New Orleans REALTORS
During your first meeting with New Orleans REALTORS, one of the most important topics that should be discussed is agency. In other words, who is representing whom.
The answer to that question is easier than you would think.
As agents and brokers, we are automatically considered to be representing the person we are working with. The relationship is more formal for home sellers, with a listing agreement being signed with a brokerage and an agent designated as your representative. For buyers, it’s typically informal – if an agent is showing you property or writes an offer for you, they are considered by Louisiana law to be your agent.
UPDATE: Effective 8/15/2024, all agents are required to have a written agreement with their client before showing property.
What if you call the listing agent?
If you see a sign and call the agent directly, they will be more than happy to work with you. What you need to remember is that if you want to buy the house they have listed, you are now in the situation of dual agency.
The definition of dual agency varies from state to state, but in Louisiana, it means one agent representing both buyer and seller on the same property. Personally, I think that’s a conflict of interest on the part of the agent. How can the same person get the seller the highest price and best terms while getting the buyer the lowest price on their terms? I don’t think they can, so that’s why we don’t practice dual agency at Crescent City Living.
Where can you learn more about agency in Louisiana?
The state of Louisiana requires that agents give you a disclosure explaining how agency works during your first face to face meeting. If your agent has not given you this pamphlet, you can download and review a copy of the Louisiana Agency Disclosure here.
Still have questions? Feel free to give us a call at (504) 327-5303 and we can give you the details.
