Mr. and Mrs. Seller, I may not be your Agent but I am certainly your Broker. “Broker Bryant….what the heck are you talking about?” Well thanks for asking. In Florida we are presumed to be Transaction Brokers. You are my customers NOT my clients. The difference is all related to fiduciary. A fiduciary is: 

A fiduciary duty is the highest standard of care imposed at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom they owe the duty (the principal): they must not put their personal interests before the duty, and must not profit from their position as a fiduciary, unless the principal consents. The fiduciary relationship is highlighted by good faith, loyalty and trust.(Wikipedia).  

A Transaction Brokerage Relationship is:

The Transaction Broker crafts a transaction by bringing a willing Buyer and a willing Seller together and assists with the closing of details. The Transaction Broker is not a fiduciary of any party, but must abide by law as well as professional and ethical standards. (Wikipedia)

In Florida, a Transaction Broker MAY represent either the Seller or Buyer or both. If they are representing both it may not be to the detriment of either party.

Now, it’s important to understand, in the above statement, that we ARE representing (albeit limited) the Buyer, Seller or both. We are NOT representing the transaction. EVER. This seems to be the biggest misunderstanding that REALTORS® and consumers, in Florida, have.

Personally, I choose to work with Sellers. I do not work with Buyers. Now, because I have made this decision, I AM representing you in the listing and selling of your property. I owe you, my Customer, the following duties

:

        1. Dealing honestly and fairly;

        2.  Accounting for all funds;

        3. Using skill, care, and diligence in the transaction;

        4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

        5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;  

       6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a  price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

       7. Any additional duties that are entered into by this or by separate written agreement.

To me, #6 is very, very important. I CANNOT reveal any of the confidential information, related to your transaction, to the Buyer or their Broker. In fact, IF the Buyer is unrepresented and I am working as a Transaction Broker for both parties I still CANNOT reveal this information, to you or them. If I am on both sides of the transaction I become more of a facilitator. I can’t tell a Buyer to offer such and such an amount because I think the Seller will accept it. And I can’t tell you to counter at a higher price because I know the Buyer will pay it.

BUT, and this is important, if I am not representing the Buyer, I CAN reveal these things to you and I can advise you on what I feel the Buyer will accept. And this is how I choose to work. To me, being a Transaction Broker to both parties is still a conflict of interest, even though it is legally allowed. Just as Dual Agency is illegal in the State of Florida, as it should be, I feel working for both parties should also be illegal.

My firm belief is that, we as Brokers, Agents, REALTORS® and licensees should have to pick a side in the Transaction. No matter how State laws are written I do not believe it is possible for us to work both sides of a transaction and still be fair to BOTH parties. I believe it is a complete conflict of interest and it is doing a disservice to the consumer. Get rid of the "double dip" the "full boat" the "two sided" and get rid of the conflict! How much more confidence and respect would we get from the consumer if we had to choose? Heck, there are REALTORS(R) in Florida that still believe they are representing the transaction! If REALTORS(R) don't understand it, you, the consumer, don't stand a chance. 

So folks, for your benefit and my peace of mind, I choose to work with Sellers only. I will represent you to the best of my ability and I hope that this will also give you peace of mind. I may not be your Agent but I am certainly your Broker. What say you? 

****Image compliments of Ali Payne.