Agency Relationships in SC
The choice belongs to you - the South Carolina Consumer!
BUYERS - REMEMBER AS YOU START TO INQUIRE ON PROPERTIES AND INTERVIEW AGENTS TO HELP YOU IN YOUR HOME SEARCH - YOU DO NOT HAVE AN AGENCY RELATIONSHIP WITH ANY OF THEM UNTIL YOU HIRE THEM.
DO NOT SHARE ANY INFORMATION THAT COULD POTENTIALLY WEAKEN YOUR NEGOTIATING POWER IN THE FUTURE -
Until you form an AGENCY relationship, you are a CUSTOMER who is owed CUSTOMER level service definitions. Please note that CONFIDENTIALITY is a CLIENT level service.
IF YOU WOULDN'T WANT A SELLER OR SELLERS' AGENT TO KNOW CERTAIN INFORMATION, DO NOT SHARE THAT INFORMATION WITH ANY AGENT UNTIL YOU HIRE THEM!
ONCE HIRED, SHARE YOUR CONFIDENTIAL INFORMATION WITH YOUR AGENT ONLY.
Who's Who:
- BIC - the Broker In Charge (BIC) is the Broker/Realtor in charge of the real estate Company that the Associated Licensee works through.
- Associated Licensee - Licensed real estate agent that is working with you who is working through a BIC
- Customer - a non-represented consumer. "Unless or until you enter in a written agreement with the Company for agency representation, you are considered a "Customer" of the Company, and the Company will not act as your agent. As a Customer, you should not expect the Company or its licensees to promote your best interest, or to keep your bargaining information confidential." 1
- Client - a consumer represented by an agency. "Clients receive more services than Customers. . . you can become a client by entering into a written agency agreement requiring the Company and its associated licensees to act as an agent on your behalf and promote your best interests."2
Service Definitions:
Customer:
- 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
- Disclose "adverse material facts" about the property or the transaction which are within the licensee's knowledge
Client:
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accounting
- Reasonable Care and Skill
- Advice
- Counsel
- Negotiation Representation
Agency:
- Single Agency - onlyone client in the same transaction (Buyer or Seller)
- Dual Agency - both Buyer and Seller are represented by the same Broker In Charge with the same Associated Licensee representing both parties. Both Buyer and Seller parties must agree to this representation.
- Designated Agency - both Buyer and Seller are represented by the same Broker In Charge with one agent representing the Seller and one agent representing the Buyer. Again, both Buyer and Seller must agree to the Designated Agency.