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Free Value Estimate |
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Edith: You were right when you said you’d probably hear from Realtors about your article suggesting free advice, CMA's, etc., to the couple signed as D. H.T. They wanted estimates of value before trying to sell.
If you were an agent and knew how litigious this society is and how often Realtors get sued, you would not suggest giving out free advice which an agent can be held liable and sued for.
Better yet, why didn't you tell Mr. and Mrs. DHT to offer to pay for their CMA's? Realtors will do the CMA's for approximately $250 - $350 each. How many would they like? Of course they'd like several if they are free; as everyone thinks, "use the Realtor for free." It doesn't cost us anything to stay in business and get our education.
It is not professional to give out free advice. Get your head out of the sand, Ms Lank.—E. G. S., Realtor |
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Thanks for responding. I got my broker's way back when everything was much simpler and interest rates stayed the same for three years in a row. I gave it up when I started the column, but my husband is still a Realtor.
As for the legal dangers of giving free advice -- I do take your point. Perhaps a prudent agent, even after being legally retained, is wise to simply furnish the raw data of a Comparative Market Analysis (what’s sold recently in the neighborhood, what failed to sell etc.) without drawing conclusions or suggesting a listing price.
The fact remains that most sellers do rely on data provided by local real estate brokers, when pricing their homes for the market. And -- most brokers are happy give advice with no obligation for the prospective seller. And – yours is the only note I received protesting my advice.
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Edith
Originally published on December 6, 2006 |
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