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REBNY summer video series kicks off with A-Z on agency assignments
June 30, 2016
REBNY recently launched a new effort to help people understand the law that defines the brokerage industry’s role in representing consumers, otherwise known as “agency.”
Our new 11 part video series features Neil Garfinkel, REBNY Broker Counsel, of Abrams Garfinkel Margolis Bergson, LLP, and Eileen Kim, Licensed Associate Real Estate Broker of Douglas Elliman discussing the core concepts behind agency disclosure and client representation.
Garfinkel and Kim cover a variety of topics including the procedure for representing both buyers and sellers, completing the Agency Disclosure Form, and how REBNY is a true “buyer representation environment.”
This term means that when a REBNY broker takes a listing from a seller, that broker only works with that seller – all other REBNY brokers then work with representing the buyer. This differs from other organizations where subagency is commonplace and all brokers are representing the seller.
Last year, we launched a “How To” video series to cover a wider range of industry topics. The Summer Series will focus primarily on the topic of agency, and for good reason.
“The idea of disclosing who you are representing and how you are acting is one of the most important things a real estate broker can do at the onset of a relationship between the broker and the party that they are representing,” said Garfinkel.
“One of the biggest complaints concerning real estate brokers nationwide is that consumers feel as though they are not fully aware of how they being represented by their brokers, and this series addresses some of those concerns. The goal of this series is to make the relationship between the broker and the consumer clearer. If we can bridge that gap, there can and will be tremendous benefits on both sides.”
The disconnect Garfinkel is describing is one which has routinely been an issue for real estate brokers and their clients. In many instances, a consumer’s lack of understanding regarding the representation process can lead to trust issues as both parties move through the buying/ selling or the leasing process. This is an unnecessary impediment to a successful collaboration.
In addition to discussing the concepts behind agency and representation, the Summer Series will also give viewers an in-depth understanding of how to fill out the Agency Disclosure Form (ADF), which New York State requires real estate brokers to give to consumers in connection with residential real estate transactions. With a proper understanding of this form, it can become an incredible marketing tool for any broker; by allowing consumers to know that the broker’s behavior and ethical standards are of the highest quality, the broker now has a marketing tool that puts them ahead of the competition in a very unique way.
The ADF is required for both residential sales and residential leasing transactions. The reason this form is so important is that it ensures that a real estate broker accurately describes who they are representing in a transaction, and details the responsibilities that accompany the agency relationship. This series will delve into some of the complexities involving agency disclosure that have a history of being confusing to brokers and consumers, and explain them in a clear and concise way by two experts in the field.
In the real estate industry, trust between the broker and the consumer is essential, and the ability to create a clear line of communication and understanding between the two is crucial to establishing that trust. Over the next six weeks, REBNY’s Summer Series will continue to provide clear explanations to assist viewers in accomplishing trust. The importance of agency disclosure and representation cannot be overstated, and we look forward to continuing to provide the high quality content our members and all real estate brokers and salespersons in New York State need to attain success in their practices.
REBNY’s “How To” Series is a bi-weekly series of short videos that encourage on-demand learning in a number of cross-functional areas related to real estate. The videos cover various topics, such as the ethics of conducting real estate transactions, setting communications expectations, and how buildings use retrofitting to achieve sustainability. We’ve received positive feedback from viewers of the “How To” videos and we plan to resume the series in the fall. To view REBNY’s “How To” video series visit www.rebny.com.