call a Comparative Home Analysis.

A CMA is used to help evaluate how your home will fare against the competition. It takes a look at both homes that are currently listed and those recently sold. The purpose is to find the highest price that will still make the home competitive on the open market. Steeped in both local knowledge and over 35 year of local real estate expertise, Hilton Head Island Real Estate Brokers is here to help put you in a perfect place.

Hilton Head Island Real Estate Brokers creates a fact-based portrait of the home that uses data from our local MLS, such as number of bedrooms and baths, approximate square footage, size of major rooms, age of the home, property taxes, and desirable amenities such as fireplaces and pools. These criteria are often overlooked by sites like Zillow and Trulia.

To request an accurate and professionally prepared Comparative Market Analysis, feel free to fill out our form by clicking here, or even call us today at 843-785-8006.

Thank you in advance for trusting Hilton Head Island Real Estate Brokers and Broker-in-Charge, Julie Toon Timms, with your real estate needs. We are here to help you on your time frame, and will never bug or pester you.

Article from The Island Packet, Published January 12, 2014:  "Analysis: Websites can only estimate home value"

http://www.islandpacket.com/2014/01/09/2884498/analysis-websites-can-only-estimate.html#storylink=cpy

For more than 35 years, Julie Toon Timms and HHIREB have been a leading force and guiding source in the sales, purchase and management of Hilton Head Island area residential, commercial and investment properties. Looking to buy or sell a home, condominium, townhome, resort or investment property in the Hilton Head Island area? Look no further. Our team possesses a wealth of both experience and expertise few others could ever match.

We invite you to explore all that this region and our team have to offer you through the resources of this website or a personal consultation. Buying or selling, first home or last, we put you in a perfect place.

Hilton Head Island Real Estate...

Welcome to A New and Better Hilton Head Area Property Search

Hilton Head Island Real Estate Brokers is excited to roll out a new and powerful set of online real estate tools exclusively for its client members!  Available online at www.HiltonHeadPropertySearch.com, these tools will provide our users with more control over the content they are viewing.  In fact, they can view far more than just what is on the market at that moment including listings that have expired, what has sold, and what is under contract. 

This information helps not just buyers find the best and most up-to-date information available for their property searches.  Sellers can learn about how current market conditions relate directly to their property.  The new site uses a system that has proved superior to traditional property search sites because it gives better access to more data from the Multiple Listing Service.

For more information, please visit www.hiltonheadpropertysearch.com or call Hilton Head Island Real Estate Brokers, Inc. at 843-785-8006.

For more than 35 years, Julie Toon Timms and HHIREB have been a leading force and guiding source in the sales, purchase and management of Hilton Head Island area residential, commercial and investment properties. Looking to buy or sell a home, condominium, townhome, resort or investment property in the Hilton Head Island area? Look no further. Our team possesses a wealth of both experience and expertise few others could ever match.

We invite you to explore all that this region and our team have to offer you through the resources of this website or a personal consultation. Buying or selling, first home or last, we put you in a perfect place.

FEATURED PROPERTIES

Top Areas & Neighborhoods
Hhimls-logo Provided Courtesy Of Hilton Head Island Multiple Listing Service, Inc. We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. It may be subject to transcription and transmission errors. Accordingly, the data is provided on an “as is” “as available” basis only and may not reflect all real estate activity in the market. This Information is being provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective property to purchase. This website may not reflect all real estate activity in the market. Copyright 2013 Hilton Head Island Multiple Listing Service, Inc. All Rights Reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, Multiple Listing Service of Hilton Head Island, Inc.

Hilton Head Island Real Estate Brokers, Inc. | Licensed SC Brokerage

Julie Toon Timms, Broker-In-Charge | Licensed in South Carolina