Just started studying Illinois real estate 2 weeks ago and I watch your videos all day every day thank you Travis! you’re the reason for me having a decent overall knowledge of material
Is it possible after the listing agreement ends to then represent the buyer and complete the transaction that way? You already would know all the sellers personal information but your firm wouldn't be a current agent. So it couldn't be a double agency.
Yes, once a listing expires, the firm/agent is fair game to be hired by buyers. Yes, the firm/agent would likely know personal information about the sellers, and yes, the firm/agent would use that information against the sellers to benefit their new clients.
I'm really confused about your example with Marlow at the 9m mark of this video. You said you were the listing agent for Marlow, but then you went on to say you helped a potential buyer write up an offer? How would you have done that? Wouldn't that be against the best interest of your principal to go have lunch with a potential buyer and help them write up an offer? You also said one time that you were the sellers agent. But we've learned the sellers agent is actually the buying agent not the listing agent. Maybe just a misspeak when you said you were the sellers agent?
Eric, it would be hard for me to outline where you've gone wrong here except to say you need to completely start over with your understanding of agency. Dont take that as an insult. common. First and foremost, how would you propose a listing agent who is representing a seller would actually sell the property without working with a buyer to accomplish that goal? You seem to be making the very dangerous assumption that "working with" means representing or advising. It does not. If I represent a seller and a buyer is interested in making an offer, OF COURSE it is in the best interest of my principle that I work with the buyer to make that happen. That doesnt mean I will give the buyer advice or try to help them gain some advantage. Quite the contrary, I would be working to ensure the best possible terms for the seller in the deal. The buyer in such a case would be unrepresented. I also have no idea whatsoever what you mean with the last statement of "the sellers agent is actually the buying agent not the listing agent". The listing agent is the agent of the seller. The listing agent represents the seller. The listing agent is the seller's agent. It could be that you have confused the terminology "selling agent". A selling (notice the "ing" not "er") agent is the agent who brings the buyer to the transaction. They might bring the buyer as a buyer's agent or they might not represent the buyer at all. Selling simply means producing the buyer.
